Zions Bancorporation National Association UT Acquires New Stake in Diodes Incorporated (NASDAQ:DIOD)

Key Points

• Zions Bancorporation National Association UT has acquired a new stake in Diodes Incorporated, purchasing 36,060 shares valued at approximately $1,557,000 during the 1st quarter.
• Analysts have upgraded Diodes, with Benchmark setting a new price target of $62.00, while earnings reports show a quarterly revenue of $366.20 million, surpassing expectations.
• Diodes has initiated a $100 million stock buyback program, signaling the board's belief that the stock is undervalued.

Zions Bancorporation National Association UT acquired a new stake in Diodes Incorporated (NASDAQ:DIOD - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 36,060 shares of the semiconductor company's stock, valued at approximately $1,557,000. Zions Bancorporation National Association UT owned 0.08% of Diodes at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Summit Investment Advisors Inc. raised its holdings in shares of Diodes by 5.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,772 shares of the semiconductor company's stock valued at $294,000 after buying an additional 262 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of Diodes by 1.9% in the 1st quarter. Nisa Investment Advisors LLC now owns 15,696 shares of the semiconductor company's stock valued at $678,000 after buying an additional 297 shares during the period. QRG Capital Management Inc. raised its holdings in shares of Diodes by 5.4% in the 1st quarter. QRG Capital Management Inc. now owns 6,290 shares of the semiconductor company's stock valued at $272,000 after buying an additional 323 shares during the period. Signaturefd LLC increased its holdings in Diodes by 170.1% during the 1st quarter. Signaturefd LLC now owns 597 shares of the semiconductor company's stock worth $26,000 after purchasing an additional 376 shares during the period. Finally, Bank of Montreal Can increased its holdings in Diodes by 8.5% during the 4th quarter. Bank of Montreal Can now owns 6,100 shares of the semiconductor company's stock worth $376,000 after purchasing an additional 476 shares during the period. Hedge funds and other institutional investors own 99.23% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on DIOD. Benchmark restated a "buy" rating and set a $62.00 price target (up previously from $55.00) on shares of Diodes in a report on Friday, June 13th. Wall Street Zen upgraded Diodes from a "hold" rating to a "buy" rating in a report on Sunday, August 3rd. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $55.00.

Diodes Price Performance

Shares of NASDAQ DIOD opened at $50.91 on Friday. The stock's 50-day moving average is $52.11 and its two-hundred day moving average is $48.34. The company has a market cap of $2.36 billion, a price-to-earnings ratio of 37.16 and a beta of 1.47. Diodes Incorporated has a 1-year low of $32.93 and a 1-year high of $72.76. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.43 and a quick ratio of 2.11.

Diodes (NASDAQ:DIOD - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The semiconductor company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.08. The business had revenue of $366.20 million during the quarter, compared to analysts' expectations of $352.08 million. Diodes had a return on equity of 3.01% and a net margin of 4.59%. The business's quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.33 EPS. Analysts forecast that Diodes Incorporated will post 1.82 EPS for the current fiscal year.

Diodes declared that its board has initiated a stock buyback program on Thursday, May 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the semiconductor company to purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its stock is undervalued.

About Diodes

Diodes Incorporated, together with its subsidiaries, manufactures and supplies application-specific standard products in the broad discrete, logic, analog, and mixed-signal semiconductor markets worldwide. The company offers discrete semiconductor products, such as MOSFETs, SiC MOSFETs; data line protection, power line protection, thyristers, USB Type-C protection, and transient voltage suppressors; Schottky, small signal switching, Zener, and SiC diodes; bridges, super barrier, Schottky, Schottky bridge, and fast/ultra-fast rectifiers; and bipolar, avalanche, gate driver, and pre-bias transistors.

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