Bank of New York Mellon Corp Has $20.89 Million Stock Holdings in Semtech Corporation (NASDAQ:SMTC)

Bank of New York Mellon Corp cut its stake in Semtech Corporation (NASDAQ:SMTC) by 25.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 607,283 shares of the semiconductor company’s stock after selling 207,679 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.70% of Semtech worth $20,891,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of SMTC. Vanguard Group Inc. grew its position in shares of Semtech by 13.0% in the fourth quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company’s stock valued at $713,906,000 after purchasing an additional 1,326,226 shares during the last quarter. Hood River Capital Management LLC raised its position in Semtech by 1.8% in the fourth quarter. Hood River Capital Management LLC now owns 3,450,042 shares of the semiconductor company’s stock worth $213,385,000 after purchasing an additional 59,743 shares in the last quarter. Whale Rock Capital Management LLC raised its position in Semtech by 364.2% in the fourth quarter. Whale Rock Capital Management LLC now owns 3,266,202 shares of the semiconductor company’s stock worth $202,015,000 after purchasing an additional 2,562,602 shares in the last quarter. Wellington Management Group LLP raised its position in Semtech by 827.0% in the fourth quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company’s stock worth $132,550,000 after purchasing an additional 1,911,890 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Semtech by 12.2% during the fourth quarter. Geode Capital Management LLC now owns 1,815,515 shares of the semiconductor company’s stock worth $112,317,000 after buying an additional 197,732 shares in the last quarter.

Insider Buying and Selling at Semtech

In other Semtech news, CFO Mark Lin sold 999 shares of the company’s stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $43.84, for a total value of $43,796.16. Following the completion of the transaction, the chief financial officer directly owned 17,211 shares in the company, valued at approximately $754,530.24. This represents a 5.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Asaf Silberstein sold 2,000 shares of the company’s stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $42.98, for a total transaction of $85,960.00. Following the completion of the transaction, the chief operating officer owned 105,996 shares of the company’s stock, valued at $4,555,708.08. This trade represents a 1.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

SMTC has been the subject of several recent analyst reports. Morgan Stanley set a $43.00 price objective on shares of Semtech in a report on Wednesday, May 28th. Stifel Nicolaus lifted their target price on shares of Semtech from $35.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, May 23rd. UBS Group reduced their price target on shares of Semtech from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Benchmark reissued a “buy” rating and set a $68.00 price target on shares of Semtech in a research report on Wednesday, May 28th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 price objective on shares of Semtech in a research report on Wednesday, May 28th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $58.58.

Semtech Stock Performance

Shares of SMTC stock opened at $50.87 on Friday. The firm has a market cap of $4.41 billion, a price-to-earnings ratio of -24.69 and a beta of 1.92. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.81 and a current ratio of 2.53. Semtech Corporation has a 52 week low of $24.05 and a 52 week high of $79.52. The firm’s 50-day simple moving average is $41.67 and its two-hundred day simple moving average is $43.00.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Tuesday, May 27th. The semiconductor company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.21 by $0.10. The company had revenue of $251.10 million during the quarter, compared to the consensus estimate of $249.79 million. Semtech had a negative net margin of 12.52% and a positive return on equity of 19.66%. Semtech’s revenue for the quarter was up 21.8% on a year-over-year basis. During the same period last year, the firm earned $0.06 EPS. As a group, equities analysts forecast that Semtech Corporation will post -0.02 earnings per share for the current year.

Semtech Company Profile

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor and advanced algorithms. It provides signal integrity products, including a portfolio of optical data communications and video transport products used in various infrastructure, and industrial applications; a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications; and video products for broadcast applications, as well as video-over-IP technology for professional audio video applications.