Sumitomo Mitsui Asset Management Company LTD Invests $12.93 Million in Semtech Co. (SMTC)

Sumitomo Mitsui Asset Management Company LTD bought a new position in shares of Semtech Co. (NASDAQ:SMTC) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 253,944 shares of the semiconductor company’s stock, valued at approximately $12,928,000.

Other hedge funds also recently made changes to their positions in the company. Cullen Frost Bankers Inc. acquired a new position in shares of Semtech during the first quarter worth approximately $27,000. Pearl River Capital LLC acquired a new position in shares of Semtech during the fourth quarter worth approximately $25,000. Cutler Group LP acquired a new position in Semtech in the fourth quarter valued at approximately $27,000. Enlightenment Research LLC acquired a new position in Semtech in the fourth quarter valued at approximately $28,000. Finally, Cornerstone Advisors Inc. lifted its holdings in Semtech by 3,725.0% in the first quarter. Cornerstone Advisors Inc. now owns 612 shares of the semiconductor company’s stock valued at $31,000 after buying an additional 596 shares during the period. Institutional investors own 97.75% of the company’s stock.

NASDAQ SMTC traded down $1.12 during trading hours on Thursday, hitting $47.78. The company’s stock had a trading volume of 1,613 shares, compared to its average volume of 645,396. Semtech Co. has a twelve month low of $41.28 and a twelve month high of $60.55. The firm has a market capitalization of $3.15 billion, a P/E ratio of 36.17, a P/E/G ratio of 3.09 and a beta of 1.65. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.74 and a quick ratio of 3.25.

Semtech (NASDAQ:SMTC) last posted its earnings results on Wednesday, March 13th. The semiconductor company reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.02. The company had revenue of $160.00 million for the quarter, compared to analyst estimates of $158.48 million. Semtech had a net margin of 10.05% and a return on equity of 13.94%. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period last year, the business posted $0.42 earnings per share. Sell-side analysts expect that Semtech Co. will post 1.22 EPS for the current fiscal year.

Several brokerages recently weighed in on SMTC. ValuEngine lowered shares of Semtech from a “strong-buy” rating to a “buy” rating in a report on Friday, March 1st. Wells Fargo & Co began coverage on shares of Semtech in a report on Tuesday. They issued an “outperform” rating and a $48.03 price objective on the stock. BidaskClub lowered shares of Semtech from a “hold” rating to a “sell” rating in a report on Friday, May 10th. Zacks Investment Research lowered shares of Semtech from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 19th. Finally, B. Riley cut their price objective on shares of Semtech from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, March 14th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $58.09.

In other Semtech news, Director James T. Lindstrom sold 5,000 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $53.96, for a total value of $269,800.00. Following the sale, the director now directly owns 25,000 shares in the company, valued at $1,349,000. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Emeka Chukwu sold 1,100 shares of the stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $53.86, for a total transaction of $59,246.00. Following the completion of the sale, the chief financial officer now owns 127,886 shares in the company, valued at $6,887,939.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 123,614 shares of company stock worth $6,667,466. Company insiders own 1.96% of the company’s stock.

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Semtech Company Profile

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products and advanced algorithms. The company provides signal integrity products, including a portfolio of optical data communications and video transport products used in various enterprise computing, industrial, and communications 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.

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Institutional Ownership by Quarter for Semtech (NASDAQ:SMTC)

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