Semtech Corp. (SMTC) Updates Q4 Earnings Guidance
Semtech Corp. (NASDAQ:SMTC) issued an update on its fourth quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.33-0.37 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.33. The company issued revenue guidance of $134-142 million, compared to the consensus revenue estimate of $133.52 million.
Shares of Semtech Corp. (NASDAQ:SMTC) opened at 28.10 on Thursday. The firm has a market cap of $1.84 billion, a PE ratio of 66.75 and a beta of 1.39. Semtech Corp. has a 12-month low of $15.70 and a 12-month high of $28.45. The company has a 50 day moving average of $25.74 and a 200-day moving average of $25.17.
Semtech Corp. (NASDAQ:SMTC) last announced its quarterly earnings results on Wednesday, November 30th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.36 by $0.01. Semtech Corp. had a return on equity of 8.89% and a net margin of 5.55%. The company had revenue of $137.20 million for the quarter, compared to the consensus estimate of $138.50 million. During the same quarter last year, the company posted $0.19 earnings per share. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. Equities research analysts forecast that Semtech Corp. will post $1.34 EPS for the current fiscal year.
Several equities analysts have commented on SMTC shares. B. Riley reiterated a buy rating and set a $37.00 price target on shares of Semtech Corp. in a report on Saturday, November 26th. Drexel Hamilton restated a buy rating and issued a $32.00 price objective on shares of Semtech Corp. in a research note on Saturday, October 8th. Zacks Investment Research downgraded shares of Semtech Corp. from a buy rating to a hold rating in a research note on Wednesday, August 3rd. Finally, Oppenheimer Holdings Inc. restated a market perform rating on shares of Semtech Corp. in a research note on Monday, September 5th. Five equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $27.33.
In other Semtech Corp. news, Director Rockell N. Hankin sold 6,795 shares of Semtech Corp. stock in a transaction on Thursday, October 6th. The shares were sold at an average price of $27.73, for a total transaction of $188,425.35. Following the sale, the director now owns 166,735 shares in the company, valued at $4,623,561.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mark C. Costello sold 3,042 shares of Semtech Corp. stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $27.47, for a total transaction of $83,563.74. The disclosure for this sale can be found here. Company insiders own 2.10% of the company’s stock.
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Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Fund Advisors boosted its position in shares of Semtech Corp. by 2.6% in the second quarter. BlackRock Fund Advisors now owns 4,287,613 shares of the company’s stock worth $102,302,000 after buying an additional 108,453 shares during the last quarter. State Street Corp boosted its position in shares of Semtech Corp. by 1.6% in the second quarter. State Street Corp now owns 1,453,255 shares of the company’s stock worth $34,675,000 after buying an additional 23,367 shares during the last quarter. Morgan Stanley boosted its position in shares of Semtech Corp. by 54.9% in the third quarter. Morgan Stanley now owns 449,649 shares of the company’s stock worth $12,469,000 after buying an additional 159,459 shares during the last quarter. Parametric Portfolio Associates LLC boosted its position in shares of Semtech Corp. by 4.3% in the second quarter. Parametric Portfolio Associates LLC now owns 125,452 shares of the company’s stock worth $2,993,000 after buying an additional 5,206 shares during the last quarter. Finally, Credit Suisse AG boosted its position in shares of Semtech Corp. by 44.9% in the third quarter. Credit Suisse AG now owns 124,908 shares of the company’s stock worth $3,464,000 after buying an additional 38,695 shares during the last quarter. 95.36% of the stock is owned by institutional investors.
About Semtech Corp.
Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company’s product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability. It designs, develops and markets a portfolio of optical communications, broadcast video, surveillance video, active cable transceiver and backplane products used in enterprise computing, industrial, communications and consumer applications.
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