Principal Financial Group Inc. Increases Holdings in Semtech Co. (NASDAQ:SMTC)

Principal Financial Group Inc. increased its stake in shares of Semtech Co. (NASDAQ:SMTC) by 10.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 354,505 shares of the semiconductor company’s stock after acquiring an additional 33,606 shares during the quarter. Principal Financial Group Inc. owned approximately 0.47% of Semtech worth $16,187,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the business. Hanseatic Management Services Inc. raised its stake in Semtech by 3.2% during the third quarter. Hanseatic Management Services Inc. now owns 14,406 shares of the semiconductor company’s stock valued at $658,000 after buying an additional 447 shares during the last quarter. Amalgamated Bank boosted its stake in shares of Semtech by 10.1% in the third quarter. Amalgamated Bank now owns 21,694 shares of the semiconductor company’s stock worth $991,000 after acquiring an additional 1,995 shares during the period. Van ECK Associates Corp purchased a new stake in shares of Semtech in the third quarter worth about $125,000. Harbor Capital Advisors Inc. lifted its position in shares of Semtech by 135.9% in the third quarter. Harbor Capital Advisors Inc. now owns 42,560 shares of the semiconductor company’s stock worth $1,943,000 after buying an additional 24,517 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its position in Semtech by 13.0% during the third quarter. State of Alaska Department of Revenue now owns 42,817 shares of the semiconductor company’s stock valued at $1,955,000 after purchasing an additional 4,910 shares during the period.

Semtech Price Performance

Shares of SMTC opened at $44.10 on Friday. The stock has a market cap of $3.32 billion, a price-to-earnings ratio of -3.25 and a beta of 1.54. Semtech Co. has a 1-year low of $15.05 and a 1-year high of $53.22. The firm has a 50 day simple moving average of $44.72 and a 200-day simple moving average of $38.52.

Semtech (NASDAQ:SMTC) last posted its earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. The business had revenue of $215.40 million for the quarter, compared to analyst estimates of $212.30 million. Semtech had a negative net margin of 107.21% and a negative return on equity of 154.99%. The business’s quarterly revenue was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.06) EPS. On average, equities analysts expect that Semtech Co. will post -0.07 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SMTC. B. Riley increased their price objective on Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Summit Insights lowered Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Roth Mkm reiterated a “buy” rating and issued a $50.00 price objective on shares of Semtech in a report on Wednesday, August 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of Semtech in a research report on Wednesday, August 28th. Finally, Benchmark reissued a “buy” rating and issued a $56.00 target price on shares of Semtech in a research report on Monday, October 7th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $52.60.

Semtech 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.