Huntington National Bank Raises Position in Semtech Co. (NASDAQ:SMTC)

Huntington National Bank lifted its stake in shares of Semtech Co. (NASDAQ:SMTC) by 105.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 589 shares of the semiconductor company’s stock after buying an additional 302 shares during the quarter. Huntington National Bank’s holdings in Semtech were worth $27,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Ridgewood Investments LLC purchased a new stake in shares of Semtech during the second quarter valued at approximately $44,000. Canada Pension Plan Investment Board acquired a new stake in Semtech during the 2nd quarter valued at $60,000. NBC Securities Inc. increased its stake in Semtech by 115.8% during the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after buying an additional 739 shares during the period. Quarry LP acquired a new position in Semtech in the 2nd quarter worth $63,000. Finally, CWM LLC boosted its position in Semtech by 134.6% in the 2nd quarter. CWM LLC now owns 2,412 shares of the semiconductor company’s stock valued at $72,000 after buying an additional 1,384 shares during the last quarter.

Semtech Stock Performance

Semtech stock opened at $47.24 on Wednesday. The firm’s 50-day moving average is $45.00 and its 200-day moving average is $38.64. Semtech Co. has a 1 year low of $15.05 and a 1 year high of $53.22. The company has a market cap of $3.55 billion, a P/E ratio of -3.49 and a beta of 1.54.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SMTC. B. Riley lifted their target price on Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Summit Insights downgraded Semtech from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Needham & Company LLC reiterated a “buy” rating and set a $50.00 target price on shares of Semtech in a research note on Wednesday, August 28th. Stifel Nicolaus lifted their price target on shares of Semtech from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Finally, Benchmark reiterated a “buy” rating and set a $56.00 price objective on shares of Semtech in a research note on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $52.60.

About Semtech

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.