PNC Financial Services Group Inc. raised its holdings in shares of Integrated Device Technology Inc (NASDAQ:IDTI) by 7.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,326 shares of the semiconductor company’s stock after purchasing an additional 4,429 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.05% of Integrated Device Technology worth $2,083,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in IDTI. Victory Capital Management Inc. lifted its holdings in Integrated Device Technology by 48.3% during the 1st quarter. Victory Capital Management Inc. now owns 82,290 shares of the semiconductor company’s stock valued at $2,515,000 after purchasing an additional 26,800 shares during the last quarter. Swiss National Bank lifted its holdings in Integrated Device Technology by 2.2% during the 1st quarter. Swiss National Bank now owns 232,200 shares of the semiconductor company’s stock valued at $7,096,000 after purchasing an additional 4,900 shares during the last quarter. State of Wisconsin Investment Board acquired a new stake in Integrated Device Technology during the 1st quarter valued at $1,146,000. Schwab Charles Investment Management Inc. lifted its holdings in shares of Integrated Device Technology by 5.2% during the first quarter. Schwab Charles Investment Management Inc. now owns 877,026 shares of the semiconductor company’s stock worth $26,802,000 after buying an additional 43,475 shares in the last quarter. Finally, Silvant Capital Management LLC acquired a new stake in shares of Integrated Device Technology during the first quarter worth $341,000. 97.63% of the stock is owned by institutional investors and hedge funds.
IDTI opened at $47.08 on Friday. Integrated Device Technology Inc has a fifty-two week low of $25.11 and a fifty-two week high of $47.45. The company has a debt-to-equity ratio of 0.78, a current ratio of 5.66 and a quick ratio of 4.98. The firm has a market cap of $6.04 billion, a PE ratio of 35.64, a PEG ratio of 3.19 and a beta of 1.90.
Integrated Device Technology (NASDAQ:IDTI) last issued its quarterly earnings results on Monday, July 30th. The semiconductor company reported $0.44 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.01. Integrated Device Technology had a return on equity of 26.05% and a net margin of 0.21%. The company had revenue of $228.52 million for the quarter, compared to analysts’ expectations of $226.91 million. During the same quarter last year, the business earned $0.33 earnings per share. Integrated Device Technology’s revenue was up 16.2% on a year-over-year basis. sell-side analysts predict that Integrated Device Technology Inc will post 1.46 EPS for the current year.
In related news, CEO Gregory L. Waters sold 16,587 shares of the firm’s stock in a transaction on Monday, June 18th. The stock was sold at an average price of $34.71, for a total value of $575,734.77. Following the transaction, the chief executive officer now owns 769,911 shares in the company, valued at $26,723,610.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP David Shepard sold 3,000 shares of the firm’s stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $42.65, for a total value of $127,950.00. Following the completion of the transaction, the vice president now owns 75,569 shares in the company, valued at approximately $3,223,017.85. The disclosure for this sale can be found here. Insiders sold 92,587 shares of company stock worth $3,345,315 in the last 90 days. 1.23% of the stock is owned by company insiders.
A number of equities research analysts have recently weighed in on the company. Piper Jaffray Companies downgraded Integrated Device Technology from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $51.00 to $49.00 in a report on Tuesday, September 11th. Barclays reissued a “hold” rating and set a $49.00 target price on shares of Integrated Device Technology in a report on Wednesday. Dougherty & Co downgraded Integrated Device Technology from a “buy” rating to a “neutral” rating in a report on Wednesday. BidaskClub raised Integrated Device Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, September 8th. Finally, Craig Hallum lifted their target price on Integrated Device Technology from $41.00 to $48.00 and gave the stock a “buy” rating in a report on Tuesday, September 4th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Integrated Device Technology presently has a consensus rating of “Buy” and an average price target of $41.54.
Integrated Device Technology Profile
Integrated Device Technology, Inc designs, develops, manufactures, and markets a range of semiconductor solutions for the communications, computing, consumer, automotive, industrial, and industrial end-markets. It operates in two segments, Communications; and Computing, Consumer and Industrial. The Communications segment offers clocks and timing solutions; radio frequency products; flow-control management products, including multi-port products; telecommunication interface products; static random access memory products; first in and first out memories; digital logic products; optical interconnect and frequency control solutions; and Serial RapidIO switching solutions.
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