Maryland State Retirement & Pension System Boosts Position in Semtech Co. (NASDAQ:SMTC)

Maryland State Retirement & Pension System increased its stake in Semtech Co. (NASDAQ:SMTC) by 12.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,407 shares of the semiconductor company’s stock after buying an additional 3,069 shares during the period. Maryland State Retirement & Pension System’s holdings in Semtech were worth $1,757,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Mutual of America Capital Management LLC increased its position in Semtech by 6.3% during the 3rd quarter. Mutual of America Capital Management LLC now owns 11,285 shares of the semiconductor company’s stock valued at $515,000 after purchasing an additional 673 shares during the period. Moody National Bank Trust Division grew its position in shares of Semtech by 148.6% in the 4th quarter. Moody National Bank Trust Division now owns 20,568 shares of the semiconductor company’s stock worth $1,272,000 after buying an additional 12,296 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Semtech by 15.8% in the 4th quarter. Principal Financial Group Inc. now owns 410,613 shares of the semiconductor company’s stock worth $25,396,000 after buying an additional 56,108 shares during the last quarter. Rhumbline Advisers grew its position in shares of Semtech by 6.1% in the 4th quarter. Rhumbline Advisers now owns 205,363 shares of the semiconductor company’s stock worth $12,702,000 after buying an additional 11,878 shares during the last quarter. Finally, Convergence Investment Partners LLC purchased a new position in shares of Semtech in the 4th quarter worth approximately $2,680,000.

Insider Activity

In other Semtech news, CFO Mark Lin sold 1,359 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $65.15, for a total value of $88,538.85. Following the transaction, the chief financial officer now owns 4,164 shares of the company’s stock, valued at $271,284.60. This represents a 24.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Imran Sherazi sold 1,338 shares of the company’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $75.00, for a total transaction of $100,350.00. Following the completion of the transaction, the senior vice president now directly owns 14 shares in the company, valued at $1,050. The trade was a 98.96 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,577 shares of company stock valued at $884,310. 0.60% of the stock is currently owned by insiders.

Semtech Stock Performance

Shares of NASDAQ SMTC opened at $39.62 on Friday. The firm has a fifty day moving average of $49.04 and a 200 day moving average of $51.05. The firm has a market cap of $3.00 billion, a PE ratio of -3.04, a PEG ratio of 2.12 and a beta of 1.69. Semtech Co. has a one year low of $22.13 and a one year high of $79.52.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.08. The firm had revenue of $251.00 million for the quarter, compared to analyst estimates of $249.40 million. The company’s revenue was up 30.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.06) EPS. On average, equities analysts predict that Semtech Co. will post -0.02 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SMTC. Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 price objective on shares of Semtech in a research report on Friday, March 14th. Stifel Nicolaus cut their price objective on shares of Semtech from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. B. Riley lifted their target price on shares of Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Craig Hallum lowered their target price on shares of Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Finally, Robert W. Baird lowered their target price on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Semtech presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.55.

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.