Significant Increase in Technology Firm's Stock Holdings
Famous for its technological advancements, a leading tech company experienced a whopping 248.3% increase in its third-quarter stock holdings. The firm's portfolio boasted an impressive 152,307 shares in a semiconductor company, thanks to an additional acquisition of 108,582 shares in the same quarter. As a result, the tech company's holdings in the semiconductor company were valued at a staggering $9,781,000 at the time of their latest filing.
Major Hedge Funds Also Expand their Portfolios
Notably, several other hedge funds also altered their stakes in this semiconductor company. A well-known insurance company invested in a new share position worth $819,000 during the third quarter. Meanwhile, a prominent asset management company also secured a new position valued at approximately $269,000.
Another major bank increased its stakes in the semiconductor company by a remarkable 104.2% in the third quarter, owning 76,981 shares valued at $4,944,000. An asset management firm also grew its position in the company by 60.9%, owning 157,668 shares valued at $10,125,000. A family investment firm also raised its stakes by 16.6%, owning 5,343 shares valued at $343,000. The majority of the stock, 91.51%, is owned by hedge funds and other institutional investors.
High-Level Transactions
In related events, the CEO of the semiconductor company sold a significant number, 98,814, of his shares. The shares were sold at an average price of $80.55, amounting to a total value of around $7,959,467.70. This sale resulted in a slight decrease, 0.99%, in his ownership of the company's stock. Following the transaction, the CEO held 9,922,319 shares valued at $799,242,795.45. Corporate insiders own 1.94% of the stock.
Analysts Predict Growth
Several equity analysts have recently issued reports on the stock. One financial firm raised their price objective from $85.00 to $95.00, giving the stock a "buy" rating. Another research firm set a $85.00 price target. A well-known bank started coverage on the company, issuing an "equal weight" rating and a $80.00 target price. Yet another financial company boosted their price target from $60.00 to $68.00, rating the company as a "hold". Lastly, a multinational banking corporation raised their price target from $85.00 to $95.00, rating the company as an "overweight".
The stock currently has an average rating of "Moderate Buy" and an average target price of $86.00 among analysts. This is based on ratings from three research analysts who rate the stock as a Strong Buy, fifteen who have given a Buy rating, and eight who have assigned a Hold rating.
Trading Information
The semiconductor company's shares opened at $74.64 recently. On average, the company's shares have been trading at $73.81 over the past fifty days and at $66.57 over the past 200 days. The company has a market cap of $40.39 billion, a P/E ratio of -257.38, a P/E/G ratio of 1.89, and a beta of 1.46. The company's current ratio stands at 2.16, a quick ratio of 1.16, and a debt-to-equity ratio of 0.82. The shares have ranged from a low of $34.13 to a high of $83.35 over the past twelve months.
The semiconductor company last released its earnings results recently, reporting $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.43 by $0.01. The company had revenue of $1.19 billion for the quarter. The company's quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.20 earnings per share.
Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on a specified date. Shareholders of record on a certain date will be paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was recently. The company's dividend payout ratio is currently -627.59%.
About the Company
The semiconductor company is a leading technology firm based in Arizona. It designs, develops, and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup includes microcontrollers, digital signal controllers, associated development tools and software, mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.
The company's products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.