Granite Investment Partners LLC Lowers Stake in Semtech Co. (NASDAQ:SMTC)

Granite Investment Partners LLC lowered its position in shares of Semtech Co. (NASDAQ:SMTC) by 14.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 108,715 shares of the semiconductor company’s stock after selling 18,044 shares during the quarter. Granite Investment Partners LLC owned approximately 0.17% of Semtech worth $3,248,000 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 SMTC. Fidelis Capital Partners LLC acquired a new position in Semtech in the first quarter valued at $27,000. Ridgewood Investments LLC acquired a new stake in shares of Semtech in the second quarter worth approximately $44,000. GAMMA Investing LLC grew its holdings in Semtech by 83.9% in the first quarter. GAMMA Investing LLC now owns 1,694 shares of the semiconductor company’s stock valued at $47,000 after purchasing an additional 773 shares during the period. Versant Capital Management Inc increased its position in Semtech by 205.0% during the first quarter. Versant Capital Management Inc now owns 1,873 shares of the semiconductor company’s stock worth $51,000 after purchasing an additional 1,259 shares during the last quarter. Finally, CWM LLC grew its position in Semtech by 134.6% during the second quarter. CWM LLC now owns 2,412 shares of the semiconductor company’s stock valued at $72,000 after acquiring an additional 1,384 shares during the period.

Semtech Price Performance

Shares of SMTC stock opened at $46.00 on Friday. The firm has a market cap of $3.46 billion, a P/E ratio of -2.72 and a beta of 1.54. The firm has a fifty day moving average of $36.05 and a two-hundred day moving average of $33.68. Semtech Co. has a 1-year low of $13.13 and a 1-year high of $47.49.

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

Analyst Ratings Changes

A number of equities analysts have recently commented on SMTC shares. Northland Securities raised their price objective on Semtech from $36.50 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, June 6th. B. Riley lifted their price target on shares of Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Benchmark reissued a “buy” rating and issued a $56.00 price objective on shares of Semtech in a research report on Monday, September 9th. 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, Summit Insights downgraded shares of Semtech from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.60.

Semtech Company 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.