Mackenzie Financial Corp Takes Position in Semtech Co. (NASDAQ:SMTC)

Mackenzie Financial Corp bought a new position in Semtech Co. (NASDAQ:SMTC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 14,609 shares of the semiconductor company’s stock, valued at approximately $437,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SMTC. Vanguard Group Inc. raised its holdings in shares of Semtech by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock worth $232,522,000 after acquiring an additional 131,133 shares in the last quarter. Contour Asset Management LLC lifted its position in Semtech by 2.6% during the fourth quarter. Contour Asset Management LLC now owns 1,463,817 shares of the semiconductor company’s stock valued at $32,072,000 after purchasing an additional 36,838 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Semtech by 19.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,217,670 shares of the semiconductor company’s stock worth $26,679,000 after buying an additional 197,595 shares in the last quarter. Seven Eight Capital LP increased its holdings in shares of Semtech by 259.4% in the 1st quarter. Seven Eight Capital LP now owns 51,573 shares of the semiconductor company’s stock worth $1,418,000 after buying an additional 37,224 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Semtech during the 1st quarter valued at about $610,000.

Semtech Price Performance

Shares of SMTC stock opened at $41.68 on Friday. The company’s 50-day simple moving average is $38.61 and its two-hundred day simple moving average is $35.35. Semtech Co. has a one year low of $13.13 and a one year high of $49.53. The company has a market capitalization of $3.14 billion, a P/E ratio of -2.46 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Tuesday, August 27th. The semiconductor company reported $0.11 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 company had revenue of $215.40 million for the quarter, compared to the consensus estimate of $212.30 million. During the same period last year, the business posted ($0.06) EPS. Semtech’s quarterly revenue was down 9.6% on a year-over-year basis. On average, research analysts expect that Semtech Co. will post -0.07 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on SMTC shares. Needham & Company LLC reissued a “buy” rating and set a $50.00 price objective on shares of Semtech in a research note on Wednesday, August 28th. Benchmark restated a “buy” rating and set a $56.00 price target on shares of Semtech in a report on Monday, September 9th. Stifel Nicolaus lifted their price objective 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. Summit Insights downgraded shares of Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $50.00 price target on shares of Semtech in a research note on Wednesday, August 28th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Semtech currently has an average 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.