Zacks Investment Research Downgrades Diodes (NASDAQ:DIOD) to Hold

Zacks Investment Research cut shares of Diodes (NASDAQ:DIOD) from a strong-buy rating to a hold rating in a report published on Tuesday, Zacks.com reports.

According to Zacks, “Diodes Incorporated is a leading manufacturer and supplier of high-quality discrete and analog semiconductor products, primarily to the communications, computing, industrial, consumer electronics and automotive markets. The Company’s corporate sales, marketing, engineering and logistics headquarters is located in Southern California, with two manufacturing facilities in Shanghai, China, a wafer fabrication plant in Kansas City, Missouri, engineering, sales, warehouse and logistics offices in Taipei, Taiwan and Hong Kong, and sales and support offices throughout the world. Diodes, Inc. recently acquired Anachip Corporation, a fabless analog IC company in Hsinchu Science Park, Taiwan. It’s product focus is on subminiature surface-mount discrete devices, analog power management ICs and Hall-effect sensors all of which are widely used in end-user equipment. “

Several other equities research analysts have also commented on DIOD. Longbow Research lowered Texas Instruments from a buy rating to a neutral rating and set a $116.20 price objective on the stock. in a research report on Wednesday, April 17th. BidaskClub lowered Xencor from a sell rating to a strong sell rating in a research report on Tuesday, June 11th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $43.00.

Shares of NASDAQ:DIOD opened at $35.50 on Tuesday. Diodes has a twelve month low of $27.38 and a twelve month high of $44.27. The stock has a 50 day simple moving average of $33.91. The company has a current ratio of 3.05, a quick ratio of 2.20 and a debt-to-equity ratio of 0.18. The firm has a market cap of $1.83 billion, a P/E ratio of 14.92 and a beta of 1.24.

Diodes (NASDAQ:DIOD) last issued its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $0.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.09. Diodes had a net margin of 9.44% and a return on equity of 13.69%. The company had revenue of $302.29 million for the quarter, compared to the consensus estimate of $301.60 million. During the same quarter in the prior year, the company earned $0.48 EPS. Diodes’s quarterly revenue was up 10.1% on a year-over-year basis. On average, research analysts anticipate that Diodes will post 2.8 EPS for the current year.

In other Diodes news, insider Richard Dallas White sold 13,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $31.73, for a total value of $412,490.00. Following the transaction, the insider now owns 79,806 shares in the company, valued at approximately $2,532,244.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Francis Tang sold 6,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $31.73, for a total value of $190,380.00. Following the completion of the transaction, the vice president now owns 86,217 shares in the company, valued at approximately $2,735,665.41. The disclosure for this sale can be found here. Company insiders own 5.30% of the company’s stock.

A number of hedge funds have recently made changes to their positions in DIOD. Comerica Bank lifted its holdings in Diodes by 0.9% in the 4th quarter. Comerica Bank now owns 38,885 shares of the semiconductor company’s stock valued at $1,254,000 after purchasing an additional 358 shares in the last quarter. First Trust Advisors LP increased its position in shares of Diodes by 240.1% during the 4th quarter. First Trust Advisors LP now owns 57,920 shares of the semiconductor company’s stock worth $1,868,000 after purchasing an additional 40,891 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Diodes by 152.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,771 shares of the semiconductor company’s stock worth $90,000 after purchasing an additional 1,675 shares during the last quarter. BlackRock Inc. increased its position in shares of Diodes by 5.0% during the 4th quarter. BlackRock Inc. now owns 6,415,205 shares of the semiconductor company’s stock worth $206,956,000 after purchasing an additional 303,782 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Diodes by 4.7% during the 4th quarter. Bank of New York Mellon Corp now owns 522,053 shares of the semiconductor company’s stock worth $16,841,000 after purchasing an additional 23,267 shares during the last quarter. Institutional investors own 80.79% of the company’s stock.

About Diodes

Diodes Incorporated, together with its subsidiaries, designs, manufactures, and supplies application-specific standard products in the discrete, logic, and analog and mixed-signal semiconductor markets in Asia, North America, and Europe. It primarily focuses on low pin count semiconductor devices with one or more active or passive components.

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