Tessera Technologies Inc. (TSRA) Upgraded to Hold at Zacks Investment Research
Tessera Technologies Inc. (NASDAQ:TSRA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Tessera is a provider of back-end technology for semiconductor manufacturing. Tessera posted better-than-expected second quarter results with both the top line and the bottom line outperforming our estimates. The company is focused on building a high-margin licensing model and therefore the host of patents, new technologies and customer wins are encouraging. The product portfolio has also been revamped to target the mobile segment, which should help growth. Its deal with ASE also has tremendous potential. However, protection of IP, its pricing strategy and customer concentration remain risks.”
Tessera Technologies (NASDAQ:TSRA) traded up 1.90% on Wednesday, reaching $35.95. 165,462 shares of the company’s stock were exchanged. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 18.87 and a beta of 1.14. Tessera Technologies has a 1-year low of $26.21 and a 1-year high of $37.87. The stock’s 50 day moving average price is $33.02 and its 200 day moving average price is $31.40.
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Tessera Technologies (NASDAQ:TSRA) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.04. Tessera Technologies had a net margin of 37.81% and a return on equity of 21.80%. The company earned $67.02 million during the quarter, compared to the consensus estimate of $65.17 million. During the same period in the previous year, the firm earned $0.58 earnings per share. Tessera Technologies’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, analysts expect that Tessera Technologies will post $2.24 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Monday, August 22nd were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $0.80 annualized dividend and a yield of 2.27%. Tessera Technologies’s dividend payout ratio is currently 42.11%.
In other news, Director George Andrew Riedel sold 4,500 shares of the company’s stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $32.68, for a total value of $147,060.00. Following the completion of the transaction, the director now directly owns 28,180 shares in the company, valued at $920,922.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard Hill sold 25,000 shares of the company’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $32.09, for a total transaction of $802,250.00. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. increased its position in shares of Tessera Technologies by 3.6% in the second quarter. PNC Financial Services Group Inc. now owns 6,239 shares of the company’s stock valued at $191,000 after buying an additional 214 shares during the period. Quantbot Technologies LP increased its position in shares of Tessera Technologies by 104.6% in the second quarter. Quantbot Technologies LP now owns 6,500 shares of the company’s stock valued at $199,000 after buying an additional 3,323 shares during the period. Teacher Retirement System of Texas increased its position in shares of Tessera Technologies by 25.5% in the second quarter. Teacher Retirement System of Texas now owns 7,038 shares of the company’s stock valued at $216,000 after buying an additional 1,428 shares during the period. First Republic Investment Management Inc. purchased a new position in shares of Tessera Technologies during the first quarter valued at $233,000. Finally, Cubist Systematic Strategies LLC increased its position in shares of Tessera Technologies by 4.1% in the second quarter. Cubist Systematic Strategies LLC now owns 7,859 shares of the company’s stock valued at $241,000 after buying an additional 310 shares during the period. Institutional investors and hedge funds own 97.84% of the company’s stock.
Tessera Technologies Company Profile
Tessera Technologies, Inc, including its subsidiaries, Invensas Corporation (Invensas), FotoNation Limited (FotoNation) and Ziptronix, Inc (Ziptronix), licenses its technologies and intellectual property to customers for use in areas, such as mobile computing and communications, memory and data storage, and three dimensional (3-D) Integrated Circuit (3D-IC) technologies.
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