Mitsubishi UFJ Trust & Banking Corp Cuts Stake in Qorvo Inc (QRVO)

Mitsubishi UFJ Trust & Banking Corp lowered its holdings in Qorvo Inc (NASDAQ:QRVO) by 62.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 98,740 shares of the semiconductor company’s stock after selling 161,682 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.08% of Qorvo worth $7,592,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. BlueMountain Capital Management LLC acquired a new stake in shares of Qorvo in the second quarter worth $1,308,000. Dimensional Fund Advisors LP increased its stake in shares of Qorvo by 0.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,191,360 shares of the semiconductor company’s stock worth $95,517,000 after acquiring an additional 6,134 shares during the period. Systematic Financial Management LP increased its stake in shares of Qorvo by 13.6% in the second quarter. Systematic Financial Management LP now owns 176,830 shares of the semiconductor company’s stock worth $14,176,000 after acquiring an additional 21,137 shares during the period. Aperio Group LLC increased its stake in shares of Qorvo by 4.5% in the third quarter. Aperio Group LLC now owns 34,938 shares of the semiconductor company’s stock worth $2,686,000 after acquiring an additional 1,508 shares during the period. Finally, Nomura Asset Management Co. Ltd. increased its stake in shares of Qorvo by 10.5% in the second quarter. Nomura Asset Management Co. Ltd. now owns 21,074 shares of the semiconductor company’s stock worth $1,689,000 after acquiring an additional 2,002 shares during the period. Hedge funds and other institutional investors own 94.46% of the company’s stock.

In other news, VP James L. Klein sold 2,093 shares of Qorvo stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $77.19, for a total value of $161,558.67. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Robert A. Bruggeworth sold 5,000 shares of Qorvo stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $73.98, for a total transaction of $369,900.00. Following the completion of the sale, the insider now owns 185,172 shares in the company, valued at approximately $13,699,024.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,449 shares of company stock worth $2,295,575. Company insiders own 0.85% of the company’s stock.

A number of analysts have recently weighed in on QRVO shares. Morgan Stanley cut their price objective on shares of Qorvo from $75.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 3rd. Barclays dropped their price target on shares of Qorvo from $95.00 to $85.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 23rd. ValuEngine lowered shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Saturday, August 18th. Cowen restated a “market perform” rating and set a $71.00 price target (down previously from $75.00) on shares of Qorvo in a research report on Thursday, November 29th. Finally, BidaskClub lowered shares of Qorvo from a “hold” rating to a “sell” rating in a research report on Tuesday, August 21st. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twelve have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $80.38.

Shares of NASDAQ QRVO opened at $61.13 on Friday. Qorvo Inc has a 52-week low of $60.79 and a 52-week high of $86.84. The stock has a market capitalization of $7.83 billion, a PE ratio of 12.59, a P/E/G ratio of 1.07 and a beta of 0.88. The company has a current ratio of 3.50, a quick ratio of 2.48 and a debt-to-equity ratio of 0.16.

Qorvo (NASDAQ:QRVO) last announced its earnings results on Wednesday, October 31st. The semiconductor company reported $1.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.13. Qorvo had a negative net margin of 1.41% and a positive return on equity of 13.65%. The business had revenue of $884.40 million for the quarter, compared to analyst estimates of $855.57 million. During the same quarter last year, the business earned $1.52 earnings per share. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. Research analysts predict that Qorvo Inc will post 5.32 earnings per share for the current fiscal year.

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Qorvo Profile

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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