Mackay Shields LLC lessened its stake in shares of NeoPhotonics Co. (NYSE:NPTN) by 84.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,000 shares of the semiconductor company’s stock after selling 152,100 shares during the quarter. Mackay Shields LLC owned about 0.05% of NeoPhotonics worth $164,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of America Corp DE grew its holdings in shares of NeoPhotonics by 144.5% during the second quarter. Bank of America Corp DE now owns 26,539 shares of the semiconductor company’s stock worth $236,000 after purchasing an additional 15,683 shares in the last quarter. State Street Corp grew its holdings in shares of NeoPhotonics by 28.2% during the first quarter. State Street Corp now owns 924,998 shares of the semiconductor company’s stock worth $6,706,000 after purchasing an additional 203,557 shares in the last quarter. Man Group plc grew its holdings in shares of NeoPhotonics by 3.7% during the second quarter. Man Group plc now owns 70,700 shares of the semiconductor company’s stock worth $628,000 after purchasing an additional 2,500 shares in the last quarter. Arizona State Retirement System purchased a new position in shares of NeoPhotonics during the second quarter worth about $93,000. Finally, Wasatch Advisors Inc. purchased a new position in shares of NeoPhotonics during the second quarter worth about $7,044,000. 89.65% of the stock is owned by institutional investors.
NPTN has been the subject of a number of recent research reports. JPMorgan Chase & Co. downgraded NeoPhotonics from an “overweight” rating to a “neutral” rating and set a $7.00 target price for the company. in a research report on Thursday, October 8th. DA Davidson dropped their target price on NeoPhotonics from $11.00 to $7.00 and set a “neutral” rating for the company in a research report on Friday, September 18th. Zacks Investment Research upgraded NeoPhotonics from a “sell” rating to a “hold” rating in a research report on Thursday. B. Riley reiterated a “buy” rating and issued a $10.00 price objective (up previously from $9.00) on shares of NeoPhotonics in a research report on Tuesday, November 3rd. Finally, Raymond James downgraded NeoPhotonics from a “market perform” rating to an “underperform” rating in a research report on Tuesday, August 25th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $9.38.
NeoPhotonics (NYSE:NPTN) last announced its earnings results on Monday, November 2nd. The semiconductor company reported $0.11 EPS for the quarter, meeting analysts’ consensus estimates of $0.11. The company had revenue of $102.40 million during the quarter, compared to the consensus estimate of $101.92 million. NeoPhotonics had a return on equity of 10.55% and a net margin of 2.26%. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.11 earnings per share. On average, research analysts anticipate that NeoPhotonics Co. will post 0.04 earnings per share for the current year.
NeoPhotonics Corporation develops, manufactures, and sells optoelectronic products that transmit, receive, and switch high speed digital optical signals for communications networks worldwide. It offers high speed products, including transmitter, receiver, and switching products for 100G and optical transmission applications over distances of 2 to 2,000 kilometers; ultra-narrow linewidth tunable lasers that generate ultra-pure wavelength or color for coherent transmission; and integrated coherent receivers (ICRs) that decode the phase and polarization encoded coherent optical signals.
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