Schwab Charles Investment Management Inc. boosted its position in shares of EMCORE Corporation (NASDAQ:EMKR) by 47.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,590 shares of the semiconductor company’s stock after buying an additional 16,300 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.19% of EMCORE Corporation worth $456,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Bank of Montreal Can purchased a new stake in shares of EMCORE Corporation in the first quarter worth approximately $166,000. Bank of New York Mellon Corp increased its holdings in EMCORE Corporation by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 185,277 shares of the semiconductor company’s stock worth $1,668,000 after purchasing an additional 2,404 shares during the period. Campbell & CO Investment Adviser LLC purchased a new position in EMCORE Corporation during the 1st quarter worth $124,000. Airain ltd increased its holdings in EMCORE Corporation by 96.0% during the 1st quarter. Airain ltd now owns 36,047 shares of the semiconductor company’s stock worth $324,000 after purchasing an additional 17,660 shares during the period. Finally, Millrace Asset Group Inc. increased its holdings in EMCORE Corporation by 8.1% during the 1st quarter. Millrace Asset Group Inc. now owns 482,840 shares of the semiconductor company’s stock worth $4,346,000 after purchasing an additional 36,194 shares during the period. Institutional investors and hedge funds own 76.12% of the company’s stock.
EMCORE Corporation (EMKR) opened at 8.70 on Friday. EMCORE Corporation has a one year low of $5.13 and a one year high of $12.20. The stock’s 50 day moving average price is $9.11 and its 200 day moving average price is $9.77. The firm has a market capitalization of $233.85 million, a PE ratio of 30.31 and a beta of 0.69.
EMCORE Corporation (NASDAQ:EMKR) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported $0.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.02. The company had revenue of $30.95 million during the quarter, compared to the consensus estimate of $30.04 million. EMCORE Corporation had a net margin of 6.73% and a return on equity of 9.25%. The firm’s quarterly revenue was up 38.2% compared to the same quarter last year. Analysts expect that EMCORE Corporation will post $0.53 EPS for the current year.
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A number of analysts have recently weighed in on EMKR shares. B. Riley restated a “neutral” rating and issued a $10.50 target price on shares of EMCORE Corporation in a research note on Friday, August 4th. Northland Securities reiterated a “buy” rating and set a $13.00 price objective on shares of EMCORE Corporation in a research note on Tuesday, September 12th. Zacks Investment Research lowered EMCORE Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. Finally, BidaskClub lowered EMCORE Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, August 5th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. EMCORE Corporation has an average rating of “Hold” and an average price target of $11.40.
About EMCORE Corporation
EMCORE Corporation is engaged in designing and manufacturing indium phosphide (InP) optical chips, components, subsystems and systems for the broadband and specialty fiber optics market. The Company focuses on linear fiber optic transmission technology. The Company operates through Fiber Optics segment.
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