Brown Advisory Inc. has reduced its holdings in Littelfuse, Inc. (NASDAQ:LFUS) by 23.9% during the second quarter of 2023, as detailed in a recent filing with the Securities and Exchange Commission. Following the sale of 83,902 shares, the institutional investor now owns 266,841 shares, valued at approximately $60.5 million.
This strategic move comes as several other institutional investors have also adjusted their positions in Littelfuse. Notably, Amundi significantly increased its holdings by an astonishing 152,000.0% in the same quarter, bringing its total to 3,042 shares worth $722,000. Likewise, Baird Financial Group Inc. enhanced its stake by 96.1%, now owning 3,090 shares valued at $701,000.
In contrast, EverSource Wealth Advisors LLC boosted its investment in Littelfuse by 652.9%, acquiring 527 shares for $119,000. Quantbot Technologies LP increased its stake by 125.9%, now holding 8,557 shares worth $1.94 million. Additionally, M&T Bank Corp grew its position by 2.3%, owning 5,575 shares valued at $1.26 million. Currently, institutional investors and hedge funds hold approximately 96.14% of Littelfuse’s stock.
Insider Transactions and Analyst Ratings
In related news, Deepak Nayar, Senior Vice President of Littelfuse, sold 2,333 shares on November 26, 2023, at an average price of $255.50, totaling about $596,081.50. Following this transaction, he retains 5,998 shares valued at around $1.53 million, which reflects a 28.00% decrease in his position. This sale was publicly disclosed in a filing with the Securities and Exchange Commission.
Various research firms have recently provided updates on Littelfuse. Benchmark reiterated a “hold” rating on October 30, 2023, while Robert W. Baird upgraded its rating from “neutral” to “outperform,” raising the target price from $290.00 to $310.00 on October 10, 2023. Conversely, Zacks Research downgraded the stock from “strong-buy” to “hold” on October 2, 2023. Currently, one analyst rates Littelfuse as a Strong Buy, two as Buy, and three as Hold, leading to an average rating of “Moderate Buy” with a price target of $292.50.
Financial Performance and Market Outlook
Littelfuse shares opened at $259.55 on Friday, showcasing a market capitalization of $6.46 billion. The company has a P/E ratio of 49.44 and a P/E/G ratio of 2.06. Over the past year, Littelfuse’s stock has fluctuated between a low of $142.10 and a high of $275.00. The company has demonstrated robust financial health, with a 12-month revenue growth of 10.2% year-over-year, reporting $624.64 million for the recent quarter, exceeding analyst expectations of $623.70 million.
In its latest earnings report released on October 29, 2023, Littelfuse reported earnings per share (EPS) of $2.95, surpassing forecasts by $0.20. The company also provided guidance for Q4 2023, estimating EPS between $2.400 and $2.600. Analysts anticipate an average EPS of $9.49 for the current fiscal year.
Furthermore, Littelfuse announced a quarterly dividend of $0.75 per share, paid on December 4, 2023, to shareholders of record as of November 20, 2023. This annualized dividend of $3.00 translates to a yield of 1.2%, with a payout ratio currently at 57.14%.
Littelfuse, Inc. designs and manufactures a diverse range of electronic components and modules across the Americas, Asia-Pacific, and Europe. The company operates through three primary segments: Electronics, Transportation, and Industrial. With a strong position in the market, Littelfuse continues to adapt and grow, positioning itself for future success.
