Hourglass Capital LLC Increases Position in Broadcom Inc. (NASDAQ:AVGO)

Hourglass Capital LLC raised its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 726.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,720 shares of the semiconductor manufacturer's stock after buying an additional 21,730 shares during the quarter. Hourglass Capital LLC's holdings in Broadcom were worth $4,264,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in AVGO. Delta Asset Management LLC TN lifted its stake in shares of Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer's stock valued at $32,000 after purchasing an additional 17 shares during the period. Clear Point Advisors Inc. raised its stake in Broadcom by 310.0% during the first quarter. Clear Point Advisors Inc. now owns 41 shares of the semiconductor manufacturer's stock valued at $54,000 after buying an additional 31 shares during the last quarter. Indiana Trust & Investment Management CO raised its stake in Broadcom by 39.5% during the second quarter. Indiana Trust & Investment Management CO now owns 53 shares of the semiconductor manufacturer's stock valued at $85,000 after buying an additional 15 shares during the last quarter. Creekmur Asset Management LLC raised its stake in Broadcom by 89.7% during the first quarter. Creekmur Asset Management LLC now owns 74 shares of the semiconductor manufacturer's stock valued at $98,000 after buying an additional 35 shares during the last quarter. Finally, Kiely Wealth Advisory Group Inc. purchased a new position in Broadcom during the second quarter valued at $128,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on AVGO shares. Rosenblatt Securities lowered their price objective on Broadcom from $2,400.00 to $240.00 and set a "buy" rating for the company in a research note on Friday, September 6th. StockNews.com cut Broadcom from a "buy" rating to a "hold" rating in a research note on Tuesday, July 23rd. Mizuho lifted their price objective on Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a research note on Monday, October 14th. UBS Group lifted their price objective on Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, November 4th. Finally, TD Cowen raised Broadcom to a "strong-buy" rating in a report on Monday, September 16th. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $192.79.

Insiders Place Their Bets

In other news, insider Charlie B. Kawwas sold 25,200 shares of the firm's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, the insider now owns 753,280 shares of the company's stock, valued at $126,754,425.60. This trade represents a 3.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the firm's stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares of the company's stock, valued at $217,594,136.70. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 in the last ninety days. 2.00% of the stock is owned by company insiders.

Broadcom Trading Down 3.3 %

Shares of NASDAQ:AVGO traded down $5.54 during trading on Friday, hitting $164.84. The company had a trading volume of 20,836,160 shares, compared to its average volume of 17,858,028. The stock has a market cap of $769.90 billion, a price-to-earnings ratio of 143.21, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42. The company has a fifty day simple moving average of $172.84 and a two-hundred day simple moving average of $159.35. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same period last year, the company earned $0.95 EPS. The company's revenue for the quarter was up 47.3% on a year-over-year basis. As a group, equities analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This is an increase from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom's dividend payout ratio (DPR) is presently 184.19%.

About Broadcom

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.