New Mexico Educational Retirement Board decreased its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 14.0% in the fourth quarter, HoldingsChannel.com reports. The firm owned 12,300 shares of the semiconductor company’s stock after selling 2,000 shares during the period. New Mexico Educational Retirement Board’s holdings in Cirrus Logic were worth $408,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Huntington National Bank acquired a new stake in shares of Cirrus Logic during the 4th quarter worth approximately $68,000. Strs Ohio boosted its stake in Cirrus Logic by 316.7% in the 4th quarter. Strs Ohio now owns 2,500 shares of the semiconductor company’s stock valued at $82,000 after buying an additional 1,900 shares in the last quarter. Meeder Asset Management Inc. boosted its stake in Cirrus Logic by 813.1% in the 4th quarter. Meeder Asset Management Inc. now owns 6,291 shares of the semiconductor company’s stock valued at $209,000 after buying an additional 5,602 shares in the last quarter. Virtu Financial LLC boosted its stake in Cirrus Logic by 18.0% in the 4th quarter. Virtu Financial LLC now owns 11,107 shares of the semiconductor company’s stock valued at $369,000 after buying an additional 1,695 shares in the last quarter. Finally, Teachers Advisors LLC boosted its stake in Cirrus Logic by 0.4% in the 3rd quarter. Teachers Advisors LLC now owns 133,374 shares of the semiconductor company’s stock valued at $5,148,000 after buying an additional 547 shares in the last quarter. Institutional investors and hedge funds own 93.16% of the company’s stock.
Several analysts recently commented on CRUS shares. Craig Hallum reaffirmed a “buy” rating and issued a $47.00 price target (down previously from $51.00) on shares of Cirrus Logic in a research note on Friday, November 2nd. BidaskClub raised Cirrus Logic from a “strong sell” rating to a “sell” rating in a research note on Thursday, October 18th. TheStreet lowered Cirrus Logic from a “b-” rating to a “c” rating in a research note on Friday, February 1st. MKM Partners decreased their price target on Cirrus Logic to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, December 4th. Finally, ValuEngine lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Friday, January 4th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $42.13.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, January 30th. The semiconductor company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.13. The company had revenue of $324.30 million for the quarter, compared to analyst estimates of $319.37 million. Cirrus Logic had a return on equity of 11.88% and a net margin of 7.68%. The business’s revenue was down 32.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.59 earnings per share. Sell-side analysts expect that Cirrus Logic, Inc. will post 1.72 EPS for the current year.
Cirrus Logic announced that its board has approved a share repurchase plan on Wednesday, January 30th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the semiconductor company to buy up to 8.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
In related news, VP Randolph K. Carlson sold 10,848 shares of the company’s stock in a transaction dated Monday, February 4th. The stock was sold at an average price of $37.43, for a total value of $406,040.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Timothy R. Dehne sold 3,056 shares of the company’s stock in a transaction dated Tuesday, February 5th. The shares were sold at an average price of $38.72, for a total value of $118,328.32. The disclosure for this sale can be found here. 2.32% of the stock is currently owned by insiders.
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Cirrus Logic Profile
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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