LSV Asset Management decreased its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 0.1% during the 1st quarter, Holdings Channel reports. The institutional investor owned 3,257,468 shares of the semiconductor company’s stock after selling 3,500 shares during the period. LSV Asset Management owned about 0.06% of Cirrus Logic worth $137,041,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Investors Research Corp bought a new position in Cirrus Logic during the first quarter worth about $25,000. Quadrant Capital Group LLC boosted its position in Cirrus Logic by 596.7% during the first quarter. Quadrant Capital Group LLC now owns 641 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 549 shares during the period. Pearl River Capital LLC bought a new position in Cirrus Logic during the fourth quarter worth about $32,000. Huntington National Bank bought a new position in Cirrus Logic during the fourth quarter worth about $68,000. Finally, Advisor Group Inc. boosted its position in Cirrus Logic by 71.8% during the fourth quarter. Advisor Group Inc. now owns 2,166 shares of the semiconductor company’s stock worth $71,000 after purchasing an additional 905 shares during the period. Hedge funds and other institutional investors own 88.88% of the company’s stock.
In other Cirrus Logic news, SVP Scott Arnold Anderson sold 6,966 shares of the stock in a transaction that occurred on Tuesday, February 19th. The shares were sold at an average price of $39.46, for a total transaction of $274,878.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Scott Thomas sold 6,153 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $45.00, for a total transaction of $276,885.00. The disclosure for this sale can be found here. Insiders sold 14,660 shares of company stock worth $627,935 over the last ninety days. 2.32% of the stock is currently owned by insiders.
Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, May 1st. The semiconductor company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.04. The business had revenue of $240.44 million for the quarter, compared to the consensus estimate of $219.67 million. Cirrus Logic had a net margin of 7.59% and a return on equity of 10.65%. Cirrus Logic’s quarterly revenue was down 20.7% on a year-over-year basis. During the same period last year, the firm posted $0.51 earnings per share. As a group, equities analysts anticipate that Cirrus Logic, Inc. will post 1.5 EPS for the current fiscal year.
Cirrus Logic declared that its Board of Directors has approved a share repurchase plan on Wednesday, January 30th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the semiconductor company to purchase up to 8.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
A number of brokerages have weighed in on CRUS. MKM Partners increased their target price on shares of Cirrus Logic to $55.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Zacks Investment Research raised shares of Cirrus Logic from a “sell” rating to a “buy” rating and set a $42.00 price target on the stock in a report on Friday, February 1st. ValuEngine raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a report on Friday, March 15th. TheStreet downgraded shares of Cirrus Logic from a “b-” rating to a “c” rating in a report on Friday, February 1st. Finally, Craig Hallum downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating and lowered their price target for the stock from $44.00 to $38.00 in a report on Thursday, January 31st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $45.00.
Cirrus Logic Company 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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