Two Sigma Advisers LP cut its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 50.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 27,300 shares of the semiconductor company’s stock after selling 27,902 shares during the period. Two Sigma Advisers LP’s holdings in Cirrus Logic were worth $906,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in Cirrus Logic by 14.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,817 shares of the semiconductor company’s stock valued at $56,000,000 after purchasing an additional 177,692 shares during the period. Martingale Asset Management L P increased its position in Cirrus Logic by 28.2% during the 3rd quarter. Martingale Asset Management L P now owns 52,245 shares of the semiconductor company’s stock valued at $2,017,000 after purchasing an additional 11,502 shares during the period. JPMorgan Chase & Co. increased its position in Cirrus Logic by 98.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,328,248 shares of the semiconductor company’s stock valued at $51,271,000 after purchasing an additional 657,662 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Cirrus Logic during the 3rd quarter valued at approximately $537,000. Finally, Paloma Partners Management Co acquired a new stake in Cirrus Logic during the 3rd quarter valued at approximately $637,000. Hedge funds and other institutional investors own 89.42% of the company’s stock.
In related news, SVP Scott Arnold Anderson sold 6,966 shares of the stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $39.46, for a total value of $274,878.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Timothy R. Dehne sold 3,056 shares of the stock in a transaction on Tuesday, February 5th. The stock was 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. Insiders have sold a total of 20,870 shares of company stock worth $799,247 over the last 90 days. Company insiders own 2.32% of the company’s stock.
Cirrus Logic stock opened at $44.73 on Tuesday. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 12.12, a price-to-earnings-growth ratio of 2.31 and a beta of 0.60. Cirrus Logic, Inc. has a 52-week low of $31.25 and a 52-week high of $45.39.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Wednesday, January 30th. The semiconductor company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.13. The firm had revenue of $324.30 million for the quarter, compared to analysts’ expectations of $319.37 million. Cirrus Logic had a return on equity of 11.88% and a net margin of 7.68%. The company’s revenue for the quarter was down 32.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.59 EPS. On average, sell-side analysts anticipate that Cirrus Logic, Inc. will post 1.72 earnings per share for the current fiscal year.
Cirrus Logic declared that its Board of Directors has initiated a share repurchase program on Wednesday, January 30th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to purchase up to 8.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
A number of research firms have weighed in on CRUS. BidaskClub raised shares of Cirrus Logic from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, March 5th. ValuEngine raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Friday, March 15th. Zacks Investment Research upgraded Cirrus Logic from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 2nd. Craig Hallum cut Cirrus Logic from a “buy” rating to a “hold” rating and cut their price target for the stock from $44.00 to $38.00 in a report on Thursday, January 31st. Finally, TheStreet cut Cirrus Logic from a “b-” rating to a “c” rating in a report on Friday, February 1st. Two research analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Cirrus Logic presently has a consensus rating of “Hold” and an average price target of $42.13.
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About Cirrus Logic
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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