Empowered Funds LLC trimmed its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.2% in the second quarter, Holdings Channel reports. The institutional investor owned 16,748 shares of the semiconductor company’s stock after selling 383 shares during the period. Empowered Funds LLC’s holdings in Cirrus Logic were worth $1,035,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. New England Research & Management Inc. acquired a new position in Cirrus Logic during the second quarter valued at approximately $888,000. Louisiana State Employees Retirement System raised its position in Cirrus Logic by 4.3% during the second quarter. Louisiana State Employees Retirement System now owns 14,600 shares of the semiconductor company’s stock valued at $902,000 after purchasing an additional 600 shares in the last quarter. MorganRosel Wealth Management LLC raised its position in Cirrus Logic by 2.8% during the second quarter. MorganRosel Wealth Management LLC now owns 7,931 shares of the semiconductor company’s stock valued at $490,000 after purchasing an additional 219 shares in the last quarter. MERIAN GLOBAL INVESTORS UK Ltd raised its position in Cirrus Logic by 78.2% during the second quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 367,822 shares of the semiconductor company’s stock valued at $22,724,000 after purchasing an additional 161,444 shares in the last quarter. Finally, Polianta Ltd raised its position in Cirrus Logic by 29.9% during the second quarter. Polianta Ltd now owns 17,800 shares of the semiconductor company’s stock valued at $1,099,000 after purchasing an additional 4,100 shares in the last quarter. Institutional investors and hedge funds own 86.53% of the company’s stock.
Several research analysts have commented on the stock. BidaskClub upgraded shares of Cirrus Logic from a “sell” rating to a “hold” rating in a research report on Wednesday, July 1st. Stifel Nicolaus boosted their target price on shares of Cirrus Logic from $80.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Susquehanna Bancshares boosted their target price on shares of Cirrus Logic from $82.00 to $84.00 in a research note on Tuesday, May 5th. Bank of America raised shares of Cirrus Logic from an “underperform” rating to a “buy” rating and boosted their target price for the stock from $60.00 to $80.00 in a research note on Tuesday, March 31st. Finally, ValuEngine cut shares of Cirrus Logic from a “hold” rating to a “sell” rating in a research note on Thursday, July 2nd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $78.11.
Shares of Cirrus Logic stock opened at $65.65 on Friday. The company has a quick ratio of 3.17, a current ratio of 4.10 and a debt-to-equity ratio of 0.11. Cirrus Logic, Inc. has a twelve month low of $43.65 and a twelve month high of $91.63. The stock has a market cap of $3.83 billion, a price-to-earnings ratio of 20.08, a P/E/G ratio of 3.36 and a beta of 0.95. The company’s fifty day moving average is $65.29 and its 200 day moving average is $70.98.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Monday, May 4th. The semiconductor company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.18. Cirrus Logic had a net margin of 12.45% and a return on equity of 16.46%. The company had revenue of $279.29 million for the quarter, compared to analysts’ expectations of $258.73 million. During the same quarter in the previous year, the firm posted $0.37 earnings per share. Cirrus Logic’s revenue for the quarter was up 16.2% on a year-over-year basis. As a group, equities analysts anticipate that Cirrus Logic, Inc. will post 2.3 earnings per share for the current fiscal year.
In related news, President John Forsyth sold 1,500 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $75.00, for a total value of $112,500.00. Following the transaction, the president now owns 1,500 shares in the company, valued at $112,500. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Scott Arnold Anderson sold 12,000 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $73.85, for a total transaction of $886,200.00. Following the completion of the transaction, the vice president now owns 15,555 shares in the company, valued at approximately $1,148,736.75. The disclosure for this sale can be found here. In the last three months, insiders sold 110,648 shares of company stock worth $7,966,155. 1.83% of the stock is currently owned by insiders.
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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