Louisiana State Employees Retirement System cut its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 4.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,900 shares of the semiconductor company’s stock after selling 800 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Cirrus Logic were worth $528,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in CRUS. Bank of Montreal Can raised its holdings in shares of Cirrus Logic by 88.7% in the third quarter. Bank of Montreal Can now owns 3,388 shares of the semiconductor company’s stock valued at $131,000 after purchasing an additional 1,593 shares during the last quarter. First Hawaiian Bank purchased a new stake in shares of Cirrus Logic in the third quarter valued at about $140,000. Virginia National Bank purchased a new stake in shares of Cirrus Logic in the third quarter valued at about $220,000. USA Financial Portformulas Corp purchased a new stake in shares of Cirrus Logic in the third quarter valued at about $269,000. Finally, MML Investors Services LLC increased its holdings in Cirrus Logic by 25.8% during the third quarter. MML Investors Services LLC now owns 8,533 shares of the semiconductor company’s stock worth $329,000 after buying an additional 1,750 shares during the last quarter. Institutional investors and hedge funds own 93.16% of the company’s stock.
In related news, 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 transaction of $406,040.64. The disclosure for this sale can be found here. Insiders own 2.32% of the company’s stock.
Shares of NASDAQ CRUS opened at $38.66 on Thursday. Cirrus Logic, Inc. has a 52 week low of $31.25 and a 52 week high of $46.18. The firm has a market capitalization of $2.30 billion, a P/E ratio of 10.48, a PEG ratio of 1.47 and a beta of 0.61.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, January 30th. The semiconductor company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.13. The business had revenue of $324.30 million for the quarter, compared to analysts’ expectations of $319.37 million. Cirrus Logic had a net margin of 7.68% and a return on equity of 11.88%. The firm’s revenue for the quarter was down 32.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.59 earnings per share. As a group, analysts anticipate that Cirrus Logic, Inc. will post 1.72 EPS for the current year.
Cirrus Logic declared that its Board of Directors has authorized a share buyback program on Wednesday, January 30th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the semiconductor company to reacquire up to 8.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
A number of analysts recently issued reports on the stock. ValuEngine upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating in a report on Wednesday, December 5th. Zacks Investment Research upgraded shares of Cirrus Logic from a “sell” rating to a “buy” rating and set a $42.00 target price for the company in a research report on Friday, February 1st. BidaskClub upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Tuesday, December 11th. Needham & Company LLC restated a “hold” rating on shares of Cirrus Logic in a research report on Wednesday, November 21st. Finally, Cowen restated a “market perform” rating and issued a $42.00 price objective (down from $44.00) on shares of Cirrus Logic in a research report on Thursday, November 29th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. Cirrus Logic presently has a consensus rating of “Hold” and a consensus price target of $42.13.
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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