Meeder Asset Management Inc. raised its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 813.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,291 shares of the semiconductor company’s stock after acquiring an additional 5,602 shares during the quarter. Meeder Asset Management Inc.’s holdings in Cirrus Logic were worth $209,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Bank of America Corp DE grew its holdings in Cirrus Logic by 0.6% during the second quarter. Bank of America Corp DE now owns 227,011 shares of the semiconductor company’s stock worth $8,701,000 after acquiring an additional 1,254 shares during the period. USA Financial Portformulas Corp acquired a new stake in Cirrus Logic in the third quarter valued at approximately $269,000. Vanguard Group Inc grew its holdings in Cirrus Logic by 0.4% in the third quarter. Vanguard Group Inc now owns 5,619,593 shares of the semiconductor company’s stock valued at $216,916,000 after purchasing an additional 24,334 shares during the period. Palo Capital Inc. acquired a new stake in Cirrus Logic in the third quarter valued at approximately $2,461,000. Finally, JPMorgan Chase & Co. grew its holdings in Cirrus Logic by 98.1% in the third 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. 93.16% of the stock is currently owned by institutional investors.
In related news, VP Randolph K. Carlson sold 10,848 shares of Cirrus Logic stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $37.43, for a total transaction of $406,040.64. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Timothy R. Dehne sold 3,056 shares of Cirrus Logic stock in a transaction that occurred 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. Company insiders own 2.32% of the company’s stock.
Shares of NASDAQ:CRUS traded up $0.83 during trading on Friday, reaching $40.01. The stock had a trading volume of 606,550 shares, compared to its average volume of 897,222. Cirrus Logic, Inc. has a 1-year low of $31.25 and a 1-year high of $46.18. The firm has a market capitalization of $2.37 billion, a PE ratio of 10.84, a P/E/G ratio of 1.50 and a beta of 0.61.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Wednesday, January 30th. The semiconductor company reported $0.91 EPS for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.13. Cirrus Logic had a return on equity of 11.88% and a net margin of 7.68%. The firm had revenue of $324.30 million for the quarter, compared to the consensus estimate of $319.37 million. During the same quarter last year, the business posted $1.59 earnings per share. The firm’s revenue was down 32.8% compared to the same quarter last year. On average, analysts forecast that Cirrus Logic, Inc. will post 1.72 earnings per share for the current year.
Cirrus Logic announced that its board has approved a share buyback plan on Wednesday, January 30th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows 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 leadership believes its shares are undervalued.
Several brokerages have commented on CRUS. Zacks Investment Research lowered Cirrus Logic from a “hold” rating to a “sell” rating in a report on Monday, November 12th. ValuEngine raised Cirrus Logic from a “sell” rating to a “hold” rating in a report on Thursday, November 1st. BidaskClub lowered Cirrus Logic from a “buy” rating to a “hold” rating in a report on Tuesday, December 4th. Bank of America set a $29.00 price target on Cirrus Logic and gave the stock a “sell” rating in a research note on Tuesday, December 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Cirrus Logic in a research note on Wednesday, November 21st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $42.13.
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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