Zacks Investment Research cut shares of Cypress Semiconductor Corporation (NASDAQ:CY) from a strong-buy rating to a hold rating in a research note issued to investors on Wednesday morning.
According to Zacks, “Cypress develops and manufactures a broad range of digital and mixed signal ICs. The company delivered strong third-quarter earnings aided by growth in automotive, IoT wireless connectivity and USB-C solutions. Also, on a year-to-date basis, the stock has outperformed the industry it belongs to. Cypress’ advanced technology, momentum in new products, increased customer wins and growth initiatives are encouraging. The acquisition of Wireless Internet of Things (IoT) business has further strengthened the company’s leading position in the IoT market. However, weak and uncertain macro environment remain concerns.”
Other equities analysts also recently issued reports about the company. TheStreet raised Cypress Semiconductor Corporation from a c rating to a b- rating in a research report on Thursday, July 27th. Loop Capital reissued a buy rating and issued a $17.00 target price on shares of Cypress Semiconductor Corporation in a research report on Friday, July 28th. Needham & Company LLC upped their target price on Cypress Semiconductor Corporation from $18.00 to $20.00 and gave the company a buy rating in a research report on Friday, July 28th. Craig Hallum upped their target price on Cypress Semiconductor Corporation from $17.00 to $20.00 and gave the company a buy rating in a research report on Friday, July 28th. Finally, KeyCorp set a $17.00 target price on Cypress Semiconductor Corporation and gave the company a buy rating in a research report on Wednesday, July 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Cypress Semiconductor Corporation currently has an average rating of Buy and an average target price of $17.67.
Cypress Semiconductor Corporation (NASDAQ:CY) last issued its quarterly earnings results on Thursday, October 26th. The semiconductor company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. The business had revenue of $604.57 million for the quarter, compared to the consensus estimate of $602.16 million. Cypress Semiconductor Corporation had a positive return on equity of 9.01% and a negative net margin of 5.75%. The business’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.15 earnings per share.
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The firm also recently declared a quarterly dividend, which was paid on Thursday, October 19th. Shareholders of record on Thursday, September 28th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 2.77%. The ex-dividend date was Wednesday, September 27th. Cypress Semiconductor Corporation’s payout ratio is -110.00%.
In other Cypress Semiconductor Corporation news, EVP Trent Thad sold 74,818 shares of the company’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $15.77, for a total value of $1,179,879.86. Following the sale, the executive vice president now directly owns 172,105 shares of the company’s stock, valued at $2,714,095.85. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Camillo Martino purchased 10,000 shares of the stock in a transaction on Monday, August 21st. The stock was acquired at an average cost of $12.92 per share, for a total transaction of $129,200.00. Following the completion of the acquisition, the director now owns 20,000 shares of the company’s stock, valued at approximately $258,400. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 60,000 shares of company stock worth $834,100. 0.69% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of the business. FMR LLC boosted its stake in shares of Cypress Semiconductor Corporation by 310.3% during the 2nd quarter. FMR LLC now owns 12,371,805 shares of the semiconductor company’s stock worth $168,875,000 after acquiring an additional 9,356,825 shares in the last quarter. Miller Howard Investments Inc. NY purchased a new stake in shares of Cypress Semiconductor Corporation during the 2nd quarter worth about $83,217,000. JPMorgan Chase & Co. boosted its stake in shares of Cypress Semiconductor Corporation by 247.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,947,488 shares of the semiconductor company’s stock worth $108,483,000 after acquiring an additional 5,658,750 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Cypress Semiconductor Corporation by 28.6% during the 2nd quarter. Victory Capital Management Inc. now owns 6,093,906 shares of the semiconductor company’s stock worth $83,181,000 after acquiring an additional 1,355,795 shares in the last quarter. Finally, ARS Investment Partners LLC purchased a new stake in shares of Cypress Semiconductor Corporation during the 2nd quarter worth about $13,654,000. 97.27% of the stock is currently owned by institutional investors.
About Cypress Semiconductor Corporation
Cypress Semiconductor Corporation manufactures embedded system solutions for automotive, industrial, home automation and appliances, consumer electronics and medical products. The Company’s segments include Microcontroller and Connectivity Division (MCD), and Memory Products Division (MPD). MCD focuses on microcontroller (MCU), analog and wireless and wired connectivity solutions.
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