Dupont Capital Management Corp cut its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 28.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 17,352 shares of the semiconductor company’s stock after selling 6,855 shares during the period. Dupont Capital Management Corp’s holdings in Cirrus Logic were worth $900,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of Cirrus Logic by 72.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,590 shares of the semiconductor company’s stock valued at $138,000 after buying an additional 1,086 shares during the period. DekaBank Deutsche Girozentrale increased its position in shares of Cirrus Logic by 96.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 2,798 shares of the semiconductor company’s stock valued at $157,000 after buying an additional 1,372 shares during the period. Sapphire Star Partners LP bought a new stake in shares of Cirrus Logic during the third quarter valued at about $211,000. Rational Advisors LLC bought a new stake in shares of Cirrus Logic during the third quarter valued at about $213,000. Finally, Ifrah Financial Services Inc. bought a new stake in shares of Cirrus Logic during the third quarter valued at about $217,000. Hedge funds and other institutional investors own 89.58% of the company’s stock.
Several equities research analysts have recently weighed in on CRUS shares. Northland Securities reiterated a “buy” rating on shares of Cirrus Logic in a research report on Friday, November 3rd. BidaskClub cut Cirrus Logic from a “hold” rating to a “sell” rating in a research report on Wednesday, December 6th. Zacks Investment Research cut Cirrus Logic from a “hold” rating to a “sell” rating in a research report on Friday, January 12th. ValuEngine lowered Cirrus Logic from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Finally, Vetr lowered Cirrus Logic from a “hold” rating to a “sell” rating and set a $49.82 price objective for the company. in a report on Monday, December 18th. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $60.92.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Monday, February 5th. The semiconductor company reported $1.59 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.78 by ($0.19). Cirrus Logic had a return on equity of 22.60% and a net margin of 11.89%. The business had revenue of $482.70 million for the quarter, compared to analysts’ expectations of $530.99 million. During the same period in the previous year, the firm posted $1.87 EPS. The firm’s revenue for the quarter was down 7.7% compared to the same quarter last year. analysts anticipate that Cirrus Logic, Inc. will post 4.18 earnings per share for the current fiscal year.
Cirrus Logic announced that its Board of Directors has initiated a stock buyback program on Monday, February 5th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the semiconductor company to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
In other Cirrus Logic news, Director Christine King sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $54.14, for a total value of $270,700.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders sold 6,140 shares of company stock valued at $328,552. 1.92% of the stock is owned by insiders.
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Cirrus Logic Company Profile
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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