American International Group Inc. increased its position in shares of Cypress Semiconductor (NASDAQ:CY) by 2.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 709,755 shares of the semiconductor company’s stock after purchasing an additional 19,397 shares during the quarter. American International Group Inc. owned approximately 0.20% of Cypress Semiconductor worth $12,037,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Thompson Davis & CO. Inc. increased its position in shares of Cypress Semiconductor by 750.0% during the fourth quarter. Thompson Davis & CO. Inc. now owns 8,500 shares of the semiconductor company’s stock worth $130,000 after purchasing an additional 7,500 shares in the last quarter. Contravisory Investment Management Inc. purchased a new stake in shares of Cypress Semiconductor during the fourth quarter worth approximately $145,000. Wolverine Asset Management LLC increased its position in shares of Cypress Semiconductor by 61.3% during the fourth quarter. Wolverine Asset Management LLC now owns 10,724 shares of the semiconductor company’s stock worth $163,000 after purchasing an additional 4,075 shares in the last quarter. Wedbush Securities Inc. purchased a new stake in shares of Cypress Semiconductor during the first quarter worth approximately $177,000. Finally, Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of Cypress Semiconductor during the fourth quarter worth approximately $178,000. Hedge funds and other institutional investors own 85.47% of the company’s stock.
In related news, CEO Hassane El-Khoury sold 43,991 shares of the stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $17.60, for a total transaction of $774,241.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Sam Geha sold 20,652 shares of the stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $17.59, for a total value of $363,268.68. Following the transaction, the executive vice president now directly owns 96,029 shares in the company, valued at approximately $1,689,150.11. The disclosure for this sale can be found here. In the last ninety days, insiders sold 83,643 shares of company stock worth $1,479,190. Corporate insiders own 0.43% of the company’s stock.
Cypress Semiconductor (NASDAQ:CY) last announced its quarterly earnings results on Thursday, April 26th. The semiconductor company reported $0.27 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.03. Cypress Semiconductor had a positive return on equity of 15.62% and a negative net margin of 1.63%. The business had revenue of $582.24 million for the quarter, compared to analyst estimates of $580.44 million. During the same quarter in the prior year, the company posted $0.13 EPS. The company’s quarterly revenue was up 9.5% on a year-over-year basis. equities analysts forecast that Cypress Semiconductor will post 1.03 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 19th. Stockholders of record on Thursday, June 28th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 2.70%. The ex-dividend date of this dividend is Wednesday, June 27th. Cypress Semiconductor’s dividend payout ratio (DPR) is presently 73.33%.
Several brokerages have issued reports on CY. Piper Jaffray restated a “buy” rating and issued a $22.00 target price on shares of Cypress Semiconductor in a report on Monday, January 29th. Craig Hallum upped their target price on Cypress Semiconductor from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research cut Cypress Semiconductor from a “buy” rating to a “sell” rating in a report on Thursday, February 1st. SunTrust Banks restated a “hold” rating and issued a $19.00 target price on shares of Cypress Semiconductor in a report on Friday, February 2nd. Finally, KeyCorp upped their target price on Cypress Semiconductor from $18.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Cypress Semiconductor currently has an average rating of “Buy” and a consensus target price of $19.19.
About Cypress Semiconductor
Cypress Semiconductor Corporation designs, develops, manufactures, markets, and sells embedded system solutions worldwide. It operates in two segments, Microcontroller and Connectivity Division, and Memory Products Division. The Microcontroller and Connectivity Division provides microcontroller (MCU), analog, and wireless and wired connectivity solutions, including Traveo automotive MCUs; programmable system-on-chip and general-purpose MCUs; ARM Cortex-M4, -M3, and -M0+ MCUs; R4 CPUs; analog power management integrated circuits and energy harvesting solutions; CapSense capacitive-sensing controllers; TrueTouch touchscreens; Wi-Fi, Bluetooth, Bluetooth low energy, and ZigBee solutions; WICED development platform; and USB controllers comprising solutions for the USB-C and USB power delivery standards, as well as wireless Internet of things connectivity solutions.
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