State Street Corp Boosts Stake in Cirrus Logic, Inc. (CRUS)
State Street Corp boosted its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,274,959 shares of the semiconductor company’s stock after buying an additional 48,716 shares during the quarter. State Street Corp owned approximately 3.57% of Cirrus Logic worth $142,688,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Cirrus Logic by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 7,057,091 shares of the semiconductor company’s stock valued at $428,295,000 after buying an additional 502,335 shares during the last quarter. BlackRock Inc. raised its holdings in Cirrus Logic by 20,057.8% in the 1st quarter. BlackRock Inc. now owns 6,973,982 shares of the semiconductor company’s stock valued at $423,252,000 after buying an additional 6,939,385 shares during the last quarter. LSV Asset Management raised its holdings in Cirrus Logic by 27.3% in the 2nd quarter. LSV Asset Management now owns 2,597,827 shares of the semiconductor company’s stock valued at $162,935,000 after buying an additional 557,048 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Cirrus Logic by 3.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,496,733 shares of the semiconductor company’s stock valued at $93,875,000 after buying an additional 56,338 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Cirrus Logic by 3.4% in the 2nd quarter. Northern Trust Corp now owns 1,212,478 shares of the semiconductor company’s stock valued at $76,047,000 after buying an additional 40,264 shares during the last quarter. Institutional investors and hedge funds own 89.09% of the company’s stock.
In other Cirrus Logic news, CFO Thurman K. Case sold 8,610 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $57.35, for a total value of $493,783.50. Following the completion of the sale, the chief financial officer now owns 3,880 shares in the company, valued at $222,518. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William D. Sherman sold 1,378 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $61.84, for a total value of $85,215.52. Following the completion of the sale, the director now owns 7,307 shares of the company’s stock, valued at approximately $451,864.88. The disclosure for this sale can be found here. Insiders sold 109,666 shares of company stock valued at $6,186,793 in the last quarter. Corporate insiders own 1.92% of the company’s stock.
CRUS has been the subject of a number of research reports. Canaccord Genuity reiterated a “buy” rating and issued a $76.00 price objective on shares of Cirrus Logic in a report on Tuesday, September 19th. ValuEngine lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Monday, September 18th. Vetr upgraded shares of Cirrus Logic from a “buy” rating to a “strong-buy” rating and set a $66.67 price objective for the company in a report on Thursday, August 3rd. KeyCorp reiterated an “overweight” rating and issued a $75.00 price objective on shares of Cirrus Logic in a report on Wednesday, July 12th. Finally, Zacks Investment Research lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $67.69.
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Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) opened at 52.94 on Friday. Cirrus Logic, Inc. has a 52-week low of $49.05 and a 52-week high of $71.97. The firm has a market cap of $3.38 billion, a P/E ratio of 12.38 and a beta of 0.01. The firm’s 50-day moving average is $55.02 and its 200-day moving average is $60.86.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.15. Cirrus Logic had a return on equity of 26.71% and a net margin of 17.38%. The firm had revenue of $320.70 million during the quarter, compared to the consensus estimate of $320.32 million. During the same quarter in the previous year, the company posted $0.44 earnings per share. The business’s revenue was up 23.6% on a year-over-year basis. Analysts anticipate that Cirrus Logic, Inc. will post $4.75 earnings per share for the current year.
About Cirrus Logic
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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