MHI Funds LLC Invests $2.93 Million in Cypress Semiconductor Co. (CY)
MHI Funds LLC bought a new position in shares of Cypress Semiconductor Co. (NASDAQ:CY) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 192,200 shares of the semiconductor company’s stock, valued at approximately $2,929,000. Cypress Semiconductor accounts for approximately 2.5% of MHI Funds LLC’s holdings, making the stock its 12th biggest position.
Several other hedge funds have also made changes to their positions in the company. Deroy & Devereaux Private Investment Counsel Inc. raised its stake in Cypress Semiconductor by 15.8% in the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,543,264 shares of the semiconductor company’s stock valued at $23,180,000 after purchasing an additional 210,992 shares during the last quarter. HAP Trading LLC acquired a new position in Cypress Semiconductor in the 3rd quarter valued at $5,386,000. Westfield Capital Management Co. LP acquired a new position in Cypress Semiconductor in the 3rd quarter valued at $53,009,000. Brookstone Capital Management raised its stake in Cypress Semiconductor by 33.1% in the 3rd quarter. Brookstone Capital Management now owns 27,370 shares of the semiconductor company’s stock valued at $411,000 after purchasing an additional 6,806 shares during the last quarter. Finally, Phocas Financial Corp. raised its stake in Cypress Semiconductor by 4.5% in the 2nd quarter. Phocas Financial Corp. now owns 990,222 shares of the semiconductor company’s stock valued at $13,517,000 after purchasing an additional 42,607 shares during the last quarter. 97.40% of the stock is owned by institutional investors and hedge funds.
Several research firms recently commented on CY. BidaskClub raised Cypress Semiconductor from a “hold” rating to a “buy” rating in a research note on Saturday, September 30th. Craig Hallum reissued a “buy” rating and issued a $21.00 price objective on shares of Cypress Semiconductor in a research note on Tuesday, December 5th. Loop Capital reissued a “buy” rating and issued a $20.00 price objective (up from $17.00) on shares of Cypress Semiconductor in a research note on Friday, October 27th. Susquehanna Bancshares began coverage on Cypress Semiconductor in a research note on Wednesday, December 13th. They issued a “positive” rating and a $20.00 price objective for the company. Finally, Barclays cut Cypress Semiconductor from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $18.00 to $17.00 in a report on Tuesday, October 31st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $18.25.
Cypress Semiconductor (NASDAQ:CY) last issued its earnings results on Thursday, October 26th. The semiconductor company reported $0.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.04. The company had revenue of $604.57 million during the quarter, compared to analysts’ expectations of $602.16 million. Cypress Semiconductor had a positive return on equity of 9.01% and a negative net margin of 5.75%. The firm’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.15 EPS. analysts predict that Cypress Semiconductor Co. will post 0.56 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, January 18th. Shareholders of record on Thursday, December 28th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 2.48%. The ex-dividend date was Wednesday, December 27th. Cypress Semiconductor’s payout ratio is currently -110.00%.
In other news, SVP Sudhir Gopalswamy sold 3,000 shares of the stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $17.08, for a total transaction of $51,240.00. Following the completion of the transaction, the senior vice president now directly owns 65,445 shares in the company, valued at approximately $1,117,800.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Sam Geha sold 14,517 shares of the stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $17.34, for a total value of $251,724.78. Following the transaction, the senior vice president now owns 41,204 shares of the company’s stock, valued at $714,477.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,786 shares of company stock valued at $537,387. Company insiders own 0.69% of the company’s stock.
ILLEGAL ACTIVITY NOTICE: This piece was originally reported by TheOlympiaReport and is owned by of TheOlympiaReport. If you are viewing this piece on another website, it was illegally stolen and republished in violation of United States and international copyright and trademark law. The legal version of this piece can be accessed at https://theolympiareport.com/2018/01/23/mhi-funds-llc-invests-2-93-million-in-cypress-semiconductor-co-cy.html.
About Cypress Semiconductor
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.
Want to see what other hedge funds are holding CY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cypress Semiconductor Co. (NASDAQ:CY).
Receive News & Ratings for Cypress Semiconductor Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cypress Semiconductor and related companies with MarketBeat.com's FREE daily email newsletter.