Hodges Capital Management Inc. Cuts Stake in Cypress Semiconductor Co. (CY)
Hodges Capital Management Inc. lessened its position in shares of Cypress Semiconductor Co. (NASDAQ:CY) by 9.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 863,170 shares of the semiconductor company’s stock after selling 89,980 shares during the quarter. Cypress Semiconductor makes up 1.3% of Hodges Capital Management Inc.’s holdings, making the stock its 19th biggest position. Hodges Capital Management Inc.’s holdings in Cypress Semiconductor were worth $12,878,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in CY. Essex Savings Bank acquired a new stake in Cypress Semiconductor during the fourth quarter valued at $25,000. Loeb Partners Corp acquired a new stake in Cypress Semiconductor during the fourth quarter valued at $25,000. Resources Investment Advisors Inc. grew its position in Cypress Semiconductor by 52.1% during the fourth quarter. Resources Investment Advisors Inc. now owns 2,003 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 686 shares during the period. PRW Wealth Management LLC acquired a new stake in Cypress Semiconductor during the fourth quarter valued at $25,000. Finally, Dubuque Bank & Trust Co. acquired a new stake in Cypress Semiconductor during the fourth quarter valued at $36,000. Institutional investors own 82.40% of the company’s stock.
CY traded up $0.06 during midday trading on Monday, hitting $16.15. 3,139,121 shares of the company traded hands, compared to its average volume of 4,099,950. The company has a quick ratio of 1.17, a current ratio of 1.64 and a debt-to-equity ratio of 0.41. The company has a market cap of $5.87 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 1.87 and a beta of 1.92. Cypress Semiconductor Co. has a 52-week low of $11.75 and a 52-week high of $18.59.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 18th. Stockholders of record on Thursday, March 28th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 2.72%. The ex-dividend date is Wednesday, March 27th. Cypress Semiconductor’s dividend payout ratio is currently 37.93%.
In other news, EVP Sam Geha sold 5,000 shares of the firm’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $15.90, for a total value of $79,500.00. Following the transaction, the executive vice president now directly owns 120,603 shares of the company’s stock, valued at $1,917,587.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Sudhir Gopalswamy sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $15.58, for a total transaction of $46,740.00. Following the completion of the transaction, the executive vice president now directly owns 139,556 shares in the company, valued at $2,174,282.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 40,598 shares of company stock worth $609,132. Insiders own 0.55% of the company’s stock.
Several research firms have issued reports on CY. Needham & Company LLC increased their price objective on shares of Cypress Semiconductor to $20.00 and gave the company a “buy” rating in a report on Friday. Zacks Investment Research raised shares of Cypress Semiconductor from a “sell” rating to a “hold” rating in a report on Monday, March 18th. Bank of America reaffirmed a “buy” rating and set a $18.00 price objective on shares of Cypress Semiconductor in a report on Thursday, March 14th. MKM Partners increased their price objective on shares of Cypress Semiconductor to $18.00 and gave the company a “buy” rating in a report on Friday, March 15th. Finally, BidaskClub raised shares of Cypress Semiconductor from a “hold” rating to a “buy” rating in a report on Saturday, February 9th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $17.05.
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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; analog power management integrated circuits and energy harvesting solutions; CapSense capacitive-sensing controllers; TrueTouch touchscreens; Wi-Fi, Bluetooth, and Bluetooth low energy; 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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