Letko Brosseau & Associates Inc. Reduces Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)
Letko Brosseau & Associates Inc. lowered its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 3.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 622,729 shares of the semiconductor company’s stock after selling 22,660 shares during the quarter. Letko Brosseau & Associates Inc. owned 1.07% of Cirrus Logic worth $27,213,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Investors Research Corp purchased a new stake in Cirrus Logic in the first quarter worth approximately $25,000. Quadrant Capital Group LLC boosted its stake in shares of Cirrus Logic by 596.7% during the 1st quarter. Quadrant Capital Group LLC now owns 641 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 549 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new position in shares of Cirrus Logic during the 2nd quarter worth $33,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Cirrus Logic during the 2nd quarter worth $44,000. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of Cirrus Logic by 10.6% during the 4th quarter. Public Employees Retirement System of Ohio now owns 3,339 shares of the semiconductor company’s stock worth $111,000 after acquiring an additional 320 shares during the last quarter. Institutional investors own 84.86% of the company’s stock.
Shares of CRUS traded up $0.15 during trading hours on Thursday, reaching $52.65. 18,148 shares of the stock traded hands, compared to its average volume of 944,254. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.18 and a current ratio of 4.30. Cirrus Logic, Inc. has a 52-week low of $31.25 and a 52-week high of $60.00. The company’s 50-day simple moving average is $47.56. The company has a market capitalization of $3.04 billion, a P/E ratio of 25.64, a P/E/G ratio of 1.76 and a beta of 0.95.
Several research analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Cirrus Logic from a “hold” rating to a “strong-buy” rating and set a $56.00 price target on the stock in a research note on Wednesday, May 8th. Dougherty & Co reiterated a “buy” rating and set a $62.00 price target (up previously from $53.00) on shares of Cirrus Logic in a research note on Thursday, August 1st. Bank of America reiterated an “underperform” rating and set a $46.00 price target (up previously from $40.00) on shares of Cirrus Logic in a research note on Thursday, August 1st. Needham & Company LLC reiterated a “hold” rating on shares of Cirrus Logic in a research note on Monday, August 5th. Finally, Cowen reiterated a “market perform” rating and set a $56.00 price target (up previously from $48.00) on shares of Cirrus Logic in a research note on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $50.13.
In other Cirrus Logic news, Director Timothy R. Dehne sold 4,583 shares of Cirrus Logic stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $53.15, for a total value of $243,586.45. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jason P. Rhode sold 128,847 shares of Cirrus Logic stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.14, for a total transaction of $6,718,082.58. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 146,430 shares of company stock worth $7,565,529. 2.79% of the stock is owned by corporate insiders.
Cirrus Logic Profile
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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