Retirement Systems of Alabama lowered its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 47.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 82,322 shares of the semiconductor company’s stock after selling 75,717 shares during the quarter. Retirement Systems of Alabama owned approximately 0.13% of Cirrus Logic worth $4,389,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. LSV Asset Management grew its position 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. State Street Corp boosted its position in shares of Cirrus Logic by 2.2% during the 2nd quarter. State Street Corp now owns 2,274,959 shares of the semiconductor company’s stock worth $142,688,000 after purchasing an additional 48,716 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Cirrus Logic by 3.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,496,733 shares of the semiconductor company’s stock worth $93,875,000 after purchasing an additional 56,338 shares in the last quarter. Northern Trust Corp boosted its position in shares of Cirrus Logic by 3.4% during the 2nd quarter. Northern Trust Corp now owns 1,212,478 shares of the semiconductor company’s stock worth $76,047,000 after purchasing an additional 40,264 shares in the last quarter. Finally, Prudential Financial Inc. boosted its position in shares of Cirrus Logic by 69.6% during the 3rd quarter. Prudential Financial Inc. now owns 967,033 shares of the semiconductor company’s stock worth $51,562,000 after purchasing an additional 396,890 shares in the last quarter. 89.26% of the stock is currently owned by institutional investors.
Cirrus Logic, Inc. (NASDAQ CRUS) traded up $0.13 during mid-day trading on Thursday, hitting $49.84. The company had a trading volume of 1,054,765 shares, compared to its average volume of 1,147,272. The firm has a market cap of $3,160.00, a price-to-earnings ratio of 11.51, a P/E/G ratio of 1.32 and a beta of 0.01. Cirrus Logic, Inc. has a twelve month low of $48.61 and a twelve month high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Thursday, November 2nd. The semiconductor company reported $1.36 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.16. Cirrus Logic had a return on equity of 25.37% and a net margin of 17.11%. The firm had revenue of $425.50 million for the quarter, compared to analyst estimates of $410.32 million. During the same period last year, the company earned $1.35 earnings per share. The firm’s revenue for the quarter was down .7% on a year-over-year basis. research analysts forecast that Cirrus Logic, Inc. will post 4.21 earnings per share for the current year.
In related news, Director Christine King sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $54.14, for a total transaction of $270,700.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Bradley J. Fluke sold 7,325 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $53.44, for a total value of $391,448.00. Following the transaction, the vice president now directly owns 12,000 shares of the company’s stock, valued at approximately $641,280. The disclosure for this sale can be found here. In the last three months, insiders sold 22,881 shares of company stock valued at $1,251,772. Company insiders own 1.92% of the company’s stock.
CRUS has been the topic of several research analyst reports. Northland Securities restated a “buy” rating on shares of Cirrus Logic in a research report on Friday, November 3rd. Canaccord Genuity reaffirmed a “buy” rating and set a $76.00 price target on shares of Cirrus Logic in a research note on Tuesday, September 19th. ValuEngine downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Monday, September 18th. Stifel Nicolaus reissued a “buy” rating on shares of Cirrus Logic in a research note on Wednesday, September 13th. Finally, KeyCorp reissued an “overweight” rating on shares of Cirrus Logic in a research note on Thursday, September 14th. Three research analysts have rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Cirrus Logic currently has an average rating of “Buy” and an average price target of $67.05.
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Cirrus Logic Company Profile
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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