Wall Street brokerages expect Cypress Semiconductor Co. (NASDAQ:CY) to report $580.38 million in sales for the current quarter, Zacks reports. Five analysts have provided estimates for Cypress Semiconductor’s earnings. The highest sales estimate is $582.63 million and the lowest is $579.60 million. Cypress Semiconductor reported sales of $531.87 million in the same quarter last year, which would suggest a positive year over year growth rate of 9.1%. The business is scheduled to announce its next earnings report after the market closes on Thursday, April 26th.
On average, analysts expect that Cypress Semiconductor will report full-year sales of $2.49 billion for the current year, with estimates ranging from $2.41 billion to $2.56 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $2.59 billion per share, with estimates ranging from $2.47 billion to $2.63 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Cypress Semiconductor.
Cypress Semiconductor (NASDAQ:CY) last released its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.03. The business had revenue of $597.54 million during the quarter, compared to the consensus estimate of $593.15 million. Cypress Semiconductor had a positive return on equity of 12.48% and a negative net margin of 4.02%. The firm’s revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.15 earnings per share.
A number of research analysts have issued reports on CY shares. Zacks Investment Research lowered shares of Cypress Semiconductor from a “hold” rating to a “sell” rating in a research note on Tuesday, April 3rd. KeyCorp raised their price target on shares of Cypress Semiconductor from $18.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. SunTrust Banks restated a “hold” rating and set a $19.00 price target on shares of Cypress Semiconductor in a research report on Friday, February 2nd. Piper Jaffray assumed coverage on shares of Cypress Semiconductor in a research report on Monday, December 18th. They set an “overweight” rating and a $20.00 price target on the stock. Finally, BidaskClub upgraded shares of Cypress Semiconductor from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 6th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Cypress Semiconductor currently has an average rating of “Buy” and an average target price of $19.19.
In related news, CEO Hassane El-Khoury sold 43,991 shares of Cypress Semiconductor stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $17.60, for a total value of $774,241.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sam Geha sold 20,652 shares of Cypress Semiconductor stock in a transaction that occurred on Monday, March 5th. The stock was sold at an average price of $17.59, for a total transaction of $363,268.68. Following the completion of the transaction, the executive vice president now owns 96,029 shares of the company’s stock, valued at approximately $1,689,150.11. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 83,643 shares of company stock valued at $1,478,110. Company insiders own 0.43% of the company’s stock.
Several large investors have recently modified their holdings of the company. TIAA CREF Investment Management LLC boosted its position in Cypress Semiconductor by 6.5% during the 4th quarter. TIAA CREF Investment Management LLC now owns 1,833,578 shares of the semiconductor company’s stock worth $27,944,000 after acquiring an additional 112,026 shares during the period. Geode Capital Management LLC boosted its position in Cypress Semiconductor by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 3,065,121 shares of the semiconductor company’s stock valued at $46,712,000 after purchasing an additional 164,409 shares during the last quarter. Macquarie Group Ltd. boosted its position in Cypress Semiconductor by 1.6% during the fourth quarter. Macquarie Group Ltd. now owns 203,872 shares of the semiconductor company’s stock valued at $3,107,000 after purchasing an additional 3,222 shares during the last quarter. Swiss National Bank boosted its position in Cypress Semiconductor by 2.8% during the fourth quarter. Swiss National Bank now owns 566,345 shares of the semiconductor company’s stock valued at $8,631,000 after purchasing an additional 15,400 shares during the last quarter. Finally, HBK Investments L P boosted its position in Cypress Semiconductor by 17.6% during the fourth quarter. HBK Investments L P now owns 368,470 shares of the semiconductor company’s stock valued at $5,615,000 after purchasing an additional 55,195 shares during the last quarter. Institutional investors and hedge funds own 85.05% of the company’s stock.
NASDAQ CY traded down $0.20 on Wednesday, reaching $17.35. The company had a trading volume of 3,753,609 shares, compared to its average volume of 5,958,864. Cypress Semiconductor has a 52 week low of $12.50 and a 52 week high of $18.87. The company has a market capitalization of $6,284.52, a PE ratio of 28.92, a P/E/G ratio of 1.13 and a beta of 2.05. The company has a current ratio of 1.22, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53.
The business also recently declared a quarterly dividend, which will be paid on Thursday, April 19th. Shareholders of record on Thursday, March 29th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date is Wednesday, March 28th. Cypress Semiconductor’s dividend payout ratio is presently 73.33%.
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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.
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