Advisors Capital Management LLC cut its holdings in shares of Cypress Semiconductor (NASDAQ:CY) by 6.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,325,452 shares of the semiconductor company’s stock after selling 89,234 shares during the period. Cypress Semiconductor accounts for approximately 1.7% of Advisors Capital Management LLC’s investment portfolio, making the stock its 10th biggest holding. Advisors Capital Management LLC owned about 0.37% of Cypress Semiconductor worth $22,480,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. Nippon Life Global Investors Americas Inc. increased its position in shares of Cypress Semiconductor by 75.1% during the first quarter. Nippon Life Global Investors Americas Inc. now owns 356,660 shares of the semiconductor company’s stock worth $6,049,000 after purchasing an additional 152,960 shares in the last quarter. Cetera Advisor Networks LLC purchased a new stake in shares of Cypress Semiconductor during the first quarter valued at $441,000. Northern Trust Corp grew its holdings in shares of Cypress Semiconductor by 4.9% during the first quarter. Northern Trust Corp now owns 2,675,378 shares of the semiconductor company’s stock valued at $45,373,000 after buying an additional 124,481 shares during the last quarter. Northwest Quadrant Wealth Management LLC purchased a new stake in shares of Cypress Semiconductor during the first quarter valued at $206,000. Finally, Ceredex Value Advisors LLC purchased a new stake in shares of Cypress Semiconductor during the first quarter valued at $62,554,000. 84.19% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently weighed in on CY. Piper Jaffray Companies reissued a “buy” rating and set a $22.00 price objective on shares of Cypress Semiconductor in a report on Monday, January 29th. Craig Hallum boosted their price objective on shares of Cypress Semiconductor from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research lowered shares of Cypress Semiconductor from a “buy” rating to a “sell” rating in a report on Thursday, February 1st. SunTrust Banks reissued a “hold” rating and set a $19.00 price objective on shares of Cypress Semiconductor in a report on Friday, February 2nd. Finally, KeyCorp boosted their price objective on shares of Cypress Semiconductor from $18.00 to $22.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $19.19.
CY stock opened at $16.11 on Tuesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.87 and a current ratio of 1.27. Cypress Semiconductor has a 52-week low of $12.50 and a 52-week high of $18.87. The stock has a market cap of $5.72 billion, a PE ratio of 26.85, a PEG ratio of 0.96 and a beta of 2.09.
Cypress Semiconductor (NASDAQ:CY) last released its quarterly earnings results on Thursday, April 26th. The semiconductor company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.03. Cypress Semiconductor had a negative net margin of 1.63% and a positive return on equity of 15.62%. The firm had revenue of $582.24 million during the quarter, compared to the consensus estimate of $580.44 million. During the same quarter in the prior year, the firm earned $0.13 EPS. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. sell-side analysts forecast that Cypress Semiconductor will post 1.03 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 19th. Investors of record on Thursday, June 28th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Wednesday, June 27th. This represents a $0.44 annualized dividend and a dividend yield of 2.73%. Cypress Semiconductor’s dividend payout ratio (DPR) is presently 73.33%.
In other Cypress Semiconductor news, EVP Sudhir Gopalswamy sold 3,000 shares of the stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $18.57, for a total value of $55,710.00. Following the completion of the sale, the executive vice president now owns 126,125 shares in the company, valued at approximately $2,342,141.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Hassane El-Khoury sold 43,991 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $17.60, for a total transaction of $774,241.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 83,643 shares of company stock valued at $1,479,190. 0.43% of the stock is owned by insiders.
Cypress Semiconductor Profile
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; ARM Cortex-M4, -M3, and -M0+ MCUs; R4 CPUs; analog power management integrated circuits and energy harvesting solutions; CapSense capacitive-sensing controllers; TrueTouch touchscreens; Wi-Fi, Bluetooth, Bluetooth low energy, and ZigBee solutions; WICED development platform; 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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