DekaBank Deutsche Girozentrale grew its holdings in shares of Cirrus Logic (NASDAQ:CRUS) by 275.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,498 shares of the semiconductor company’s stock after buying an additional 7,700 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Cirrus Logic were worth $413,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Allen Capital Group LLC raised its holdings in shares of Cirrus Logic by 19.6% during the first quarter. Allen Capital Group LLC now owns 8,648 shares of the semiconductor company’s stock valued at $351,000 after buying an additional 1,417 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its holdings in Cirrus Logic by 3.3% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 146,515 shares of the semiconductor company’s stock worth $5,953,000 after purchasing an additional 4,625 shares in the last quarter. Dupont Capital Management Corp raised its holdings in Cirrus Logic by 12.1% during the first quarter. Dupont Capital Management Corp now owns 19,455 shares of the semiconductor company’s stock worth $790,000 after purchasing an additional 2,103 shares in the last quarter. Xact Kapitalforvaltning AB bought a new stake in Cirrus Logic during the fourth quarter worth approximately $285,000. Finally, Letko Brosseau & Associates Inc. bought a new stake in Cirrus Logic during the fourth quarter worth approximately $19,996,000. 87.76% of the stock is currently owned by institutional investors.
Cirrus Logic stock opened at $38.74 on Wednesday. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of 10.55, a price-to-earnings-growth ratio of 1.36 and a beta of 0.26. Cirrus Logic has a 1 year low of $34.78 and a 1 year high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Wednesday, May 2nd. The semiconductor company reported $0.51 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by ($0.07). The business had revenue of $303.20 million during the quarter, compared to analyst estimates of $316.57 million. Cirrus Logic had a return on equity of 20.50% and a net margin of 10.57%. The company’s quarterly revenue was down 7.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.85 EPS. equities analysts forecast that Cirrus Logic will post 2.58 EPS for the current year.
Cirrus Logic declared that its board has initiated a stock buyback program on Monday, February 5th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Several equities research analysts recently commented on CRUS shares. Stifel Nicolaus dropped their target price on Cirrus Logic from $60.00 to $52.00 and set a “buy” rating on the stock in a report on Monday, April 23rd. BidaskClub cut Cirrus Logic from a “sell” rating to a “strong sell” rating in a report on Tuesday, February 27th. ValuEngine cut Cirrus Logic from a “buy” rating to a “hold” rating in a report on Friday, March 23rd. Zacks Investment Research raised Cirrus Logic from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 10th. Finally, Craig Hallum raised Cirrus Logic from a “hold” rating to a “buy” rating and dropped their target price for the stock from $44.00 to $43.00 in a report on Monday, April 30th. Five equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. Cirrus Logic currently has a consensus rating of “Hold” and a consensus target price of $56.91.
About Cirrus Logic
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; amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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