Granite Investment Partners LLC grew its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 15.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 79,035 shares of the network equipment provider’s stock after purchasing an additional 10,326 shares during the period. Granite Investment Partners LLC’s holdings in Cisco Systems were worth $3,390,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in CSCO. Moors & Cabot Inc. increased its holdings in Cisco Systems by 15.7% during the third quarter. Moors & Cabot Inc. now owns 73,872 shares of the network equipment provider’s stock worth $2,488,000 after buying an additional 10,007 shares during the last quarter. Gyroscope Capital Management Group LLC increased its holdings in Cisco Systems by 4.1% during the third quarter. Gyroscope Capital Management Group LLC now owns 178,361 shares of the network equipment provider’s stock worth $5,998,000 after buying an additional 6,970 shares during the last quarter. Gofen & Glossberg LLC IL increased its holdings in Cisco Systems by 1.7% during the third quarter. Gofen & Glossberg LLC IL now owns 245,595 shares of the network equipment provider’s stock worth $8,259,000 after buying an additional 4,075 shares during the last quarter. Atlantic Trust LLC increased its holdings in Cisco Systems by 2.0% during the third quarter. Atlantic Trust LLC now owns 109,571 shares of the network equipment provider’s stock worth $3,685,000 after buying an additional 2,130 shares during the last quarter. Finally, Coastline Trust Co increased its holdings in Cisco Systems by 10.2% during the third quarter. Coastline Trust Co now owns 116,532 shares of the network equipment provider’s stock worth $3,919,000 after buying an additional 10,809 shares during the last quarter. Institutional investors own 73.80% of the company’s stock.
A number of research firms recently issued reports on CSCO. BidaskClub downgraded shares of Cisco Systems from a “buy” rating to a “hold” rating in a report on Tuesday, June 26th. Vetr downgraded shares of Cisco Systems from a “buy” rating to a “hold” rating and set a $46.32 price objective for the company. in a report on Wednesday, April 18th. JPMorgan Chase & Co. began coverage on shares of Cisco Systems in a research report on Thursday, May 3rd. They set an “overweight” rating and a $57.00 target price for the company. Credit Suisse Group began coverage on shares of Cisco Systems in a research report on Wednesday, May 9th. They set a “neutral” rating and a $41.00 target price for the company. Finally, Citigroup increased their target price on shares of Cisco Systems from $46.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, March 16th. Eleven investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $46.56.
In other Cisco Systems news, EVP David Goeckeler sold 35,000 shares of Cisco Systems stock in a transaction that occurred on Friday, June 22nd. The shares were sold at an average price of $43.27, for a total transaction of $1,514,450.00. Following the completion of the sale, the executive vice president now directly owns 490,458 shares in the company, valued at $21,222,117.66. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.05% of the company’s stock.
Shares of Cisco Systems opened at $43.03 on Friday, Marketbeat Ratings reports. Cisco Systems, Inc. has a 1 year low of $30.36 and a 1 year high of $46.37. The company has a market cap of $206.86 billion, a price-to-earnings ratio of 20.01, a P/E/G ratio of 2.89 and a beta of 1.09. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.34 and a quick ratio of 2.28.
Cisco Systems (NASDAQ:CSCO) last announced its earnings results on Wednesday, May 16th. The network equipment provider reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.01. Cisco Systems had a negative net margin of 2.61% and a positive return on equity of 19.48%. The business had revenue of $12.46 billion during the quarter, compared to analyst estimates of $12.42 billion. During the same period in the previous year, the business posted $0.60 earnings per share. equities research analysts predict that Cisco Systems, Inc. will post 2.34 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 25th. Shareholders of record on Friday, July 6th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, July 5th. This represents a $1.32 annualized dividend and a yield of 3.07%. Cisco Systems’s payout ratio is presently 61.40%.
Cisco Systems Profile
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol (IP) based networking and other products related to the communications and information technology industry worldwide. The company offers switching products, including fixed-configuration and modular switches, and storage products that provide connectivity to end users, workstations, IP phones, wireless access points, and servers; and next-generation network routing products that interconnect public and private wireline and mobile networks for mobile, data, voice, and video applications.
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