Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $34.65 and last traded at $35.23, with a volume of 63959 shares trading hands. The stock had previously closed at $35.46.
Several brokerages recently issued reports on CRUS. Cowen lifted their target price on Cirrus Logic from $40.00 to $44.00 and gave the company a “market perform” rating in a research note on Thursday, August 2nd. ValuEngine downgraded Cirrus Logic from a “hold” rating to a “sell” rating in a research note on Wednesday, September 12th. BidaskClub raised Cirrus Logic from a “sell” rating to a “hold” rating in a research note on Saturday, July 28th. Zacks Investment Research raised Cirrus Logic from a “sell” rating to a “hold” rating in a research note on Tuesday, July 3rd. Finally, Craig Hallum lifted their price objective on Cirrus Logic from $43.00 to $51.00 and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Five investment analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company’s stock. Cirrus Logic presently has an average rating of “Hold” and a consensus target price of $53.24.
The company has a market capitalization of $2.36 billion, a PE ratio of 9.56, a P/E/G ratio of 0.97 and a beta of 0.41.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, August 1st. The semiconductor company reported $0.28 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.36. Cirrus Logic had a return on equity of 17.46% and a net margin of 7.83%. The business had revenue of $254.48 million for the quarter, compared to the consensus estimate of $231.38 million. During the same quarter in the previous year, the company posted $0.81 EPS. The company’s revenue was down 20.7% compared to the same quarter last year. As a group, analysts forecast that Cirrus Logic, Inc. will post 2.66 EPS for the current year.
In other news, Director Timothy R. Dehne sold 4,171 shares of the business’s stock in a transaction that occurred on Sunday, August 26th. The stock was sold at an average price of $44.99, for a total transaction of $187,653.29. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.32% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can increased its position in shares of Cirrus Logic by 88.7% during the 3rd quarter. Bank of Montreal Can now owns 3,388 shares of the semiconductor company’s stock valued at $131,000 after purchasing an additional 1,593 shares during the last quarter. Fox Run Management L.L.C. increased its position in shares of Cirrus Logic by 139.1% during the 3rd quarter. Fox Run Management L.L.C. now owns 13,473 shares of the semiconductor company’s stock valued at $520,000 after purchasing an additional 7,839 shares during the last quarter. Royal London Asset Management Ltd. bought a new position in shares of Cirrus Logic during the 2nd quarter valued at approximately $2,388,000. WINTON GROUP Ltd increased its position in shares of Cirrus Logic by 64.1% during the 2nd quarter. WINTON GROUP Ltd now owns 84,483 shares of the semiconductor company’s stock valued at $3,238,000 after purchasing an additional 33,008 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its position in shares of Cirrus Logic by 185.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 67,687 shares of the semiconductor company’s stock valued at $805,000 after purchasing an additional 43,973 shares during the last quarter. 92.03% of the stock is currently owned by hedge funds and other institutional investors.
Cirrus Logic Company Profile (NASDAQ:CRUS)
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; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
Featured Story: Can individual investors take part in an IPO?
Receive News & Ratings for Cirrus Logic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cirrus Logic and related companies with MarketBeat.com's FREE daily email newsletter.