Wall Street brokerages expect Cypress Semiconductor Co. (NASDAQ:CY) to post sales of $669.62 million for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Cypress Semiconductor’s earnings, with the lowest sales estimate coming in at $662.90 million and the highest estimate coming in at $674.55 million. Cypress Semiconductor reported sales of $604.57 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 10.8%. The company is expected to announce its next quarterly earnings report after the market closes on Thursday, October 25th.
On average, analysts expect that Cypress Semiconductor will report full-year sales of $2.52 billion for the current financial year, with estimates ranging from $2.51 billion to $2.54 billion. For the next financial year, analysts anticipate that the company will post sales of $2.66 billion, with estimates ranging from $2.58 billion to $2.74 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Cypress Semiconductor.
Cypress Semiconductor (NASDAQ:CY) last issued its quarterly earnings data on Thursday, July 26th. The semiconductor company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.08. Cypress Semiconductor had a return on equity of 18.51% and a net margin of 0.49%. The company had revenue of $624.00 million for the quarter, compared to the consensus estimate of $618.49 million. During the same quarter last year, the company earned $0.21 earnings per share. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year.
CY has been the topic of a number of recent research reports. BidaskClub downgraded Cypress Semiconductor from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 26th. Zacks Investment Research downgraded Cypress Semiconductor from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 27th. Craig Hallum raised their price target on Cypress Semiconductor from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, July 27th. Needham & Company LLC reissued a “buy” rating and issued a $23.00 price target on shares of Cypress Semiconductor in a report on Friday, July 27th. Finally, Barclays reissued a “hold” rating and issued a $18.00 price target on shares of Cypress Semiconductor in a report on Sunday, July 29th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $19.86.
In other Cypress Semiconductor news, EVP Sudhir Gopalswamy sold 3,000 shares of the firm’s stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $16.04, for a total value of $48,120.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders sold 11,017 shares of company stock valued at $170,176. Corporate insiders own 0.43% of the company’s stock.
Several large investors have recently made changes to their positions in the company. OppenheimerFunds Inc. raised its stake in shares of Cypress Semiconductor by 9.4% in the second quarter. OppenheimerFunds Inc. now owns 41,352 shares of the semiconductor company’s stock worth $644,000 after purchasing an additional 3,560 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Cypress Semiconductor by 3.9% in the second quarter. Louisiana State Employees Retirement System now owns 96,800 shares of the semiconductor company’s stock worth $1,508,000 after purchasing an additional 3,600 shares during the last quarter. MetLife Investment Advisors LLC raised its stake in shares of Cypress Semiconductor by 1.7% in the second quarter. MetLife Investment Advisors LLC now owns 225,312 shares of the semiconductor company’s stock worth $3,510,000 after purchasing an additional 3,780 shares during the last quarter. Orca Investment Management LLC raised its stake in shares of Cypress Semiconductor by 6.2% in the second quarter. Orca Investment Management LLC now owns 65,034 shares of the semiconductor company’s stock worth $1,013,000 after purchasing an additional 3,820 shares during the last quarter. Finally, Meadow Creek Investment Management LLC raised its stake in shares of Cypress Semiconductor by 19.0% in the second quarter. Meadow Creek Investment Management LLC now owns 25,328 shares of the semiconductor company’s stock worth $395,000 after purchasing an additional 4,048 shares during the last quarter. Hedge funds and other institutional investors own 82.15% of the company’s stock.
Shares of CY stock opened at $13.88 on Thursday. Cypress Semiconductor has a 1-year low of $13.08 and a 1-year high of $18.87. The stock has a market cap of $5.24 billion, a P/E ratio of 23.13, a P/E/G ratio of 0.85 and a beta of 2.10. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.37.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 18th. Shareholders of record on Thursday, September 27th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 3.17%. The ex-dividend date is Wednesday, September 26th. Cypress Semiconductor’s dividend payout ratio is presently 73.33%.
About Cypress Semiconductor
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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