Bank of America Corp DE Acquires 1,254 Shares of Cirrus Logic, Inc. (CRUS)

Bank of America Corp DE increased its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 0.6% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 227,011 shares of the semiconductor company’s stock after acquiring an additional 1,254 shares during the quarter. Bank of America Corp DE’s holdings in Cirrus Logic were worth $8,701,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. BlackRock Inc. boosted its position in Cirrus Logic by 7.8% during the 2nd quarter. BlackRock Inc. now owns 8,486,370 shares of the semiconductor company’s stock worth $325,283,000 after buying an additional 610,960 shares during the period. Dimensional Fund Advisors LP boosted its position in Cirrus Logic by 10.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,127,852 shares of the semiconductor company’s stock worth $81,562,000 after buying an additional 195,501 shares during the period. Renaissance Technologies LLC boosted its position in Cirrus Logic by 8.8% during the 2nd quarter. Renaissance Technologies LLC now owns 777,220 shares of the semiconductor company’s stock worth $29,791,000 after buying an additional 62,700 shares during the period. Letko Brosseau & Associates Inc. boosted its position in Cirrus Logic by 58.9% during the 2nd quarter. Letko Brosseau & Associates Inc. now owns 628,960 shares of the semiconductor company’s stock worth $24,108,000 after buying an additional 233,060 shares during the period. Finally, Canada Pension Plan Investment Board boosted its position in Cirrus Logic by 6.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 542,500 shares of the semiconductor company’s stock worth $20,794,000 after buying an additional 32,300 shares during the period. Institutional investors and hedge funds own 88.77% of the company’s stock.

Several equities research analysts recently commented on the stock. BidaskClub upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Wednesday, August 29th. ValuEngine upgraded shares of Cirrus Logic from a “sell” rating to a “hold” rating in a research report on Tuesday, September 4th. Zacks Investment Research upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research report on Tuesday, August 7th. Cowen raised their price target on shares of Cirrus Logic from $40.00 to $44.00 and gave the stock a “market perform” rating in a report on Thursday, August 2nd. Finally, Craig Hallum raised their price target on shares of Cirrus Logic from $43.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, August 2nd. Five research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $53.24.

Cirrus Logic stock opened at $37.07 on Friday. Cirrus Logic, Inc. has a 52-week low of $34.49 and a 52-week high of $58.80. The company has a market cap of $2.30 billion, a price-to-earnings ratio of 10.09, a PEG ratio of 0.94 and a beta of 0.41.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, August 1st. The semiconductor company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.36. Cirrus Logic had a net margin of 7.83% and a return on equity of 17.46%. The firm had revenue of $254.48 million during the quarter, compared to analyst estimates of $231.38 million. During the same quarter last year, the business earned $0.81 EPS. The company’s revenue was down 20.7% compared to the same quarter last year. On average, sell-side analysts forecast that Cirrus Logic, Inc. will post 2.66 earnings per share for the current year.

In other Cirrus Logic news, Director Timothy R. Dehne sold 4,171 shares of the firm’s stock in a transaction that occurred on Sunday, August 26th. The shares were sold at an average price of $44.99, for a total transaction of $187,653.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.32% of the stock is currently owned by company insiders.

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; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.

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Institutional Ownership by Quarter for Cirrus Logic (NASDAQ:CRUS)

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