Alps Advisors Inc. purchased a new position in Cypress Semiconductor Co. (NASDAQ:CY) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 72,734 shares of the semiconductor company’s stock, valued at approximately $1,054,000.
A number of other institutional investors also recently made changes to their positions in CY. Cubist Systematic Strategies LLC purchased a new position in Cypress Semiconductor in the 1st quarter worth approximately $378,000. Legal & General Group Plc increased its stake in Cypress Semiconductor by 32.4% in the 1st quarter. Legal & General Group Plc now owns 445,744 shares of the semiconductor company’s stock worth $7,560,000 after purchasing an additional 109,079 shares during the period. CIBC World Markets Inc. purchased a new position in Cypress Semiconductor in the 1st quarter worth approximately $228,000. Principal Financial Group Inc. increased its stake in Cypress Semiconductor by 10.2% in the 1st quarter. Principal Financial Group Inc. now owns 1,549,982 shares of the semiconductor company’s stock worth $26,287,000 after purchasing an additional 143,994 shares during the period. Finally, State of Alaska Department of Revenue increased its stake in Cypress Semiconductor by 51.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 41,490 shares of the semiconductor company’s stock worth $645,000 after purchasing an additional 14,080 shares during the period. 82.65% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently issued reports on CY shares. TheStreet raised Cypress Semiconductor from a “c+” rating to a “b” rating in a research note on Friday, July 27th. MKM Partners started coverage on Cypress Semiconductor in a research note on Thursday, October 4th. They set a “buy” rating and a $20.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and set a $23.00 target price on shares of Cypress Semiconductor in a research note on Friday, July 27th. Craig Hallum boosted their target price on Cypress Semiconductor from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, July 27th. Finally, BidaskClub raised Cypress Semiconductor from a “hold” rating to a “buy” rating in a research note on Wednesday, July 11th. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. Cypress Semiconductor presently has an average rating of “Hold” and an average target price of $18.46.
In related news, EVP Sudhir Gopalswamy sold 3,000 shares of the company’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $15.39, for a total value of $46,170.00. Following the sale, the executive vice president now directly owns 114,157 shares of the company’s stock, valued at $1,756,876.23. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 9,000 shares of company stock worth $136,290. 0.43% of the stock is owned by insiders.
Shares of CY stock opened at $13.65 on Friday. The firm has a market capitalization of $4.62 billion, a P/E ratio of 11.94, a PEG ratio of 1.01 and a beta of 2.09. Cypress Semiconductor Co. has a twelve month low of $11.75 and a twelve month high of $18.87. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.76 and a current ratio of 1.43.
Cypress Semiconductor (NASDAQ:CY) last issued its quarterly earnings results on Thursday, October 25th. The semiconductor company reported $0.35 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.03. The company had revenue of $673.04 million for the quarter, compared to analysts’ expectations of $669.62 million. Cypress Semiconductor had a return on equity of 21.26% and a net margin of 2.08%. As a group, equities analysts anticipate that Cypress Semiconductor Co. will post 1.08 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, October 18th. Investors of record on Thursday, September 27th were paid a $0.11 dividend. The ex-dividend date of this dividend was Wednesday, September 26th. This represents a $0.44 annualized dividend and a yield of 3.22%. Cypress Semiconductor’s payout ratio is 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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