SG Americas Securities LLC cut its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 40.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,073 shares of the semiconductor company’s stock after selling 9,469 shares during the period. SG Americas Securities LLC’s holdings in Cirrus Logic were worth $750,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of CRUS. Hanseatic Management Services Inc. lifted its stake in Cirrus Logic by 0.3% in the second quarter. Hanseatic Management Services Inc. now owns 29,468 shares of the semiconductor company’s stock worth $1,848,000 after acquiring an additional 75 shares during the period. Teacher Retirement System of Texas lifted its stake in Cirrus Logic by 1.5% in the second quarter. Teacher Retirement System of Texas now owns 5,118 shares of the semiconductor company’s stock worth $321,000 after acquiring an additional 76 shares during the period. World Asset Management Inc lifted its stake in Cirrus Logic by 2.7% in the second quarter. World Asset Management Inc now owns 4,071 shares of the semiconductor company’s stock worth $255,000 after acquiring an additional 106 shares during the period. Suntrust Banks Inc. lifted its stake in Cirrus Logic by 2.5% in the second quarter. Suntrust Banks Inc. now owns 12,253 shares of the semiconductor company’s stock worth $767,000 after acquiring an additional 298 shares during the period. Finally, Spectrum Management Group Inc. lifted its position in shares of Cirrus Logic by 3.2% during the second quarter. Spectrum Management Group Inc. now owns 12,910 shares of the semiconductor company’s stock valued at $810,000 after buying an additional 400 shares during the last quarter. Hedge funds and other institutional investors own 89.25% of the company’s stock.
In related news, VP Bradley J. Fluke sold 7,325 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $53.44, for a total value of $391,448.00. Following the transaction, the vice president now owns 12,000 shares in the company, valued at approximately $641,280. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Christine King sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $54.14, for a total transaction of $270,700.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,443 shares of company stock worth $992,631. 1.92% of the stock is owned by corporate insiders.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $1.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.16. The firm had revenue of $425.50 million during the quarter, compared to analyst estimates of $410.32 million. Cirrus Logic had a net margin of 17.11% and a return on equity of 25.37%. Cirrus Logic’s revenue was down .7% on a year-over-year basis. During the same period last year, the firm posted $1.35 EPS. sell-side analysts forecast that Cirrus Logic, Inc. will post 4.21 EPS for the current fiscal year.
Several analysts have commented on the stock. Bank of America assumed coverage on shares of Cirrus Logic in a research report on Monday, September 18th. They set an “underperform” rating and a $50.00 price target for the company. ValuEngine lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Monday, September 18th. Canaccord Genuity reissued a “buy” rating and set a $76.00 price target on shares of Cirrus Logic in a research report on Tuesday, September 19th. Craig Hallum reissued a “hold” rating and set a $54.00 price target (down from $63.00) on shares of Cirrus Logic in a research report on Friday, November 3rd. Finally, Zacks Investment Research lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Tuesday, October 17th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $65.76.
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Cirrus Logic Company Profile
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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