Wall Street analysts predict that Cirrus Logic, Inc. (NASDAQ:CRUS) will announce sales of $218.75 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Cirrus Logic’s earnings. The lowest sales estimate is $210.00 million and the highest is $226.26 million. Cirrus Logic reported sales of $303.17 million during the same quarter last year, which would suggest a negative year over year growth rate of 27.8%. The business is scheduled to issue its next earnings report on Wednesday, May 1st.
According to Zacks, analysts expect that Cirrus Logic will report full year sales of $1.16 billion for the current financial year, with estimates ranging from $1.16 billion to $1.17 billion. For the next fiscal year, analysts expect that the firm will report sales of $1.08 billion, with estimates ranging from $1.03 billion to $1.14 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Cirrus Logic.
Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, January 30th. The semiconductor company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.13. Cirrus Logic had a return on equity of 11.88% and a net margin of 7.68%. The company had revenue of $324.30 million during the quarter, compared to analyst estimates of $319.37 million. During the same period in the prior year, the company posted $1.59 earnings per share. Cirrus Logic’s quarterly revenue was down 32.8% on a year-over-year basis.
Shares of CRUS stock traded up $0.14 on Friday, reaching $41.94. The company’s stock had a trading volume of 16,663 shares, compared to its average volume of 580,361. Cirrus Logic has a 12-month low of $31.25 and a 12-month high of $45.39. The company has a market capitalization of $2.47 billion, a PE ratio of 11.36, a price-to-earnings-growth ratio of 1.62 and a beta of 0.60.
Cirrus Logic declared that its Board of Directors has approved a stock repurchase plan on Wednesday, January 30th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the semiconductor company to purchase up to 8.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In related news, Director Timothy R. Dehne sold 3,056 shares of the stock in a transaction that occurred on Tuesday, February 5th. The shares were sold at an average price of $38.72, for a total transaction of $118,328.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Randolph K. Carlson sold 10,848 shares of the stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $37.43, for a total transaction of $406,040.64. The disclosure for this sale can be found here. Insiders have sold a total of 20,870 shares of company stock worth $799,247 over the last quarter. 2.32% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of the stock. Pearl River Capital LLC acquired a new stake in Cirrus Logic during the fourth quarter valued at $32,000. Huntington National Bank purchased a new position in Cirrus Logic during the fourth quarter worth about $68,000. Advisor Group Inc. raised its stake in Cirrus Logic by 71.8% during the fourth quarter. Advisor Group Inc. now owns 2,166 shares of the semiconductor company’s stock worth $71,000 after purchasing an additional 905 shares during the period. Strs Ohio raised its stake in Cirrus Logic by 316.7% during the fourth quarter. Strs Ohio now owns 2,500 shares of the semiconductor company’s stock worth $82,000 after purchasing an additional 1,900 shares during the period. Finally, Captrust Financial Advisors raised its stake in shares of Cirrus Logic by 85.5% in the 4th quarter. Captrust Financial Advisors now owns 2,641 shares of the semiconductor company’s stock valued at $88,000 after acquiring an additional 1,217 shares during the period. 89.38% of the stock is owned by hedge funds and other institutional investors.
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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