LS Investment Advisors LLC lessened its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 17.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,057 shares of the semiconductor company’s stock after selling 1,238 shares during the quarter. LS Investment Advisors LLC’s holdings in Cirrus Logic were worth $314,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also modified their holdings of the stock. Swiss National Bank lifted its stake in shares of Cirrus Logic by 1.6% in the fourth quarter. Swiss National Bank now owns 108,700 shares of the semiconductor company’s stock worth $5,637,000 after buying an additional 1,700 shares in the last quarter. California Public Employees Retirement System increased its stake in shares of Cirrus Logic by 5.6% in the fourth quarter. California Public Employees Retirement System now owns 175,522 shares of the semiconductor company’s stock worth $9,103,000 after purchasing an additional 9,362 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of Cirrus Logic by 315.0% in the fourth quarter. Teacher Retirement System of Texas now owns 22,092 shares of the semiconductor company’s stock worth $1,146,000 after purchasing an additional 16,768 shares in the last quarter. ING Groep NV increased its stake in shares of Cirrus Logic by 28.4% in the fourth quarter. ING Groep NV now owns 8,106 shares of the semiconductor company’s stock worth $420,000 after purchasing an additional 1,792 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Cirrus Logic by 68.2% during the fourth quarter. American Century Companies Inc. now owns 244,457 shares of the semiconductor company’s stock worth $12,678,000 after acquiring an additional 99,141 shares during the last quarter. Institutional investors own 91.49% of the company’s stock.
In other Cirrus Logic news, Director Christine King sold 562 shares of the stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $49.75, for a total value of $27,959.50. Following the transaction, the director now directly owns 11,744 shares in the company, valued at $584,264. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Randolph K. Carlson sold 7,265 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $42.03, for a total transaction of $305,347.95. The disclosure for this sale can be found here. Insiders sold 8,450 shares of company stock worth $363,121 over the last quarter. 1.92% of the stock is currently owned by insiders.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Monday, February 5th. The semiconductor company reported $1.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.78 by ($0.19). Cirrus Logic had a return on equity of 22.60% and a net margin of 11.89%. The business had revenue of $482.70 million for the quarter, compared to analysts’ expectations of $530.99 million. During the same quarter last year, the company earned $1.87 earnings per share. The firm’s revenue for the quarter was down 7.7% on a year-over-year basis. sell-side analysts expect that Cirrus Logic, Inc. will post 3.78 EPS for the current fiscal year.
Cirrus Logic announced that its Board of Directors has authorized a stock buyback program on Monday, February 5th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the semiconductor company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.
CRUS has been the subject of several research reports. BidaskClub lowered shares of Cirrus Logic from a “sell” rating to a “strong sell” rating in a research report on Tuesday, February 27th. Zacks Investment Research downgraded shares of Cirrus Logic from a “hold” rating to a “sell” rating in a research note on Friday, January 12th. ValuEngine downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Vetr cut shares of Cirrus Logic from a “hold” rating to a “sell” rating and set a $49.82 target price for the company. in a research note on Monday, December 18th. Finally, Stifel Nicolaus decreased their price objective on shares of Cirrus Logic from $75.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, February 6th. Five investment analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company’s stock. Cirrus Logic has a consensus rating of “Hold” and an average target price of $60.22.
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About Cirrus Logic
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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