Cypress Semiconductor Corporation (CY) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Cypress Semiconductor Corporation (NASDAQ:CY) from a strong-buy rating to a hold rating in a report published on Wednesday, November 1st.

According to Zacks, “Cypress develops and manufactures a broad range of digital and mixed signal ICs.   The company delivered strong third-quarter earnings aided by growth in automotive, IoT wireless connectivity and USB-C solutions. Also, on a year-to-date basis, the stock has outperformed the industry it belongs to. Cypress’  advanced technology, momentum in new products, increased customer wins and growth initiatives are encouraging. The acquisition of Wireless Internet of Things (IoT) business has further strengthened the company’s leading position in the IoT market. However, weak and uncertain macro environment remain concerns.”

A number of other research firms have also recently issued reports on CY. BidaskClub raised shares of Cypress Semiconductor Corporation from a hold rating to a buy rating in a research report on Saturday, September 30th. Loop Capital reissued a buy rating and set a $17.00 price objective on shares of Cypress Semiconductor Corporation in a research report on Tuesday, August 22nd. SunTrust Banks, Inc. reissued a buy rating and set a $19.00 price objective on shares of Cypress Semiconductor Corporation in a research report on Thursday, October 12th. KeyCorp reissued an overweight rating on shares of Cypress Semiconductor Corporation in a research report on Thursday, September 14th. Finally, Craig Hallum reissued a buy rating and set a $20.00 price objective on shares of Cypress Semiconductor Corporation in a research report on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $17.67.

Shares of Cypress Semiconductor Corporation (CY) opened at $17.07 on Wednesday. The company has a current ratio of 1.35, a quick ratio of 0.92 and a debt-to-equity ratio of 0.60. Cypress Semiconductor Corporation has a 1-year low of $10.51 and a 1-year high of $17.15. The firm has a market capitalization of $5,670.00, a PE ratio of 34.60, a price-to-earnings-growth ratio of 2.99 and a beta of 2.02.

Cypress Semiconductor Corporation (NASDAQ:CY) last issued its quarterly earnings results on Thursday, October 26th. The semiconductor company reported $0.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.04. Cypress Semiconductor Corporation had a positive return on equity of 9.01% and a negative net margin of 5.75%. The firm had revenue of $604.57 million during the quarter, compared to the consensus estimate of $602.16 million. During the same period last year, the business posted $0.15 EPS. The business’s revenue was up 14.0% compared to the same quarter last year. sell-side analysts predict that Cypress Semiconductor Corporation will post 0.56 earnings per share for the current year.

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The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 18th. Investors of record on Thursday, December 28th will be given a $0.11 dividend. The ex-dividend date is Wednesday, December 27th. This represents a $0.44 annualized dividend and a yield of 2.58%. Cypress Semiconductor Corporation’s payout ratio is -110.00%.

In other Cypress Semiconductor Corporation news, EVP Trent Thad sold 74,818 shares of the stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $15.77, for a total value of $1,179,879.86. Following the completion of the sale, the executive vice president now owns 172,105 shares in the company, valued at approximately $2,714,095.85. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Catherine P. Lego acquired 20,000 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was purchased at an average price of $13.69 per share, with a total value of $273,800.00. The disclosure for this purchase can be found here. In the last quarter, insiders sold 86,087 shares of company stock valued at $1,367,772. Company insiders own 0.69% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. Cigna Investments Inc. New increased its stake in Cypress Semiconductor Corporation by 0.6% in the 2nd quarter. Cigna Investments Inc. New now owns 12,584 shares of the semiconductor company’s stock valued at $173,000 after buying an additional 72 shares during the last quarter. ProShare Advisors LLC increased its stake in shares of Cypress Semiconductor Corporation by 0.3% during the 2nd quarter. ProShare Advisors LLC now owns 47,595 shares of the semiconductor company’s stock worth $650,000 after purchasing an additional 162 shares during the last quarter. Capstone Asset Management Co. increased its stake in shares of Cypress Semiconductor Corporation by 0.8% during the 2nd quarter. Capstone Asset Management Co. now owns 23,441 shares of the semiconductor company’s stock worth $320,000 after purchasing an additional 180 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Cypress Semiconductor Corporation by 0.4% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 48,079 shares of the semiconductor company’s stock worth $656,000 after purchasing an additional 182 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in shares of Cypress Semiconductor Corporation by 1.6% during the 2nd quarter. Bank of Montreal Can now owns 20,158 shares of the semiconductor company’s stock worth $276,000 after purchasing an additional 324 shares during the last quarter. Hedge funds and other institutional investors own 95.05% of the company’s stock.

Cypress Semiconductor Corporation Company Profile

Cypress Semiconductor Corporation manufactures embedded system solutions for automotive, industrial, home automation and appliances, consumer electronics and medical products. The Company’s segments include Microcontroller and Connectivity Division (MCD), and Memory Products Division (MPD). MCD focuses on microcontroller (MCU), analog and wireless and wired connectivity solutions.

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Analyst Recommendations for Cypress Semiconductor Corporation (NASDAQ:CY)

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