M&T Bank Corp Has $1.31 Million Stake in Cirrus Logic, Inc. $CRUS

M&T Bank Corp raised its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 479.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 11,077 shares of the semiconductor company’s stock after purchasing an additional 9,164 shares during the period. M&T Bank Corp’s holdings in Cirrus Logic were worth $1,313,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CRUS. Diversified Trust Co grew its holdings in shares of Cirrus Logic by 0.9% in the 3rd quarter. Diversified Trust Co now owns 8,974 shares of the semiconductor company’s stock valued at $1,124,000 after acquiring an additional 78 shares in the last quarter. Kendall Capital Management grew its holdings in shares of Cirrus Logic by 0.9% in the 4th quarter. Kendall Capital Management now owns 10,600 shares of the semiconductor company’s stock valued at $1,256,000 after acquiring an additional 90 shares in the last quarter. EP Wealth Advisors LLC grew its holdings in shares of Cirrus Logic by 1.7% in the 2nd quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company’s stock valued at $598,000 after acquiring an additional 95 shares in the last quarter. Fred Alger Management LLC grew its holdings in shares of Cirrus Logic by 5.0% in the 3rd quarter. Fred Alger Management LLC now owns 2,552 shares of the semiconductor company’s stock valued at $320,000 after acquiring an additional 122 shares in the last quarter. Finally, MML Investors Services LLC grew its holdings in shares of Cirrus Logic by 2.0% in the 2nd quarter. MML Investors Services LLC now owns 6,625 shares of the semiconductor company’s stock valued at $691,000 after acquiring an additional 129 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Stock Down 3.2%

Shares of CRUS stock opened at $157.29 on Thursday. The firm has a 50 day moving average price of $148.00 and a two-hundred day moving average price of $133.46. The company has a market capitalization of $8.02 billion, a PE ratio of 20.72 and a beta of 1.08. Cirrus Logic, Inc. has a 12-month low of $91.32 and a 12-month high of $175.77.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.37 by $0.60. The firm had revenue of $580.62 million during the quarter, compared to the consensus estimate of $531.43 million. Cirrus Logic had a net margin of 20.47% and a return on equity of 20.41%. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period last year, the business posted $2.51 earnings per share. As a group, research analysts expect that Cirrus Logic, Inc. will post 7.76 EPS for the current year.

Insiders Place Their Bets

In other Cirrus Logic news, EVP Justin E. Dougherty sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $143.16, for a total transaction of $429,480.00. Following the completion of the sale, the executive vice president directly owned 5,876 shares in the company, valued at $841,208.16. This trade represents a 33.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO John Forsyth sold 21,806 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $135.15, for a total transaction of $2,947,080.90. Following the sale, the chief executive officer owned 50,723 shares of the company’s stock, valued at $6,855,213.45. This trade represents a 30.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 37,987 shares of company stock worth $5,427,114 over the last three months. Insiders own 1.16% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CRUS shares. KeyCorp raised their price objective on Cirrus Logic from $150.00 to $175.00 and gave the company an “overweight” rating in a report on Monday, April 6th. Benchmark raised their price objective on Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, February 4th. Loop Capital cut Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 price target for the company. in a report on Monday, February 2nd. Barclays lifted their price target on Cirrus Logic from $110.00 to $120.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 3rd. Finally, Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $152.14.

Cirrus Logic Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.