Van ECK Associates Corp Grows Stock Holdings in Cirrus Logic, Inc. $CRUS

Van ECK Associates Corp boosted its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 19.7% in the 2nd quarter, Holdings Channel reports. The firm owned 90,637 shares of the semiconductor company’s stock after buying an additional 14,938 shares during the quarter. Van ECK Associates Corp’s holdings in Cirrus Logic were worth $13,462,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Royal Bank of Canada grew its position in Cirrus Logic by 92.3% in the first quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company’s stock valued at $7,189,000 after acquiring an additional 34,629 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Cirrus Logic by 24.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock worth $132,000 after purchasing an additional 263 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Cirrus Logic by 4.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company’s stock worth $21,372,000 after purchasing an additional 9,658 shares in the last quarter. Focus Partners Wealth purchased a new position in shares of Cirrus Logic in the first quarter valued at $361,000. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Cirrus Logic by 95.1% in the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock valued at $47,000 after purchasing an additional 232 shares during the period. 87.96% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Andrew Brannan sold 6,464 shares of the business’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $144.71, for a total transaction of $935,405.44. Following the completion of the transaction, the executive vice president owned 7,203 shares of the company’s stock, valued at approximately $1,042,346.13. The trade was a 47.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 1,166 shares of the company’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $117.89, for a total transaction of $137,459.74. Following the transaction, the executive vice president owned 14,073 shares of the company’s stock, valued at $1,659,065.97. This represents a 7.65% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 12,724 shares of company stock worth $1,878,143. 1.20% of the stock is owned by insiders.

Cirrus Logic Trading Up 0.9%

NASDAQ:CRUS opened at $109.51 on Tuesday. The firm has a market capitalization of $5.49 billion, a PE ratio of 13.40 and a beta of 1.18. Cirrus Logic, Inc. has a 52 week low of $108.08 and a 52 week high of $180.42. The stock has a 50 day moving average of $132.73 and a 200-day moving average of $147.33.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.81 by $0.03. The business had revenue of $459.72 million during the quarter, compared to analyst estimates of $460.32 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.51 EPS. As a group, analysts predict that Cirrus Logic, Inc. will post 7.32 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Zacks Research downgraded shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. KeyCorp reduced their price objective on shares of Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a research note on Thursday, August 6th. Finally, Wall Street Zen lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $150.71.

Cirrus Logic Company 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.