Cirrus Logic, Inc. $CRUS Stock: Letko Brosseau & Associates Inc. Increases Holdings

Letko Brosseau & Associates Inc. raised its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 1.3% in the 3rd quarter, Holdings Channel reports. The firm owned 447,859 shares of the semiconductor company’s stock after acquiring an additional 5,600 shares during the period. Letko Brosseau & Associates Inc.’s holdings in Cirrus Logic were worth $53,730,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRUS. Russell Investments Group Ltd. increased its stake in shares of Cirrus Logic by 38.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 297,919 shares of the semiconductor company’s stock valued at $35,779,000 after purchasing an additional 82,759 shares during the last quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. raised its holdings in shares of Cirrus Logic by 143.3% during the 3rd quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 1,545 shares of the semiconductor company’s stock worth $185,000 after buying an additional 910 shares in the last quarter. Maryland State Retirement & Pension System lifted its position in shares of Cirrus Logic by 21.1% during the 3rd quarter. Maryland State Retirement & Pension System now owns 3,042 shares of the semiconductor company’s stock worth $365,000 after buying an additional 529 shares during the last quarter. Jefferies Financial Group Inc. bought a new stake in shares of Cirrus Logic during the 3rd quarter worth $504,000. Finally, Illinois Municipal Retirement Fund lifted its position in shares of Cirrus Logic by 26.9% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 60,143 shares of the semiconductor company’s stock worth $7,215,000 after buying an additional 12,752 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on CRUS. Barclays lowered Cirrus Logic from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $130.00 to $95.00 in a research note on Tuesday, October 20th. Weiss Ratings downgraded Cirrus Logic from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, November 3rd. Zacks Research cut shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Susquehanna reduced their price target on shares of Cirrus Logic from $200.00 to $170.00 and set a “positive” rating on the stock in a research note on Wednesday, October 21st. Finally, Stifel Nicolaus reduced their price target on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $147.50.

Insider Buying and Selling at Cirrus Logic

In related news, EVP Jeffrey Baumgartner sold 1,166 shares of the stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $107.75, for a total value of $125,636.50. Following the completion of the sale, the executive vice president directly owned 11,741 shares in the company, valued at $1,265,092.75. This represents a 9.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 3,498 shares of company stock valued at $401,850 over the last quarter. Insiders own 1.20% of the company’s stock.

Cirrus Logic Price Performance

CRUS opened at $121.71 on Friday. Cirrus Logic, Inc. has a fifty-two week low of $105.10 and a fifty-two week high of $180.42. The firm has a market capitalization of $6.07 billion, a price-to-earnings ratio of 15.37 and a beta of 1.23. The company’s 50 day moving average price is $115.08 and its two-hundred day moving average price is $137.99.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, November 4th. The semiconductor company reported $2.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.42 by $0.28. The firm had revenue of $559.46 million during the quarter, compared to the consensus estimate of $540.37 million. Cirrus Logic had a net margin of 20.20% and a return on equity of 19.77%. The company’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter last year, the firm earned $2.83 earnings per share. As a group, equities research analysts predict that Cirrus Logic, Inc. will post 7.20 EPS for the current year.

Cirrus Logic Company Profile

Cirrus Logic is a fabless semiconductor company that designs high-performance, low-power integrated circuits, with a focus on audio and mixed-signal technologies. Its products include audio converters and codecs, amplifiers, and other components used to capture, process, and reproduce sound. The company also develops mixed-signal products for applications such as haptics and power management. Its chips are designed for a range of markets, including smartphones, computers, consumer audio equipment, automotive systems, and industrial devices.