Cypress Semiconductor (CY) Cut to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Cypress Semiconductor (NASDAQ:CY) from a hold rating to a sell rating in a research report released on Tuesday morning.

According to Zacks, “Cypress Semiconductor’s shares have underperformed the industry it belongs to in the past one year. The company’s international revenues remain exposed to fluctuations in foreign exchange rates which might hurt the top-line growth. Further, weak and uncertain macro environment is a matter of concern. However, 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 dominant position in the IoT market. But Cypress is likely to suffer from the ongoing consolidation in the semiconductor industry.”

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A number of other brokerages have also recently weighed in on CY. SunTrust Banks reiterated a hold rating and issued a $19.00 target price on shares of Cypress Semiconductor in a report on Friday, February 2nd. Craig Hallum reiterated a buy rating and issued a $21.00 target price on shares of Cypress Semiconductor in a report on Tuesday, December 5th. Piper Jaffray initiated coverage on Cypress Semiconductor in a report on Monday, December 18th. They issued an overweight rating and a $20.00 target price on the stock. Morgan Stanley reiterated an underweight rating and issued a $14.50 target price on shares of Cypress Semiconductor in a report on Wednesday, December 13th. Finally, Mizuho reiterated a buy rating and issued a $20.00 target price (up previously from $18.00) on shares of Cypress Semiconductor in a report on Friday, January 12th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $19.19.

CY stock opened at $16.29 on Tuesday. Cypress Semiconductor has a 52-week low of $12.50 and a 52-week high of $18.87. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.82 and a current ratio of 1.22. The firm has a market cap of $5,972.98, a PE ratio of 27.15, a price-to-earnings-growth ratio of 1.07 and a beta of 2.05.

Cypress Semiconductor (NASDAQ:CY) last posted its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.03. Cypress Semiconductor had a positive return on equity of 12.48% and a negative net margin of 4.02%. The business had revenue of $597.54 million for the quarter, compared to analysts’ expectations of $593.15 million. During the same quarter last year, the firm earned $0.15 earnings per share. The business’s revenue was up 12.7% on a year-over-year basis. equities research analysts predict that Cypress Semiconductor will post 0.92 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 19th. Shareholders of record on Thursday, March 29th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Wednesday, March 28th. Cypress Semiconductor’s dividend payout ratio (DPR) is presently 73.33%.

In other news, EVP Sam Geha sold 20,652 shares of Cypress Semiconductor stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $17.59, for a total transaction of $363,268.68. Following the sale, the executive vice president now directly owns 96,029 shares of the company’s stock, valued at $1,689,150.11. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Sudhir Gopalswamy sold 3,000 shares of Cypress Semiconductor stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $17.08, for a total value of $51,240.00. Following the sale, the senior vice president now directly owns 65,445 shares in the company, valued at $1,117,800.60. The disclosure for this sale can be found here. Insiders sold 83,643 shares of company stock worth $1,478,110 over the last three months. 0.69% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. CIBC Asset Management Inc increased its position in shares of Cypress Semiconductor by 13.7% during the fourth quarter. CIBC Asset Management Inc now owns 26,478 shares of the semiconductor company’s stock worth $404,000 after acquiring an additional 3,200 shares during the last quarter. Macquarie Group Ltd. increased its position in shares of Cypress Semiconductor by 1.6% during the fourth quarter. Macquarie Group Ltd. now owns 203,872 shares of the semiconductor company’s stock worth $3,107,000 after acquiring an additional 3,222 shares during the last quarter. Crossmark Global Holdings Inc. increased its position in shares of Cypress Semiconductor by 12.8% during the fourth quarter. Crossmark Global Holdings Inc. now owns 29,582 shares of the semiconductor company’s stock worth $451,000 after acquiring an additional 3,361 shares during the last quarter. CLS Investments LLC increased its position in shares of Cypress Semiconductor by 22.2% during the fourth quarter. CLS Investments LLC now owns 18,925 shares of the semiconductor company’s stock worth $288,000 after acquiring an additional 3,438 shares during the last quarter. Finally, Meadow Creek Investment Management LLC increased its position in shares of Cypress Semiconductor by 19.4% during the fourth quarter. Meadow Creek Investment Management LLC now owns 21,280 shares of the semiconductor company’s stock worth $324,000 after acquiring an additional 3,456 shares during the last quarter. 85.79% of the stock is currently owned by institutional investors and hedge funds.

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Cypress Semiconductor 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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