Texas Permanent School Fund boosted its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,161 shares of the semiconductor company’s stock after acquiring an additional 766 shares during the quarter. Texas Permanent School Fund’s holdings in Cirrus Logic were worth $1,299,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Pearl River Capital LLC purchased a new position in Cirrus Logic during the 4th quarter valued at $32,000. Huntington National Bank purchased a new position in Cirrus Logic during the 4th quarter valued at $68,000. Strs Ohio raised its position in Cirrus Logic by 316.7% during the 4th quarter. Strs Ohio now owns 2,500 shares of the semiconductor company’s stock valued at $82,000 after purchasing an additional 1,900 shares in the last quarter. Bank of Montreal Can raised its position in Cirrus Logic by 88.7% during the 3rd quarter. Bank of Montreal Can now owns 3,388 shares of the semiconductor company’s stock valued at $131,000 after purchasing an additional 1,593 shares in the last quarter. Finally, Virginia National Bank bought a new stake in Cirrus Logic during the 3rd quarter valued at $220,000. Institutional investors own 87.76% of the company’s stock.
A number of equities research analysts have weighed in on the company. BidaskClub raised Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Tuesday, December 11th. Zacks Investment Research lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Monday, February 4th. Bank of America set a $29.00 target price on Cirrus Logic and gave the company a “sell” rating in a research report on Tuesday, December 4th. ValuEngine lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Friday, January 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Cirrus Logic in a research report on Wednesday, November 21st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Cirrus Logic has an average rating of “Hold” and an average target price of $42.13.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, January 30th. The semiconductor company reported $0.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.13. The firm had revenue of $324.30 million during the quarter, compared to analyst estimates of $319.37 million. Cirrus Logic had a return on equity of 11.88% and a net margin of 7.68%. The business’s revenue for the quarter was down 32.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.59 EPS. On average, equities research analysts anticipate that Cirrus Logic, Inc. will post 1.72 earnings per share for the current year.
Cirrus Logic declared that its board has approved a stock buyback program on Wednesday, January 30th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 8.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
In other news, SVP Scott Arnold Anderson sold 6,966 shares of the business’s stock in a transaction on Tuesday, February 19th. The stock was sold at an average price of $39.46, for a total value of $274,878.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy R. Dehne sold 3,056 shares of the business’s stock in a transaction on Tuesday, February 5th. The stock was sold at an average price of $38.72, for a total value of $118,328.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,870 shares of company stock valued at $799,247. Corporate insiders own 2.32% of the company’s stock.
About Cirrus Logic
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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