Cirrus Logic, Inc. (CRUS) Position Trimmed by Fmr LLC

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Fmr LLC decreased its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 16.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,199,992 shares of the semiconductor company’s stock after selling 431,867 shares during the quarter. Fmr LLC owned 3.72% of Cirrus Logic worth $72,996,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CRUS. Bank of New York Mellon Corp raised its position in shares of Cirrus Logic by 14.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,817 shares of the semiconductor company’s stock worth $56,000,000 after purchasing an additional 177,692 shares during the last quarter. Martingale Asset Management L P raised its position in shares of Cirrus Logic by 28.2% during the 3rd quarter. Martingale Asset Management L P now owns 52,245 shares of the semiconductor company’s stock worth $2,017,000 after purchasing an additional 11,502 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Cirrus Logic by 98.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,328,248 shares of the semiconductor company’s stock worth $51,271,000 after purchasing an additional 657,662 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Cirrus Logic during the 3rd quarter worth approximately $537,000. Finally, Paloma Partners Management Co acquired a new position in shares of Cirrus Logic during the 3rd quarter worth approximately $637,000. 89.38% of the stock is owned by institutional investors and hedge funds.

In other Cirrus Logic news, VP Randolph K. Carlson sold 10,848 shares of Cirrus Logic stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $37.43, for a total value of $406,040.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Scott Arnold Anderson sold 6,966 shares of Cirrus Logic stock in a transaction that occurred on Tuesday, February 19th. The stock was sold at an average price of $39.46, for a total transaction of $274,878.36. The disclosure for this sale can be found here. Insiders sold a total of 20,870 shares of company stock valued at $799,247 over the last ninety days. 2.32% of the stock is owned by corporate insiders.

Several brokerages recently issued reports on CRUS. Zacks Investment Research upgraded Cirrus Logic from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 2nd. ValuEngine downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Friday, January 4th. BidaskClub upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Wednesday, January 16th. Craig Hallum downgraded Cirrus Logic from a “buy” rating to a “hold” rating and cut their price objective for the stock from $44.00 to $38.00 in a research report on Thursday, January 31st. Finally, TheStreet downgraded Cirrus Logic from a “b-” rating to a “c” rating in a research report on Friday, February 1st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Cirrus Logic has an average rating of “Hold” and a consensus price target of $42.13.

CRUS stock opened at $44.72 on Monday. The company has a market capitalization of $2.60 billion, a price-to-earnings ratio of 12.12, a PEG ratio of 2.27 and a beta of 0.60. Cirrus Logic, Inc. has a one year low of $31.25 and a one year high of $45.39.

Cirrus Logic (NASDAQ:CRUS) last released its 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 analysts’ expectations of $319.37 million. Cirrus Logic had a net margin of 7.68% and a return on equity of 11.88%. Cirrus Logic’s revenue for the quarter was down 32.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.59 EPS. As a group, equities analysts anticipate that Cirrus Logic, Inc. will post 1.72 earnings per share for the current fiscal year.

Cirrus Logic announced that its Board of Directors has initiated a stock buyback plan on Wednesday, January 30th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the semiconductor company to purchase up to 8.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

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Cirrus Logic Company Profile

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.

Further Reading: What are Institutional Investors?

Institutional Ownership by Quarter for Cirrus Logic (NASDAQ:CRUS)

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