Westpac Banking Corp acquired a new position in Cypress Semiconductor Co. (NASDAQ:CY) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 143,693 shares of the semiconductor company’s stock, valued at approximately $3,196,000.
Several other large investors have also modified their holdings of the business. Sterling Investment Advisors Ltd. purchased a new position in shares of Cypress Semiconductor during the first quarter valued at about $30,000. Quadrant Capital Group LLC increased its holdings in shares of Cypress Semiconductor by 101.0% during the 1st quarter. Quadrant Capital Group LLC now owns 2,193 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 1,102 shares during the last quarter. Investors Research Corp acquired a new position in shares of Cypress Semiconductor during the 1st quarter valued at about $57,000. Meeder Asset Management Inc. increased its holdings in shares of Cypress Semiconductor by 208.2% during the 1st quarter. Meeder Asset Management Inc. now owns 4,068 shares of the semiconductor company’s stock valued at $61,000 after acquiring an additional 2,748 shares during the last quarter. Finally, Private Capital Group LLC increased its holdings in shares of Cypress Semiconductor by 43.4% during the 1st quarter. Private Capital Group LLC now owns 6,994 shares of the semiconductor company’s stock valued at $105,000 after acquiring an additional 2,116 shares during the last quarter. 78.71% of the stock is owned by institutional investors and hedge funds.
In related news, CEO Hassane El-Khoury sold 20,000 shares of Cypress Semiconductor stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $22.16, for a total transaction of $443,200.00. Following the completion of the sale, the chief executive officer now owns 521,745 shares in the company, valued at approximately $11,561,869.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Sudhir Gopalswamy sold 3,000 shares of Cypress Semiconductor stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $22.45, for a total transaction of $67,350.00. The disclosure for this sale can be found here. Insiders sold a total of 51,000 shares of company stock valued at $1,135,440 over the last three months. Corporate insiders own 0.55% of the company’s stock.
Cypress Semiconductor (NASDAQ:CY) last released its quarterly earnings data on Thursday, July 25th. The semiconductor company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The business had revenue of $532.20 million during the quarter, compared to analysts’ expectations of $530.96 million. Cypress Semiconductor had a net margin of 13.83% and a return on equity of 19.36%. The firm’s quarterly revenue was down 14.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.33 earnings per share. On average, equities analysts anticipate that Cypress Semiconductor Co. will post 0.89 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 17th. Shareholders of record on Thursday, September 26th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.92%. Cypress Semiconductor’s payout ratio is currently 37.93%.
CY has been the topic of a number of analyst reports. Piper Jaffray Companies lowered Cypress Semiconductor from an “overweight” rating to a “neutral” rating in a report on Monday, June 3rd. Morgan Stanley raised Cypress Semiconductor from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $11.50 to $15.50 in a research report on Thursday, May 30th. Susquehanna Bancshares cut Cypress Semiconductor from a “positive” rating to a “neutral” rating in a research note on Monday, June 3rd. ValuEngine upgraded Cypress Semiconductor from a “hold” rating to a “buy” rating in a research note on Monday, June 3rd. Finally, Barclays restated a “hold” rating and set a $23.00 target price on shares of Cypress Semiconductor in a research note on Thursday, June 6th. Eleven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Cypress Semiconductor presently has a consensus rating of “Hold” and an average target price of $20.75.
Cypress Semiconductor Company Profile
Cypress Semiconductor Corporation designs, develops, manufactures, markets, and sells embedded system solutions worldwide. It operates in two segments, Microcontroller and Connectivity Division, and Memory Products Division. The Microcontroller and Connectivity Division provides microcontroller (MCU), analog, and wireless and wired connectivity solutions, including Traveo automotive MCUs; programmable system-on-chip and general-purpose MCUs; analog power management integrated circuits and energy harvesting solutions; CapSense capacitive-sensing controllers; TrueTouch touchscreens; Wi-Fi, Bluetooth, and Bluetooth low energy; and USB controllers comprising solutions for the USB-C and USB power delivery standards, as well as wireless Internet of things connectivity solutions.
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