Cirrus Logic Inc. (CRUS) Stake Lowered by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. cut its position in shares of Cirrus Logic Inc. (NASDAQ:CRUS) by 0.8% during the second quarter, Holdings Channel reports. The institutional investor owned 6,914 shares of the company’s stock after selling 56 shares during the period. PNC Financial Services Group Inc.’s holdings in Cirrus Logic were worth $269,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CRUS. Artemis Investment Management LLP purchased a new position in shares of Cirrus Logic during the second quarter worth approximately $15,251,000. Geode Capital Management LLC raised its position in shares of Cirrus Logic by 0.9% in the first quarter. Geode Capital Management LLC now owns 572,093 shares of the company’s stock worth $20,829,000 after buying an additional 5,260 shares in the last quarter. Credit Agricole S A purchased a new position in shares of Cirrus Logic during the first quarter worth approximately $637,000. BlackRock Inc. raised its position in shares of Cirrus Logic by 27.2% in the first quarter. BlackRock Inc. now owns 9,212 shares of the company’s stock worth $335,000 after buying an additional 1,972 shares in the last quarter. Finally, Bayesian Capital Management LP purchased a new position in shares of Cirrus Logic during the first quarter worth approximately $204,000. 89.23% of the stock is currently owned by hedge funds and other institutional investors.
Cirrus Logic Inc. (NASDAQ:CRUS) traded up 3.18% during mid-day trading on Friday, hitting $53.15. The stock had a trading volume of 1,378,393 shares. The company has a market cap of $3.32 billion, a price-to-earnings ratio of 32.99 and a beta of 0.44. Cirrus Logic Inc. has a 12 month low of $25.09 and a 12 month high of $58.08. The firm’s 50-day moving average is $52.08 and its 200 day moving average is $41.40.
Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, July 27th. The company reported $0.44 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.16. Cirrus Logic had a return on equity of 14.44% and a net margin of 9.26%. The company had revenue of $259.40 million for the quarter, compared to analyst estimates of $236.67 million. During the same quarter last year, the company earned $0.54 earnings per share. The company’s revenue for the quarter was down 8.2% on a year-over-year basis. Equities analysts anticipate that Cirrus Logic Inc. will post $3.28 EPS for the current fiscal year.
A number of research analysts have commented on CRUS shares. Stifel Nicolaus upped their price objective on Cirrus Logic from $55.00 to $58.00 and gave the company a “buy” rating in a report on Thursday, September 8th. Zacks Investment Research lowered Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Pacific Crest reaffirmed an “equal weight” rating on shares of Cirrus Logic in a report on Monday, August 29th. Canaccord Genuity reaffirmed a “buy” rating and issued a $52.00 price objective on shares of Cirrus Logic in a report on Tuesday, July 12th. Finally, Needham & Company LLC upped their price objective on Cirrus Logic from $50.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, July 28th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $49.10.
In related news, CEO Jason P. Rhode sold 90,156 shares of Cirrus Logic stock in a transaction on Monday, September 12th. The stock was sold at an average price of $48.57, for a total transaction of $4,378,876.92. Following the sale, the chief executive officer now directly owns 179,680 shares in the company, valued at $8,727,057.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Andrew Brannan sold 21,498 shares of Cirrus Logic stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $52.14, for a total value of $1,120,905.72. Following the sale, the vice president now owns 21,498 shares in the company, valued at $1,120,905.72. The disclosure for this sale can be found here. 3.10% of the stock is owned by insiders.
Cirrus Logic Company Profile
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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