Cisco Systems Inc. (CSCO) Stake Cut by Granite Investment Advisors Inc.
Granite Investment Advisors Inc. decreased its position in Cisco Systems Inc. (NASDAQ:CSCO) by 1.1% during the second quarter, Holdings Channel reports. The institutional investor owned 26,065 shares of the network equipment provider’s stock after selling 300 shares during the period. Granite Investment Advisors Inc.’s holdings in Cisco Systems were worth $748,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of CSCO. Pinnacle Holdings LLC raised its stake in Cisco Systems by 0.5% in the first quarter. Pinnacle Holdings LLC now owns 16,009 shares of the network equipment provider’s stock worth $456,000 after buying an additional 81 shares in the last quarter. WASHINGTON TRUST Co raised its stake in Cisco Systems by 0.7% in the first quarter. WASHINGTON TRUST Co now owns 19,353 shares of the network equipment provider’s stock worth $551,000 after buying an additional 141 shares in the last quarter. Kistler Tiffany Companies LLC raised its stake in Cisco Systems by 1.2% in the second quarter. Kistler Tiffany Companies LLC now owns 17,332 shares of the network equipment provider’s stock worth $497,000 after buying an additional 200 shares in the last quarter. Wilbanks Smith & Thomas Asset Management LLC raised its stake in Cisco Systems by 0.6% in the first quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 33,298 shares of the network equipment provider’s stock worth $948,000 after buying an additional 211 shares in the last quarter. Finally, Chesley Taft & Associates LLC raised its stake in Cisco Systems by 0.9% in the first quarter. Chesley Taft & Associates LLC now owns 26,702 shares of the network equipment provider’s stock worth $760,000 after buying an additional 227 shares in the last quarter. Institutional investors own 75.00% of the company’s stock.
Shares of Cisco Systems Inc. (NASDAQ:CSCO) traded up 0.03% during midday trading on Friday, hitting $30.18. 20,545,127 shares of the stock traded hands. The stock has a 50-day moving average of $31.29 and a 200-day moving average of $29.51. Cisco Systems Inc. has a 52-week low of $22.46 and a 52-week high of $31.95. The company has a market cap of $151.33 billion, a price-to-earnings ratio of 14.30 and a beta of 1.49.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, August 17th. The network equipment provider reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.03. Cisco Systems had a net margin of 21.81% and a return on equity of 17.64%. The firm earned $12.60 billion during the quarter, compared to analysts’ expectations of $12.57 billion. During the same period last year, the business earned $0.59 earnings per share. Cisco Systems’s revenue was down 1.6% compared to the same quarter last year. On average, equities analysts predict that Cisco Systems Inc. will post $2.43 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 26th. Investors of record on Wednesday, October 5th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.45%. The ex-dividend date is Monday, October 3rd. Cisco Systems’s payout ratio is currently 49.06%.
A number of research firms have recently weighed in on CSCO. Cowen and Company reiterated a “buy” rating on shares of Cisco Systems in a report on Tuesday, July 12th. Goldman Sachs Group Inc. reiterated a “neutral” rating and set a $32.00 target price on shares of Cisco Systems in a report on Thursday, August 18th. Morgan Stanley increased their target price on shares of Cisco Systems from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Thursday, August 18th. Vetr lowered shares of Cisco Systems from a “buy” rating to a “hold” rating and set a $32.05 price objective for the company. in a report on Tuesday, September 13th. Finally, Citigroup Inc. raised their price objective on shares of Cisco Systems from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, August 9th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $32.50.
In other Cisco Systems news, Director Steven M. West sold 15,000 shares of Cisco Systems stock in a transaction dated Wednesday, July 20th. The shares were sold at an average price of $30.20, for a total transaction of $453,000.00. Following the completion of the sale, the director now directly owns 26,804 shares in the company, valued at $809,480.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John T. Chambers sold 541,666 shares of Cisco Systems stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $31.08, for a total transaction of $16,834,979.28. Following the sale, the insider now owns 2,008,697 shares of the company’s stock, valued at $62,430,302.76. The disclosure for this sale can be found here. Corporate insiders own 0.13% of the company’s stock.
Cisco Systems Company Profile
Cisco System, Inc (Cisco) designs and sells lines of products, provides services and delivers integrated solutions to develop and connect networks around the world, building the Internet. The Company is engaged in designing, manufacturing and selling Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry, and provides services associated with these products and their use.
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