Cypress Semiconductor Corp. (CY) Sees Significant Drop in Short Interest
Cypress Semiconductor Corp. (NASDAQ:CY) was the target of a large drop in short interest in September. As of September 30th, there was short interest totalling 37,568,622 shares, a drop of 8.3% from the September 15th total of 40,954,089 shares. Approximately 12.2% of the company’s stock are sold short. Based on an average daily volume of 4,272,608 shares, the days-to-cover ratio is currently 8.8 days.
Shares of Cypress Semiconductor Corp. (NASDAQ:CY) opened at 10.61 on Wednesday. The firm’s market cap is $3.41 billion. Cypress Semiconductor Corp. has a 52 week low of $6.30 and a 52 week high of $12.48. The company has a 50 day moving average of $11.69 and a 200 day moving average of $10.56.
Cypress Semiconductor Corp. (NASDAQ:CY) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.12 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.12. The firm had revenue of $450.10 million for the quarter, compared to analysts’ expectations of $455.15 million. Cypress Semiconductor Corp. had a negative net margin of 37.59% and a positive return on equity of 3.26%. The firm’s quarterly revenue was down 7.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.15 earnings per share. On average, equities research analysts anticipate that Cypress Semiconductor Corp. will post $0.46 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Shareholders of record on Thursday, September 29th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Tuesday, September 27th. This represents a $0.44 annualized dividend and a yield of 4.15%. Cypress Semiconductor Corp.’s payout ratio is -20.85%.
CY has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of Cypress Semiconductor Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. Pacific Crest increased their target price on shares of Cypress Semiconductor Corp. from $11.00 to $14.00 and gave the company an “overweight” rating in a research report on Friday, July 29th. Roth Capital initiated coverage on shares of Cypress Semiconductor Corp. in a research report on Wednesday, August 31st. They issued a “buy” rating and a $13.00 target price on the stock. Morgan Stanley reaffirmed an “equal weight” rating on shares of Cypress Semiconductor Corp. in a research report on Monday, August 15th. Finally, Barclays PLC downgraded shares of Cypress Semiconductor Corp. from an “overweight” rating to an “equal weight” rating and set a $11.00 target price on the stock. in a research report on Tuesday. They noted that the move was a valuation call. Seven equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $11.43.
In other news, CFO Trent Thad sold 11,390 shares of the firm’s stock in a transaction on Monday, October 10th. The shares were sold at an average price of $11.83, for a total value of $134,743.70. Following the sale, the chief financial officer now directly owns 181,606 shares in the company, valued at approximately $2,148,398.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric Benhamou sold 50,000 shares of the firm’s stock in a transaction on Monday, September 19th. The shares were sold at an average price of $11.83, for a total transaction of $591,500.00. Following the completion of the sale, the director now owns 218,538 shares in the company, valued at $2,585,304.54. The disclosure for this sale can be found here. 6.33% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Lombard Odier Asset Management USA Corp acquired a new stake in Cypress Semiconductor Corp. during the second quarter valued at $106,000. Private Advisor Group LLC acquired a new stake in Cypress Semiconductor Corp. during the second quarter valued at $112,000. Passport Capital LLC acquired a new stake in Cypress Semiconductor Corp. during the second quarter valued at $114,000. First Allied Advisory Services Inc. acquired a new stake in Cypress Semiconductor Corp. during the second quarter valued at $124,000. Finally, Bellwether Investment Group LLC acquired a new stake in Cypress Semiconductor Corp. during the second quarter valued at $141,000. Hedge funds and other institutional investors own 96.58% of the company’s stock.
Cypress Semiconductor Corp. Company Profile
Cypress Semiconductor Corporation delivers solutions from automotive, industrial and networking platforms to interactive consumer and mobile devices. The Company’s segments include Programmable Systems Division, Memory Products Division, Data Communications Division and Emerging Technologies Division.
Receive News & Ratings for Cypress Semiconductor Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cypress Semiconductor Corp. and related companies with MarketBeat.com's FREE daily email newsletter.