ING Groep NV Lowers Position in Cirrus Logic, Inc. (NASDAQ:CRUS)
ING Groep NV decreased its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 9.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,335 shares of the semiconductor company’s stock after selling 665 shares during the period. ING Groep NV’s holdings in Cirrus Logic were worth $397,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Teachers Advisors LLC raised its position in Cirrus Logic by 12.3% in the fourth quarter. Teachers Advisors LLC now owns 137,054 shares of the semiconductor company’s stock valued at $7,749,000 after buying an additional 14,962 shares during the period. Capstone Asset Management Co. raised its position in Cirrus Logic by 3.8% in the first quarter. Capstone Asset Management Co. now owns 8,289 shares of the semiconductor company’s stock valued at $503,000 after buying an additional 300 shares during the period. Louisiana State Employees Retirement System raised its position in Cirrus Logic by 2.5% in the first quarter. Louisiana State Employees Retirement System now owns 16,200 shares of the semiconductor company’s stock valued at $983,000 after buying an additional 400 shares during the period. Huntington National Bank raised its position in Cirrus Logic by 0.5% in the first quarter. Huntington National Bank now owns 2,442 shares of the semiconductor company’s stock valued at $148,000 after buying an additional 11 shares during the period. Finally, Retirement Systems of Alabama raised its position in Cirrus Logic by 0.8% in the first quarter. Retirement Systems of Alabama now owns 82,924 shares of the semiconductor company’s stock valued at $5,033,000 after buying an additional 651 shares during the period. Institutional investors and hedge funds own 94.23% of the company’s stock.
Cirrus Logic, Inc. (NASDAQ:CRUS) traded down 0.96% on Tuesday, reaching $57.00. 674,966 shares of the company traded hands. Cirrus Logic, Inc. has a 1-year low of $47.01 and a 1-year high of $71.97. The stock has a 50 day moving average of $63.83 and a 200-day moving average of $61.54. The stock has a market capitalization of $3.65 billion, a price-to-earnings ratio of 13.33 and a beta of 0.01.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.15. The firm had revenue of $320.70 million for the quarter, compared to analysts’ expectations of $320.32 million. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The company’s revenue was up 23.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS. On average, equities analysts anticipate that Cirrus Logic, Inc. will post $4.69 EPS for the current year.
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Several equities analysts have commented on CRUS shares. Vetr upgraded shares of Cirrus Logic from a “buy” rating to a “strong-buy” rating and set a $70.00 price objective for the company in a research report on Wednesday, April 12th. Needham & Company LLC reissued a “buy” rating and issued a $70.00 target price on shares of Cirrus Logic in a research note on Friday, April 14th. Dougherty & Co increased their target price on shares of Cirrus Logic from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, May 4th. Stifel Nicolaus increased their target price on shares of Cirrus Logic from $70.00 to $73.00 and gave the company a “buy” rating in a research note on Wednesday, May 24th. Finally, Pacific Crest reissued an “overweight” rating and issued a $75.00 target price on shares of Cirrus Logic in a research note on Wednesday, June 21st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, ten 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 an average price target of $68.74.
In related news, Director William D. Sherman sold 1,378 shares of the business’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $61.84, for a total value of $85,215.52. Following the sale, the director now directly owns 7,307 shares in the company, valued at approximately $451,864.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Scott Arnold Anderson sold 17,466 shares of the business’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $64.20, for a total transaction of $1,121,317.20. Following the completion of the sale, the vice president now owns 24,432 shares in the company, valued at $1,568,534.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,777 shares of company stock worth $2,689,055. Corporate insiders own 1.92% of the company’s stock.
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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