Alliancebernstein L.P. Acquires 380,718 Shares of Cypress Semiconductor Corporation (CY)
Alliancebernstein L.P. lifted its holdings in Cypress Semiconductor Corporation (NASDAQ:CY) by 4.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,959,470 shares of the semiconductor company’s stock after purchasing an additional 380,718 shares during the quarter. Alliancebernstein L.P. owned 2.69% of Cypress Semiconductor Corporation worth $122,297,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of CY. BlackRock Inc. lifted its position in Cypress Semiconductor Corporation by 13,107.4% in the first quarter. BlackRock Inc. now owns 27,617,252 shares of the semiconductor company’s stock worth $380,014,000 after buying an additional 27,408,148 shares during the last quarter. Miller Howard Investments Inc. NY bought a new stake in Cypress Semiconductor Corporation in the second quarter worth $83,217,000. JPMorgan Chase & Co. lifted its position in Cypress Semiconductor Corporation by 247.2% in the second quarter. JPMorgan Chase & Co. now owns 7,947,488 shares of the semiconductor company’s stock worth $108,483,000 after buying an additional 5,658,750 shares during the last quarter. Lazard Asset Management LLC lifted its position in Cypress Semiconductor Corporation by 402.1% in the first quarter. Lazard Asset Management LLC now owns 6,810,329 shares of the semiconductor company’s stock worth $93,710,000 after buying an additional 5,453,982 shares during the last quarter. Finally, FMR LLC lifted its position in Cypress Semiconductor Corporation by 230.4% in the first quarter. FMR LLC now owns 3,014,980 shares of the semiconductor company’s stock worth $41,487,000 after buying an additional 2,102,360 shares during the last quarter. 97.36% of the stock is owned by hedge funds and other institutional investors.
Shares of Cypress Semiconductor Corporation (NASDAQ CY) opened at 13.47 on Friday. Cypress Semiconductor Corporation has a 52-week low of $9.63 and a 52-week high of $15.11. The stock’s 50 day moving average price is $13.80 and its 200 day moving average price is $13.71. The company’s market capitalization is $4.48 billion.
Cypress Semiconductor Corporation (NASDAQ:CY) last released its quarterly earnings results on Thursday, July 27th. The semiconductor company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.05. Cypress Semiconductor Corporation had a positive return on equity of 6.27% and a negative net margin of 6.04%. The business had revenue of $593.80 million during the quarter, compared to analysts’ expectations of $546.82 million. During the same period in the prior year, the business posted $0.13 EPS. The company’s revenue was up 11.6% compared to the same quarter last year. On average, equities research analysts forecast that Cypress Semiconductor Corporation will post $0.80 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 19th. Investors of record on Thursday, September 28th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 3.27%. The ex-dividend date is Wednesday, September 27th. Cypress Semiconductor Corporation’s payout ratio is -110.00%.
A number of analysts recently issued reports on the company. Barclays PLC upgraded Cypress Semiconductor Corporation from an “equal weight” rating to an “overweight” rating in a research report on Friday, July 21st. KeyCorp set a $17.00 price target on Cypress Semiconductor Corporation and gave the stock a “buy” rating in a research report on Wednesday, July 26th. TheStreet upgraded Cypress Semiconductor Corporation from a “c” rating to a “b-” rating in a research report on Thursday, July 27th. Loop Capital restated a “buy” rating and issued a $17.00 price target on shares of Cypress Semiconductor Corporation in a research report on Friday, July 28th. Finally, Needham & Company LLC raised their price target on Cypress Semiconductor Corporation from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, July 28th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $16.75.
In related news, EVP Dana Nazarian sold 250,075 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $14.10, for a total transaction of $3,526,057.50. Following the transaction, the executive vice president now owns 302,657 shares of the company’s stock, valued at approximately $4,267,463.70. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Eric Benhamou sold 50,000 shares of the stock in a transaction dated Monday, June 19th. The stock was sold at an average price of $13.31, for a total value of $665,500.00. Following the transaction, the director now directly owns 89,997 shares in the company, valued at approximately $1,197,860.07. The disclosure for this sale can be found here. In the last three months, insiders have sold 330,075 shares of company stock worth $4,613,658. 0.69% of the stock is owned by corporate insiders.
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Cypress Semiconductor Corporation Profile
Cypress Semiconductor Corporation manufactures embedded system solutions for automotive, industrial, home automation and appliances, consumer electronics and medical products. The Company’s segments include Microcontroller and Connectivity Division (MCD), and Memory Products Division (MPD). MCD focuses on microcontroller (MCU), analog and wireless and wired connectivity solutions.
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