BBT Capital Management LLC Acquires New Stake in Cypress Semiconductor Co. (CY)
BBT Capital Management LLC acquired a new position in Cypress Semiconductor Co. (NASDAQ:CY) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 74,626 shares of the semiconductor company’s stock, valued at approximately $1,081,000.
Several other institutional investors have also added to or reduced their stakes in the company. Cornerstone Wealth Management LLC acquired a new stake in Cypress Semiconductor during the 2nd quarter valued at $290,000. grace capital acquired a new stake in Cypress Semiconductor during the 2nd quarter valued at $156,000. Vantage Financial Partners Ltd. Inc. acquired a new stake in Cypress Semiconductor during the 2nd quarter valued at $159,000. Raymond James Trust N.A. acquired a new stake in Cypress Semiconductor during the 3rd quarter valued at $151,000. Finally, Hartford Investment Management Co. acquired a new stake in Cypress Semiconductor during the 2nd quarter valued at $170,000. 81.53% of the stock is owned by institutional investors.
NASDAQ CY opened at $13.69 on Thursday. Cypress Semiconductor Co. has a 12 month low of $11.75 and a 12 month high of $18.87. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.02 and a current ratio of 1.43. The firm has a market cap of $4.83 billion, a price-to-earnings ratio of 12.48, a P/E/G ratio of 1.06 and a beta of 2.09.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 17th. Stockholders of record on Thursday, December 27th will be given a $0.11 dividend. The ex-dividend date is Wednesday, December 26th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.21%. Cypress Semiconductor’s payout ratio is currently 73.33%.
In other news, EVP Sudhir Gopalswamy sold 3,000 shares of the firm’s stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $14.00, for a total value of $42,000.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Camillo Martino purchased 5,000 shares of Cypress Semiconductor stock in a transaction dated Tuesday, November 13th. The stock was acquired at an average price of $12.80 per share, for a total transaction of $64,000.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 9,000 shares of company stock worth $130,170. Insiders own 0.43% of the company’s stock.
CY has been the subject of a number of recent analyst reports. ValuEngine lowered shares of Cypress Semiconductor from a “hold” rating to a “sell” rating in a report on Wednesday, September 12th. BidaskClub upgraded shares of Cypress Semiconductor from a “sell” rating to a “hold” rating in a research note on Saturday, September 22nd. Roth Capital reduced their price objective on shares of Cypress Semiconductor from $22.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, October 22nd. Cowen reduced their price objective on shares of Cypress Semiconductor from $21.00 to $18.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 23rd. Finally, Morgan Stanley reduced their price objective on shares of Cypress Semiconductor from $15.00 to $13.00 and set an “underweight” rating on the stock in a research note on Monday, September 24th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $18.35.
About Cypress Semiconductor
Cypress Semiconductor Corporation designs, develops, manufactures, markets, and sells embedded system solutions worldwide. It operates in two segments, Microcontroller and Connectivity Division, and Memory Products Division. The Microcontroller and Connectivity Division provides microcontroller (MCU), analog, and wireless and wired connectivity solutions, including Traveo automotive MCUs; programmable system-on-chip and general-purpose MCUs; ARM Cortex-M4, -M3, and -M0+ MCUs; R4 CPUs; analog power management integrated circuits and energy harvesting solutions; CapSense capacitive-sensing controllers; TrueTouch touchscreens; Wi-Fi, Bluetooth, Bluetooth low energy, and ZigBee solutions; WICED development platform; and USB controllers comprising solutions for the USB-C and USB power delivery standards, as well as wireless Internet of things connectivity solutions.
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