Oak Grove Capital LLC Has $623,000 Stake in Cypress Semiconductor Co. (CY)
Oak Grove Capital LLC grew its position in Cypress Semiconductor Co. (NASDAQ:CY) by 19.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,000 shares of the semiconductor company’s stock after purchasing an additional 8,000 shares during the period. Oak Grove Capital LLC’s holdings in Cypress Semiconductor were worth $623,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Millennium Management LLC increased its holdings in Cypress Semiconductor by 103.2% during the fourth quarter. Millennium Management LLC now owns 2,865,315 shares of the semiconductor company’s stock worth $36,447,000 after buying an additional 1,455,190 shares during the last quarter. Macquarie Group Ltd. increased its stake in shares of Cypress Semiconductor by 2.4% in the fourth quarter. Macquarie Group Ltd. now owns 198,193 shares of the semiconductor company’s stock worth $2,521,000 after purchasing an additional 4,653 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Cypress Semiconductor by 3.9% in the fourth quarter. Legal & General Group Plc now owns 483,970 shares of the semiconductor company’s stock worth $6,156,000 after purchasing an additional 18,056 shares in the last quarter. Municipal Employees Retirement System of Michigan purchased a new position in shares of Cypress Semiconductor in the fourth quarter worth about $1,105,000. Finally, Gotham Asset Management LLC purchased a new position in shares of Cypress Semiconductor in the fourth quarter worth about $7,636,000. Institutional investors own 82.40% of the company’s stock.
Shares of CY traded down $0.10 during mid-day trading on Monday, reaching $14.84. The company’s stock had a trading volume of 97,099 shares, compared to its average volume of 3,394,354. The firm has a market cap of $5.35 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 1.76 and a beta of 1.93. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.17 and a current ratio of 1.64. Cypress Semiconductor Co. has a 52 week low of $11.75 and a 52 week high of $18.59.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 18th. Stockholders of record on Thursday, March 28th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.96%. Cypress Semiconductor’s payout ratio is 37.93%.
Several research firms have recently weighed in on CY. Zacks Investment Research upgraded shares of Cypress Semiconductor from a “sell” rating to a “hold” rating in a research note on Monday, March 18th. MKM Partners lifted their target price on shares of Cypress Semiconductor to $18.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Bank of America reiterated a “buy” rating and issued a $18.00 target price on shares of Cypress Semiconductor in a research note on Thursday, March 14th. Needham & Company LLC reiterated a “buy” rating on shares of Cypress Semiconductor in a research note on Thursday, March 14th. Finally, BidaskClub lowered shares of Cypress Semiconductor from a “buy” rating to a “hold” rating in a research report on Saturday, December 1st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $17.32.
In related news, EVP Sudhir Gopalswamy sold 3,000 shares of Cypress Semiconductor stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $15.58, for a total value of $46,740.00. Following the transaction, the executive vice president now directly owns 139,556 shares of the company’s stock, valued at $2,174,282.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Trent Thad sold 17,000 shares of Cypress Semiconductor stock in a transaction on Friday, March 15th. The stock was sold at an average price of $15.35, for a total transaction of $260,950.00. Following the completion of the transaction, the executive vice president now directly owns 340,117 shares in the company, valued at $5,220,795.95. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,898 shares of company stock valued at $585,532. Company insiders own 0.55% of the company’s stock.
Cypress Semiconductor Company Profile
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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