Hourglass Capital LLC Sells 9,690 Shares of Cisco Systems, Inc. $CSCO

Hourglass Capital LLC decreased its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 6.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 148,822 shares of the network equipment provider’s stock after selling 9,690 shares during the period. Cisco Systems makes up about 2.5% of Hourglass Capital LLC’s portfolio, making the stock its 6th biggest holding. Hourglass Capital LLC’s holdings in Cisco Systems were worth $11,464,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. State Street Corp raised its stake in shares of Cisco Systems by 0.6% in the second quarter. State Street Corp now owns 194,695,250 shares of the network equipment provider’s stock worth $13,507,956,000 after purchasing an additional 1,067,872 shares during the last quarter. Norges Bank acquired a new stake in shares of Cisco Systems during the second quarter worth about $3,816,825,000. Invesco Ltd. boosted its position in Cisco Systems by 10.5% in the third quarter. Invesco Ltd. now owns 53,612,720 shares of the network equipment provider’s stock valued at $3,668,182,000 after buying an additional 5,081,469 shares during the last quarter. Northern Trust Corp increased its holdings in Cisco Systems by 3.5% in the 3rd quarter. Northern Trust Corp now owns 48,498,612 shares of the network equipment provider’s stock worth $3,318,275,000 after buying an additional 1,631,703 shares during the period. Finally, Franklin Resources Inc. increased its holdings in Cisco Systems by 4.4% in the 3rd quarter. Franklin Resources Inc. now owns 42,641,483 shares of the network equipment provider’s stock worth $2,917,530,000 after buying an additional 1,804,625 shares during the period. Hedge funds and other institutional investors own 73.33% of the company’s stock.

Analyst Upgrades and Downgrades

CSCO has been the subject of several research reports. CICC Research lifted their price objective on shares of Cisco Systems from $84.00 to $96.00 and gave the company an “outperform” rating in a research note on Friday, February 13th. Weiss Ratings reiterated a “buy (b)” rating on shares of Cisco Systems in a research note on Tuesday, January 27th. HSBC raised their target price on shares of Cisco Systems from $74.00 to $77.00 and gave the stock a “hold” rating in a report on Friday, February 13th. Citigroup boosted their target price on shares of Cisco Systems from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, February 12th. Finally, Wall Street Zen lowered shares of Cisco Systems from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cisco Systems has a consensus rating of “Moderate Buy” and a consensus target price of $89.55.

Insiders Place Their Bets

In related news, SVP Maria Victoria Wong sold 2,179 shares of Cisco Systems stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $77.74, for a total value of $169,395.46. Following the completion of the transaction, the senior vice president owned 28,807 shares in the company, valued at $2,239,456.18. The trade was a 7.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Deborah L. Stahlkopf sold 7,981 shares of the company’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $79.50, for a total value of $634,489.50. Following the completion of the transaction, the executive vice president directly owned 187,097 shares of the company’s stock, valued at $14,874,211.50. The trade was a 4.09% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 46,431 shares of company stock valued at $3,574,820. Insiders own 0.01% of the company’s stock.

Cisco Systems Trading Down 2.7%

Cisco Systems stock opened at $79.92 on Friday. The firm has a market cap of $315.68 billion, a PE ratio of 28.04, a P/E/G ratio of 3.10 and a beta of 0.87. Cisco Systems, Inc. has a 12 month low of $52.11 and a 12 month high of $88.18. The stock’s 50 day simple moving average is $78.97 and its two-hundred day simple moving average is $75.24. The company has a current ratio of 0.96, a quick ratio of 0.85 and a debt-to-equity ratio of 0.45.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, February 11th. The network equipment provider reported $1.04 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.02. Cisco Systems had a net margin of 19.22% and a return on equity of 27.88%. The firm had revenue of $15.35 billion during the quarter, compared to analyst estimates of $15.11 billion. During the same period in the previous year, the firm earned $0.94 EPS. The business’s quarterly revenue was up 9.7% on a year-over-year basis. Analysts anticipate that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.

Cisco Systems Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 22nd. Shareholders of record on Thursday, April 2nd will be issued a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 2nd. This is a positive change from Cisco Systems’s previous quarterly dividend of $0.41. This represents a $1.68 dividend on an annualized basis and a yield of 2.1%. Cisco Systems’s dividend payout ratio is presently 57.54%.

Cisco Systems Company Profile

Cisco Systems, Inc is a global technology company that designs, manufactures and sells networking hardware, software and telecommunications equipment. Its core business focuses on enabling enterprise and service-provider networks through products such as routers, switches, network security appliances and wireless systems. Over time Cisco has broadened its portfolio to emphasize software-defined networking, cybersecurity, cloud infrastructure and edge computing solutions that help organizations build and manage modern IT environments.

In addition to hardware, Cisco offers a growing range of software platforms and subscription services for network management, security, analytics and collaboration.