Cirrus Logic, Inc. $CRUS Stock Position Raised by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. raised its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 1.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 447,859 shares of the semiconductor company’s stock after purchasing an additional 5,600 shares during the quarter. Letko Brosseau & Associates Inc. owned approximately 0.89% of Cirrus Logic worth $53,730,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in CRUS. Russell Investments Group Ltd. boosted its holdings in shares of Cirrus Logic by 38.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 297,919 shares of the semiconductor company’s stock worth $35,779,000 after buying an additional 82,759 shares during the period. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. grew its stake in Cirrus Logic by 143.3% in the 3rd quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 1,545 shares of the semiconductor company’s stock valued at $185,000 after buying an additional 910 shares during the last quarter. Maryland State Retirement & Pension System grew its stake in Cirrus Logic by 21.1% in the 3rd quarter. Maryland State Retirement & Pension System now owns 3,042 shares of the semiconductor company’s stock valued at $365,000 after buying an additional 529 shares during the last quarter. Jefferies Financial Group Inc. bought a new position in Cirrus Logic in the 3rd quarter valued at about $504,000. Finally, Illinois Municipal Retirement Fund raised its holdings in Cirrus Logic by 26.9% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 60,143 shares of the semiconductor company’s stock valued at $7,215,000 after acquiring an additional 12,752 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Price Performance

Shares of NASDAQ CRUS opened at $121.71 on Friday. The stock has a market capitalization of $6.07 billion, a PE ratio of 15.37 and a beta of 1.23. The business has a fifty day moving average price of $115.08 and a two-hundred day moving average price of $137.99. Cirrus Logic, Inc. has a fifty-two week low of $105.10 and a fifty-two week high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, November 4th. The semiconductor company reported $2.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.42 by $0.28. Cirrus Logic had a return on equity of 19.77% and a net margin of 20.20%. The company had revenue of $559.46 million for the quarter, compared to analyst estimates of $540.37 million. During the same period in the prior year, the firm posted $2.83 EPS. Cirrus Logic’s quarterly revenue was down .2% on a year-over-year basis. On average, equities analysts expect that Cirrus Logic, Inc. will post 7.20 EPS for the current year.

Insider Buying and Selling

In related news, EVP Jeffrey Baumgartner sold 1,166 shares of the company’s stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $107.75, for a total transaction of $125,636.50. Following the completion of the sale, the executive vice president owned 11,741 shares of the company’s stock, valued at $1,265,092.75. This represents a 9.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 3,498 shares of company stock valued at $401,850 over the last three months. 1.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Barclays downgraded shares of Cirrus Logic from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $130.00 to $95.00 in a research report on Tuesday, October 20th. Wall Street Zen downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Sunday, October 18th. KeyCorp lowered Cirrus Logic from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 15th. Weiss Ratings cut Cirrus Logic from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, November 3rd. Finally, Susquehanna dropped their price target on Cirrus Logic from $200.00 to $170.00 and set a “positive” rating for the company in a report on Wednesday, October 21st. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $147.50.

About Cirrus Logic

Cirrus Logic is a fabless semiconductor company that designs high-performance, low-power integrated circuits, with a focus on audio and mixed-signal technologies. Its products include audio converters and codecs, amplifiers, and other components used to capture, process, and reproduce sound. The company also develops mixed-signal products for applications such as haptics and power management. Its chips are designed for a range of markets, including smartphones, computers, consumer audio equipment, automotive systems, and industrial devices.