Empowered Funds LLC Has $30.58 Million Stock Position in Cirrus Logic, Inc. $CRUS

Empowered Funds LLC boosted its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 5,275.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 211,454 shares of the semiconductor company’s stock after acquiring an additional 207,520 shares during the quarter. Empowered Funds LLC’s holdings in Cirrus Logic were worth $30,580,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. LSV Asset Management raised its stake in shares of Cirrus Logic by 1.0% in the fourth quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock worth $279,215,000 after acquiring an additional 23,703 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Cirrus Logic by 0.7% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,578,555 shares of the semiconductor company’s stock valued at $187,059,000 after purchasing an additional 11,307 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Cirrus Logic by 6.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company’s stock valued at $192,055,000 after purchasing an additional 83,897 shares in the last quarter. Allianz Asset Management GmbH raised its position in Cirrus Logic by 33.5% in the 4th quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock worth $127,224,000 after purchasing an additional 269,391 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its holdings in Cirrus Logic by 21.1% during the 1st quarter. Quantinno Capital Management LP now owns 942,207 shares of the semiconductor company’s stock worth $136,262,000 after buying an additional 163,979 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Insiders Place Their Bets

In other news, Director Alexander M. Davern sold 1,000 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $159.00, for a total transaction of $159,000.00. Following the completion of the transaction, the director directly owned 20,531 shares in the company, valued at approximately $3,264,429. The trade was a 4.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Thomas sold 1,300 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total value of $234,052.00. Following the completion of the sale, the executive vice president directly owned 31,048 shares of the company’s stock, valued at approximately $5,589,881.92. This trade represents a 4.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 22,299 shares of company stock valued at $3,581,647 in the last ninety days. 1.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on CRUS. Barclays increased their price objective on Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. KeyCorp lowered their price objective on Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating for the company in a research report on Tuesday, July 14th. Finally, Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Cirrus Logic currently has a consensus rating of “Moderate Buy” and an average price target of $160.29.

Cirrus Logic Stock Performance

CRUS opened at $136.12 on Tuesday. The company has a fifty day moving average price of $155.92 and a two-hundred day moving average price of $148.70. The firm has a market capitalization of $6.87 billion, a PE ratio of 17.36 and a beta of 1.17. Cirrus Logic, Inc. has a 52 week low of $92.02 and a 52 week high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The company had revenue of $448.52 million for the quarter, compared to the consensus estimate of $442.25 million. During the same quarter in the prior year, the business posted $1.67 EPS. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. Equities analysts forecast that Cirrus Logic, Inc. will post 7.86 EPS for the current year.

Cirrus Logic Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.