Cypress Semiconductor Corp. (CY) Director Sells $591,500.00 in Stock
Cypress Semiconductor Corp. (NASDAQ:CY) Director Eric Benhamou sold 50,000 shares of the firm’s stock in a transaction on Monday, September 19th. The stock was sold at an average price of $11.83, for a total value of $591,500.00. Following the transaction, the director now owns 218,538 shares of the company’s stock, valued at $2,585,304.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of Cypress Semiconductor Corp. (NASDAQ:CY) opened at 11.82 on Wednesday. The stock’s 50 day moving average price is $11.53 and its 200-day moving average price is $10.15. Cypress Semiconductor Corp. has a 52-week low of $6.30 and a 52-week high of $12.48. The firm’s market cap is $3.80 billion.
Cypress Semiconductor Corp. (NASDAQ:CY) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.12 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.12. Cypress Semiconductor Corp. had a negative net margin of 37.59% and a positive return on equity of 3.26%. The firm earned $450.10 million during the quarter, compared to analysts’ expectations of $455.15 million. During the same period in the prior year, the company earned $0.15 EPS. The firm’s revenue was down 7.1% on a year-over-year basis. On average, equities research analysts anticipate that Cypress Semiconductor Corp. will post $0.46 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 20th. Investors of record on Thursday, September 29th will be given a dividend of $0.11 per share. The ex-dividend date is Tuesday, September 27th. This represents a $0.44 dividend on an annualized basis and a yield of 3.72%. Cypress Semiconductor Corp.’s dividend payout ratio (DPR) is -20.85%.
Several brokerages have recently issued reports on CY. Roth Capital reiterated a “buy” rating and issued a $13.00 price objective on shares of Cypress Semiconductor Corp. in a research note on Friday, September 16th. Craig Hallum increased their price objective on Cypress Semiconductor Corp. from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, July 29th. Zacks Investment Research upgraded Cypress Semiconductor Corp. from a “hold” rating to a “buy” rating and set a $10.00 price objective on the stock in a research note on Tuesday, June 28th. Needham & Company LLC increased their price objective on Cypress Semiconductor Corp. from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, July 29th. Finally, Morgan Stanley reiterated an “equal weight” rating on shares of Cypress Semiconductor Corp. in a research note on Monday, August 15th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $11.43.
Hedge funds have recently made changes to their positions in the company. ING Groep NV acquired a new stake in shares of Cypress Semiconductor Corp. during the second quarter worth $123,556,000. Element Capital Management LLC purchased a new position in Cypress Semiconductor Corp. during the second quarter worth $9,495,000. Dimensional Fund Advisors LP boosted its position in Cypress Semiconductor Corp. by 33.8% in the second quarter. Dimensional Fund Advisors LP now owns 10,099,777 shares of the company’s stock worth $106,535,000 after buying an additional 2,553,068 shares during the last quarter. Emerald Acquisition Ltd. purchased a new position in Cypress Semiconductor Corp. during the second quarter worth $18,889,000. Finally, Snow Capital Management LP boosted its position in Cypress Semiconductor Corp. by 46.9% in the second quarter. Snow Capital Management LP now owns 4,223,173 shares of the company’s stock worth $44,554,000 after buying an additional 1,347,803 shares during the last quarter. 96.60% of the stock is owned by hedge funds and other institutional investors.
About Cypress Semiconductor Corp.
Cypress Semiconductor Corporation delivers solutions from automotive, industrial and networking platforms to interactive consumer and mobile devices. The Company’s segments include Programmable Systems Division, Memory Products Division, Data Communications Division and Emerging Technologies Division.
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