Cypress Semiconductor Corp. (CY) Sees Large Decline in Short Interest
Cypress Semiconductor Corp. (NASDAQ:CY) was the target of a significant drop in short interest in the month of September. As of September 30th, there was short interest totalling 37,568,622 shares, a drop of 8.3% from the September 15th total of 40,954,089 shares. Based on an average trading volume of 4,272,608 shares, the short-interest ratio is currently 8.8 days. Approximately 12.2% of the company’s stock are sold short.
In other Cypress Semiconductor Corp. news, insider H Raymond Bingham sold 15,000 shares of Cypress Semiconductor Corp. stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $12.10, for a total value of $181,500.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Trent Thad sold 11,390 shares of Cypress Semiconductor Corp. stock in a transaction on Monday, October 10th. The shares were sold at an average price of $11.83, for a total transaction of $134,743.70. Following the completion of the sale, the chief financial officer now owns 181,606 shares in the company, valued at $2,148,398.98. The disclosure for this sale can be found here. Corporate insiders own 6.33% of the company’s stock.
Several hedge funds have recently made changes to their positions in CY. Gillespie Robinson & Grimm Inc. increased its stake in shares of Cypress Semiconductor Corp. by 3.6% in the second quarter. Gillespie Robinson & Grimm Inc. now owns 23,273 shares of the company’s stock valued at $246,000 after buying an additional 800 shares in the last quarter. Creative Planning increased its stake in shares of Cypress Semiconductor Corp. by 77.2% in the second quarter. Creative Planning now owns 21,846 shares of the company’s stock valued at $230,000 after buying an additional 9,521 shares in the last quarter. BNP Paribas Arbitrage SA purchased a new stake in shares of Cypress Semiconductor Corp. during the second quarter valued at approximately $1,251,000. Phocas Financial Corp. increased its stake in shares of Cypress Semiconductor Corp. by 2.6% in the first quarter. Phocas Financial Corp. now owns 942,146 shares of the company’s stock valued at $8,159,000 after buying an additional 23,577 shares in the last quarter. Finally, LPL Financial LLC increased its stake in shares of Cypress Semiconductor Corp. by 25.1% in the first quarter. LPL Financial LLC now owns 316,951 shares of the company’s stock valued at $2,681,000 after buying an additional 63,665 shares in the last quarter. Institutional investors own 96.60% of the company’s stock.
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Shares of Cypress Semiconductor Corp. (NASDAQ:CY) opened at 10.83 on Friday. Cypress Semiconductor Corp. has a 12-month low of $6.30 and a 12-month high of $12.48. The company’s market cap is $3.48 billion. The firm has a 50-day moving average of $11.73 and a 200-day moving average of $10.49.
Cypress Semiconductor Corp. (NASDAQ:CY) last announced its earnings results on Thursday, July 28th. The company reported $0.12 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.12. The company earned $450.10 million during the quarter, compared to the consensus estimate of $455.15 million. Cypress Semiconductor Corp. had a negative net margin of 37.59% and a positive return on equity of 3.26%. The firm’s revenue for the quarter was down 7.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.15 earnings per share. Analysts predict that Cypress Semiconductor Corp. will post $0.46 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Stockholders of record on Thursday, September 29th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Tuesday, September 27th. This represents a $0.44 annualized dividend and a dividend yield of 4.06%. Cypress Semiconductor Corp.’s dividend payout ratio is currently -20.85%.
Several brokerages have issued reports on CY. Zacks Investment Research lowered shares of Cypress Semiconductor Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 26th. Needham & Company LLC lifted their price objective on shares of Cypress Semiconductor Corp. from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Craig Hallum lifted their price objective on shares of Cypress Semiconductor Corp. from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Morgan Stanley downgraded shares of Cypress Semiconductor Corp. from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $11.36 to $11.00 in a research report on Monday, July 18th. Finally, Roth Capital reissued a “buy” rating and issued a $13.00 price objective on shares of Cypress Semiconductor Corp. in a research report on Friday, September 16th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $11.43.
Cypress Semiconductor Corp. Company Profile
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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