Cypress Semiconductor Corp. (CY) Lowered to “Equal Weight” at Barclays PLC
Cypress Semiconductor Corp. (NASDAQ:CY) was downgraded by research analysts at Barclays PLC from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Tuesday. They presently have a $11.00 price target on the stock. Barclays PLC’s target price would suggest a potential upside of 2.52% from the company’s previous close.
A number of other equities research analysts have also weighed in on the company. Roth Capital reiterated a “buy” rating and issued a $13.00 price objective on shares of Cypress Semiconductor Corp. in a research report on Friday, September 16th. Morgan Stanley reiterated an “equal weight” rating on shares of Cypress Semiconductor Corp. in a research report on Monday, August 15th. Zacks Investment Research upgraded Cypress Semiconductor Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, August 9th. Needham & Company LLC raised their target price 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, Pacific Crest raised their target price on Cypress Semiconductor Corp. from $11.00 to $14.00 and gave the company an “overweight” rating in a research note on Friday, July 29th. Seven equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $11.43.
Shares of Cypress Semiconductor Corp. (NASDAQ:CY) opened at 10.73 on Tuesday. Cypress Semiconductor Corp. has a one year low of $6.30 and a one year high of $12.48. The firm’s market cap is $3.45 billion. The firm’s 50-day moving average price is $11.71 and its 200 day moving average price is $10.55.
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Cypress Semiconductor Corp. (NASDAQ:CY) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.12 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.12. The firm had revenue of $450.10 million for the quarter, compared to analyst estimates of $455.15 million. Cypress Semiconductor Corp. had a positive return on equity of 3.26% and a negative net margin of 37.59%. The business’s quarterly revenue was down 7.1% compared to the same quarter last year. During the same period last year, the company earned $0.15 EPS. Analysts predict that Cypress Semiconductor Corp. will post $0.46 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 20th. Investors of record on Thursday, September 29th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 4.10%. The ex-dividend date is Tuesday, September 27th. Cypress Semiconductor Corp.’s payout ratio is currently -20.85%.
In other Cypress Semiconductor Corp. news, CFO Trent Thad sold 11,390 shares of the business’s stock in a transaction dated Monday, October 10th. The stock was 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 of the company’s stock, valued at $2,148,398.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director H Raymond Bingham sold 15,000 shares of the business’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $11.65, for a total value of $174,750.00. Following the sale, the director now directly owns 40,276 shares of the company’s stock, valued at approximately $469,215.40. The disclosure for this sale can be found here. 6.33% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in CY. Royce & Associates LP bought a new stake in Cypress Semiconductor Corp. during the first quarter valued at about $5,885,000. Rafferty Asset Management LLC acquired a new position in shares of Cypress Semiconductor Corp. during the first quarter valued at approximately $259,000. Lazard Asset Management LLC increased its position in shares of Cypress Semiconductor Corp. by 2,901.3% in the first quarter. Lazard Asset Management LLC now owns 369,764 shares of the company’s stock valued at $3,202,000 after buying an additional 357,444 shares during the last quarter. Loomis Sayles & Co. L P increased its position in shares of Cypress Semiconductor Corp. by 4.9% in the first quarter. Loomis Sayles & Co. L P now owns 1,700,082 shares of the company’s stock valued at $14,723,000 after buying an additional 79,140 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Cypress Semiconductor Corp. by 3.4% in the first quarter. Geode Capital Management LLC now owns 2,140,486 shares of the company’s stock valued at $18,536,000 after buying an additional 69,560 shares during the last quarter. 96.58% of the stock is owned by institutional investors and hedge funds.
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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