Cypress Semiconductor Corp.’s (CY) “Hold” Rating Reaffirmed at Barclays PLC
Cypress Semiconductor Corp. (NASDAQ:CY)‘s stock had its “hold” rating restated by equities research analysts at Barclays PLC in a note issued to investors on Tuesday. They currently have a $11.00 target price on the stock. Barclays PLC’s price target would indicate a potential upside of 2.52% from the stock’s previous close.
Several other equities research analysts have also weighed in on the company. Zacks Investment Research lowered Cypress Semiconductor Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 19th. Pacific Crest upped their price objective 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. Roth Capital initiated coverage on Cypress Semiconductor Corp. in a research note on Wednesday, August 31st. They issued a “buy” rating and a $13.00 price objective on the stock. Morgan Stanley lowered Cypress Semiconductor Corp. from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $11.36 to $11.00 in a research report on Monday, July 18th. Finally, Needham & Company LLC increased their price target on Cypress Semiconductor Corp. from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, July 29th. Seven equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Cypress Semiconductor Corp. presently has a consensus rating of “Buy” and a consensus target price of $11.43.
Shares of Cypress Semiconductor Corp. (NASDAQ:CY) opened at 10.73 on Tuesday. The company’s market cap is $3.45 billion. Cypress Semiconductor Corp. has a 1-year low of $6.30 and a 1-year high of $12.48. The stock has a 50 day moving average price of $11.71 and a 200-day moving average price of $10.55.
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Cypress Semiconductor Corp. (NASDAQ:CY) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.12 earnings per share for the quarter, meeting the consensus estimate of $0.12. Cypress Semiconductor Corp. had a positive return on equity of 3.26% and a negative net margin of 37.59%. The company had revenue of $450.10 million for the quarter, compared to analyst estimates of $455.15 million. During the same period in the prior year, the company posted $0.15 EPS. The company’s revenue was down 7.1% compared to the same quarter last year. Analysts predict that Cypress Semiconductor Corp. will post $0.46 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 20th. Investors of record on Thursday, September 29th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 4.10%. The ex-dividend date is Tuesday, September 27th. Cypress Semiconductor Corp.’s payout ratio is presently -20.85%.
In related news, CFO Trent Thad sold 11,390 shares of the firm’s stock in a transaction on Monday, October 10th. The stock was sold at an average price of $11.83, for a total transaction of $134,743.70. Following the sale, the chief financial officer now owns 181,606 shares of the company’s stock, valued at approximately $2,148,398.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director H Raymond Bingham sold 15,000 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was 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 in the company, valued at approximately $469,215.40. The disclosure for this sale can be found here. Corporate insiders own 6.33% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Lombard Odier Asset Management USA Corp acquired a new stake in shares of Cypress Semiconductor Corp. during the second quarter valued at approximately $106,000. Private Advisor Group LLC purchased a new position in Cypress Semiconductor Corp. during the second quarter worth about $112,000. Passport Capital LLC purchased a new position in Cypress Semiconductor Corp. during the second quarter worth about $114,000. First Allied Advisory Services Inc. purchased a new position in Cypress Semiconductor Corp. during the second quarter worth about $124,000. Finally, Bellwether Investment Group LLC purchased a new position in Cypress Semiconductor Corp. during the second quarter worth about $141,000. 96.58% of the stock is currently owned by institutional investors and hedge funds.
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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