Bank of America Corp Reaffirms Buy Rating for Cypress Semiconductor Co. (CY)
Cypress Semiconductor Co. (NASDAQ:CY)‘s stock had its “buy” rating restated by investment analysts at Bank of America Corp in a report issued on Thursday. They currently have a $18.00 price target on the semiconductor company’s stock. Bank of America Corp’s target price indicates a potential upside of 30.15% from the company’s current price.
Other research analysts also recently issued reports about the company. Craig Hallum boosted their price target on Cypress Semiconductor from $15.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, March 29th. Stephens reiterated an “overweight” rating on shares of Cypress Semiconductor in a report on Tuesday, May 9th. Needham & Company LLC restated a “buy” rating and set a $18.00 price objective (up from $14.00) on shares of Cypress Semiconductor in a report on Wednesday, March 29th. Barclays PLC upped their price objective on Cypress Semiconductor from $12.00 to $14.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 19th. Finally, Pacific Crest restated an “overweight” rating and set a $17.00 price objective (up from $14.00) on shares of Cypress Semiconductor in a report on Wednesday, March 29th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $15.46.
Cypress Semiconductor (NASDAQ:CY) traded down 1.64% during midday trading on Thursday, reaching $13.83. The company’s stock had a trading volume of 4,565,620 shares. Cypress Semiconductor has a 52 week low of $9.11 and a 52 week high of $14.98. The firm’s 50-day moving average price is $13.60 and its 200-day moving average price is $12.54. The stock’s market capitalization is $4.56 billion.
Cypress Semiconductor (NASDAQ:CY) last issued its quarterly earnings results on Thursday, April 27th. The semiconductor company reported $0.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.06. The company had revenue of $532 million during the quarter, compared to the consensus estimate of $511.41 million. Cypress Semiconductor had a positive return on equity of 3.52% and a negative net margin of 35.69%. During the same period in the previous year, the firm posted $0.07 EPS. On average, analysts anticipate that Cypress Semiconductor will post $0.71 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 20th. Investors of record on Thursday, June 29th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Tuesday, June 27th. This represents a $0.44 annualized dividend and a yield of 3.18%. Cypress Semiconductor’s dividend payout ratio is currently -20.37%.
In related news, Director Eric Benhamou sold 50,000 shares of the stock in a transaction on Monday, March 20th. The stock was sold at an average price of $14.18, for a total value of $709,000.00. Following the completion of the sale, the director now directly owns 118,538 shares in the company, valued at approximately $1,680,868.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 6.33% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC boosted its position in Cypress Semiconductor by 236.9% in the first quarter. Tower Research Capital LLC TRC now owns 10,760 shares of the semiconductor company’s stock worth $148,000 after buying an additional 7,566 shares during the last quarter. Driehaus Capital Management LLC boosted its position in Cypress Semiconductor by 128.2% in the first quarter. Driehaus Capital Management LLC now owns 56,032 shares of the semiconductor company’s stock worth $771,000 after buying an additional 31,475 shares during the last quarter. HighTower Advisors LLC boosted its position in Cypress Semiconductor by 162.2% in the first quarter. HighTower Advisors LLC now owns 40,220 shares of the semiconductor company’s stock worth $552,000 after buying an additional 24,883 shares during the last quarter. Park West Asset Management LLC purchased a new position in Cypress Semiconductor during the first quarter worth $28,395,000. Finally, Tudor Investment Corp ET AL boosted its position in Cypress Semiconductor by 280.0% in the first quarter. Tudor Investment Corp ET AL now owns 58,362 shares of the semiconductor company’s stock worth $803,000 after buying an additional 43,003 shares during the last quarter. Hedge funds and other institutional investors own 92.40% of the company’s stock.
Cypress Semiconductor Company Profile
Cypress Semiconductor Corporation manufactures embedded system solutions for automotive, industrial, home automation and appliances, consumer electronics and medical products. The Company’s segments include Microcontroller and Connectivity Division (MCD), and Memory Products Division (MPD). MCD focuses on microcontroller (MCU), analog and wireless and wired connectivity solutions.
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