BlackRock Inc. increased its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 1.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,663,899 shares of the semiconductor company’s stock after acquiring an additional 134,574 shares during the quarter. BlackRock Inc. owned about 12.96% of Cirrus Logic worth $254,287,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the stock. Robeco Institutional Asset Management B.V. raised its position in Cirrus Logic by 131.0% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 92,663 shares of the semiconductor company’s stock worth $3,073,000 after acquiring an additional 52,552 shares during the last quarter. Pearl River Capital LLC acquired a new position in Cirrus Logic during the fourth quarter worth about $32,000. Letko Brosseau & Associates Inc. raised its position in Cirrus Logic by 1.5% during the fourth quarter. Letko Brosseau & Associates Inc. now owns 632,990 shares of the semiconductor company’s stock worth $21,003,000 after acquiring an additional 9,280 shares during the last quarter. Prudential Financial Inc. raised its position in Cirrus Logic by 106.2% during the fourth quarter. Prudential Financial Inc. now owns 801,837 shares of the semiconductor company’s stock worth $26,605,000 after acquiring an additional 412,921 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in Cirrus Logic by 3.0% during the fourth quarter. Canada Pension Plan Investment Board now owns 709,700 shares of the semiconductor company’s stock worth $23,546,000 after acquiring an additional 20,800 shares during the last quarter. Hedge funds and other institutional investors own 87.76% of the company’s stock.
In related news, VP Randolph K. Carlson sold 10,848 shares of the company’s stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $37.43, for a total transaction of $406,040.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy R. Dehne sold 3,056 shares of the company’s stock in a transaction that occurred on Tuesday, February 5th. The stock was sold at an average price of $38.72, for a total transaction of $118,328.32. The disclosure for this sale can be found here. Insiders have sold 20,870 shares of company stock valued at $799,247 in the last ninety days. 2.32% of the stock is currently owned by company insiders.
NASDAQ:CRUS opened at $41.37 on Friday. The company has a market capitalization of $2.45 billion, a PE ratio of 11.21, a PEG ratio of 1.59 and a beta of 0.60. Cirrus Logic, Inc. has a 1-year low of $31.25 and a 1-year high of $45.60.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, January 30th. The semiconductor company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.13. The business had revenue of $324.30 million during the quarter, compared to analyst estimates of $319.37 million. Cirrus Logic had a net margin of 7.68% and a return on equity of 11.88%. The company’s revenue was down 32.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.59 earnings per share. Analysts forecast that Cirrus Logic, Inc. will post 1.72 EPS for the current year.
Cirrus Logic declared that its Board of Directors has approved a stock repurchase program on Wednesday, January 30th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the semiconductor company to buy up to 8.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
A number of equities analysts have issued reports on the stock. ValuEngine upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Friday. Zacks Investment Research raised shares of Cirrus Logic from a “sell” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Friday, February 1st. BidaskClub raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Tuesday, December 11th. Needham & Company LLC reissued a “hold” rating on shares of Cirrus Logic in a research report on Wednesday, November 21st. Finally, Cowen reissued a “market perform” rating and issued a $42.00 price objective (down previously from $44.00) on shares of Cirrus Logic in a research report on Thursday, November 29th. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $42.13.
About Cirrus Logic
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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