Bank of New York Mellon Corp Has $58.23 Million Position in Cirrus Logic, Inc. $CRUS

Bank of New York Mellon Corp lifted its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 14.7% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 402,604 shares of the semiconductor company’s stock after purchasing an additional 51,742 shares during the period. Bank of New York Mellon Corp’s holdings in Cirrus Logic were worth $58,225,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geneos Wealth Management Inc. raised its holdings in shares of Cirrus Logic by 120.0% in the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 120 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in Cirrus Logic by 7,333.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after buying an additional 220 shares in the last quarter. Kohmann Bosshard Financial Services LLC acquired a new position in Cirrus Logic during the 4th quarter worth $33,000. Torren Management LLC bought a new position in Cirrus Logic in the 4th quarter valued at $35,000. Finally, Kestra Advisory Services LLC bought a new position in Cirrus Logic in the 4th quarter valued at $36,000. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Barclays boosted their target price on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 7th. Zacks Research downgraded shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. KeyCorp reduced their target price on shares of Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 14th. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Finally, Stifel Nicolaus set a $197.00 price target on Cirrus Logic in a research note on Thursday, May 7th. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $160.29.

Insider Transactions at Cirrus Logic

In related news, CEO John Forsyth sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.41, for a total value of $852,050.00. Following the completion of the transaction, the chief executive officer directly owned 70,016 shares in the company, valued at approximately $11,931,426.56. The trade was a 6.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $144.71, for a total value of $935,405.44. Following the sale, the executive vice president directly owned 7,203 shares of the company’s stock, valued at approximately $1,042,346.13. The trade was a 47.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 22,299 shares of company stock valued at $3,581,647. Insiders own 1.20% of the company’s stock.

Cirrus Logic Price Performance

Shares of NASDAQ:CRUS opened at $133.53 on Friday. The firm’s 50 day simple moving average is $156.93 and its 200 day simple moving average is $148.50. The company has a market capitalization of $6.74 billion, a price-to-earnings ratio of 17.03 and a beta of 1.17. Cirrus Logic, Inc. has a fifty-two week low of $92.02 and a fifty-two week high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company had revenue of $448.52 million during the quarter, compared to analyst estimates of $442.25 million. During the same quarter in the previous year, the business earned $1.67 EPS. The firm’s revenue was up 5.7% on a year-over-year basis. Equities research analysts expect that Cirrus Logic, Inc. will post 7.86 earnings per share for the current year.

Cirrus Logic Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.