Cirrus Logic Inc. (CRUS) Shares Bought by Dimensional Fund Advisors LP
Dimensional Fund Advisors LP raised its position in shares of Cirrus Logic Inc. (NASDAQ:CRUS) by 1.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,443,895 shares of the company’s stock after buying an additional 34,464 shares during the period. Dimensional Fund Advisors LP owned about 3.91% of Cirrus Logic worth $94,797,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Systematic Financial Management LP acquired a new position in shares of Cirrus Logic during the second quarter worth $1,743,000. Teacher Retirement System of Texas increased its position in shares of Cirrus Logic by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 8,892 shares of the company’s stock worth $345,000 after buying an additional 1,078 shares during the period. UBS Asset Management Americas Inc. increased its position in shares of Cirrus Logic by 3.2% in the second quarter. UBS Asset Management Americas Inc. now owns 39,121 shares of the company’s stock worth $1,517,000 after buying an additional 1,218 shares during the period. Nationwide Fund Advisors increased its position in shares of Cirrus Logic by 27.7% in the second quarter. Nationwide Fund Advisors now owns 55,953 shares of the company’s stock worth $2,170,000 after buying an additional 12,130 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Cirrus Logic by 156.0% in the second quarter. JPMorgan Chase & Co. now owns 115,284 shares of the company’s stock worth $4,472,000 after buying an additional 70,250 shares during the period. Institutional investors and hedge funds own 89.23% of the company’s stock.
Cirrus Logic Inc. (NASDAQ:CRUS) traded up 0.18% during trading on Wednesday, hitting $55.90. The company had a trading volume of 411,790 shares. The stock has a 50-day moving average of $51.41 and a 200-day moving average of $40.44. The stock has a market capitalization of $3.49 billion, a PE ratio of 34.70 and a beta of 0.44. Cirrus Logic Inc. has a one year low of $25.09 and a one year high of $58.08.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.16. Cirrus Logic had a return on equity of 14.44% and a net margin of 9.26%. The firm had revenue of $259.40 million for the quarter, compared to the consensus estimate of $236.67 million. During the same quarter last year, the business posted $0.54 EPS. The company’s revenue for the quarter was down 8.2% on a year-over-year basis. On average, equities analysts anticipate that Cirrus Logic Inc. will post $3.24 EPS for the current year.
A number of research analysts have commented on the company. Pacific Crest restated an “equal weight” rating on shares of Cirrus Logic in a research note on Friday, July 29th. Canaccord Genuity assumed coverage on Cirrus Logic in a research note on Tuesday, June 21st. They issued a “buy” rating and a $52.00 target price on the stock. Needham & Company LLC boosted their target price on Cirrus Logic from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Zacks Investment Research upgraded Cirrus Logic from a “hold” rating to a “strong-buy” rating and set a $56.00 target price on the stock in a research note on Monday, August 1st. Finally, Barclays PLC boosted their target price on Cirrus Logic from $35.00 to $38.00 and gave the company an “equal weight” rating in a research note on Thursday, July 28th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Cirrus Logic currently has an average rating of “Buy” and an average target price of $48.64.
In other Cirrus Logic news, VP Andrew Brannan sold 21,498 shares of Cirrus Logic stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $52.14, for a total value of $1,120,905.72. Following the sale, the vice president now owns 21,498 shares of the company’s stock, valued at approximately $1,120,905.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William D. Sherman sold 1,200 shares of Cirrus Logic stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $50.85, for a total value of $61,020.00. Following the completion of the sale, the director now directly owns 12,257 shares in the company, valued at approximately $623,268.45. The disclosure for this sale can be found here. 3.10% of the stock is owned by company insiders.
About Cirrus Logic
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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