Roth Capital Reiterates Buy Rating for Cypress Semiconductor Corp. (CY)
Cypress Semiconductor Corp. (NASDAQ:CY)‘s stock had its “buy” rating reaffirmed by equities researchers at Roth Capital in a research report issued on Friday. They currently have a $13.00 price target on the stock. Roth Capital’s price target points to a potential upside of 10.45% from the company’s previous close.
Other analysts have also issued research reports about the stock. Craig Hallum raised their price objective on shares of Cypress Semiconductor Corp. from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, July 29th. Needham & Company LLC raised their price target on shares of Cypress Semiconductor Corp. from $12.00 to $14.00 and gave the company a “buy” rating in a report on Friday, July 29th. Zacks Investment Research raised shares of Cypress Semiconductor Corp. from a “hold” rating to a “buy” rating and set a $10.00 price target for the company in a report on Tuesday, June 28th. Morgan Stanley lowered shares of Cypress Semiconductor Corp. from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $11.36 to $11.00 in a report on Monday, July 18th. Finally, Wedbush reissued an “outperform” rating and issued a $11.00 price target on shares of Cypress Semiconductor Corp. in a report on Friday, May 20th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $11.43.
Shares of Cypress Semiconductor Corp. (NASDAQ:CY) opened at 11.77 on Friday. The firm’s 50-day moving average is $11.52 and its 200 day moving average is $10.13. Cypress Semiconductor Corp. has a 52 week low of $6.30 and a 52 week high of $12.48. The firm’s market capitalization is $3.78 billion.
Cypress Semiconductor Corp. (NASDAQ:CY) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.12 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.12. The company earned $450.10 million during the quarter, compared to analyst estimates of $455.15 million. Cypress Semiconductor Corp. had a negative net margin of 37.59% and a positive return on equity of 3.26%. The company’s revenue was down 7.1% on a year-over-year basis. During the same quarter last year, the business posted $0.15 earnings per share. Equities research analysts forecast that Cypress Semiconductor Corp. will post $0.46 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 20th. Investors of record on Thursday, September 29th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend is Tuesday, September 27th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.74%. Cypress Semiconductor Corp.’s payout ratio is -20.85%.
In related news, Director H Raymond Bingham sold 15,000 shares of the firm’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $11.65, for a total transaction of $174,750.00. Following the sale, the director now directly owns 40,276 shares in the company, valued at $469,215.40. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 6.33% of the company’s stock.
A number of large investors have recently modified their holdings of CY. Macquarie Group Ltd. acquired a new stake in shares of Cypress Semiconductor Corp. during the second quarter valued at about $2,081,000. Mason Street Advisors LLC acquired a new stake in shares of Cypress Semiconductor Corp. during the second quarter valued at about $1,500,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Cypress Semiconductor Corp. by 46.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 71,715 shares of the company’s stock valued at $756,000 after buying an additional 22,603 shares during the last quarter. Calvert Investment Management Inc. acquired a new stake in shares of Cypress Semiconductor Corp. during the second quarter valued at about $180,000. Finally, Schwab Charles Investment Management Inc. raised its stake in shares of Cypress Semiconductor Corp. by 5.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 977,242 shares of the company’s stock valued at $10,310,000 after buying an additional 52,871 shares during the last quarter. Hedge funds and other institutional investors own 96.60% of the company’s stock.
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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