Roth Capital Reiterates Buy Rating for Cypress Semiconductor Corp. (CY)
Cypress Semiconductor Corp. (NASDAQ:CY)‘s stock had its “buy” rating restated by Roth Capital in a research note issued on Friday. They currently have a $13.00 price target on the stock. Roth Capital’s price objective suggests a potential upside of 10.45% from the stock’s previous close.
A number of other research firms have also weighed in on CY. Needham & Company LLC raised their price objective on shares of Cypress Semiconductor Corp. from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, July 29th. Craig Hallum increased their target price 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. Pacific Crest increased their target price on shares of Cypress Semiconductor Corp. from $11.00 to $14.00 and gave the company an “overweight” rating in a report on Friday, July 29th. Zacks Investment Research downgraded shares of Cypress Semiconductor Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, July 26th. Finally, Morgan Stanley downgraded shares of Cypress Semiconductor Corp. from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $11.36 to $11.00 in a report on Monday, July 18th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $11.43.
Shares of Cypress Semiconductor Corp. (NASDAQ:CY) opened at 11.77 on Friday. Cypress Semiconductor Corp. has a 12-month low of $6.30 and a 12-month high of $12.48. The company’s market cap is $3.78 billion. The firm has a 50-day moving average of $11.52 and a 200-day moving average of $10.13.
Cypress Semiconductor Corp. (NASDAQ:CY) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.12 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.12. Cypress Semiconductor Corp. had a negative net margin of 37.59% and a positive return on equity of 3.26%. The firm had revenue of $450.10 million for the quarter, compared to analyst estimates of $455.15 million. During the same period last year, the firm earned $0.15 earnings per share. The business’s quarterly revenue was down 7.1% compared to the same quarter last year. Analysts predict that Cypress Semiconductor Corp. will post $0.46 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 20th. Stockholders of record on Thursday, September 29th will be given a $0.11 dividend. The ex-dividend date 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 dividend payout ratio (DPR) is currently -20.85%.
In other news, insider H Raymond Bingham sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $11.96, for a total value of $179,400.00. Following the completion of the transaction, the insider now directly owns 40,276 shares in the company, valued at $481,700.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 6.33% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. ING Groep NV purchased a new position in Cypress Semiconductor Corp. during the second quarter worth approximately $123,556,000. Element Capital Management LLC purchased a new position in Cypress Semiconductor Corp. during the second quarter worth approximately $9,495,000. Norges Bank purchased a new position in Cypress Semiconductor Corp. during the fourth quarter worth approximately $26,341,000. Dimensional Fund Advisors LP raised its position in Cypress Semiconductor Corp. by 33.8% in the second quarter. Dimensional Fund Advisors LP now owns 10,099,777 shares of the company’s stock worth $106,535,000 after buying an additional 2,553,068 shares during the period. Finally, Emerald Acquisition Ltd. purchased a new position in Cypress Semiconductor Corp. during the second quarter worth approximately $18,889,000. 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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