Adams Diversified Equity Fund Inc. Has $420,000 Stake in Cirrus Logic, Inc. (CRUS)
Adams Diversified Equity Fund Inc. reduced its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 22.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,100 shares of the semiconductor company’s stock after selling 2,300 shares during the quarter. Adams Diversified Equity Fund Inc.’s holdings in Cirrus Logic were worth $420,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRUS. APG Asset Management N.V. acquired a new stake in shares of Cirrus Logic during the 3rd quarter worth $7,886,000. First Trust Advisors LP grew its holdings in shares of Cirrus Logic by 5.0% during the 3rd quarter. First Trust Advisors LP now owns 70,112 shares of the semiconductor company’s stock worth $3,738,000 after purchasing an additional 3,366 shares in the last quarter. Peregrine Capital Management LLC acquired a new stake in shares of Cirrus Logic during the 3rd quarter worth $8,531,000. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Cirrus Logic during the 3rd quarter worth $322,000. Finally, Crossmark Global Holdings Inc. acquired a new stake in shares of Cirrus Logic during the 3rd quarter worth $489,000. 91.67% of the stock is currently owned by institutional investors.
Shares of Cirrus Logic, Inc. (CRUS) opened at $43.60 on Friday. Cirrus Logic, Inc. has a 1 year low of $39.51 and a 1 year high of $71.97. The firm has a market capitalization of $2,780.00, a price-to-earnings ratio of 11.91, a P/E/G ratio of 1.29 and a beta of 0.11.
Cirrus Logic declared that its board has approved a stock repurchase plan on Monday, February 5th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the semiconductor company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
Several analysts have recently issued reports on the company. Craig Hallum reduced their target price on Cirrus Logic from $54.00 to $44.00 and set a “hold” rating on the stock in a report on Tuesday, February 6th. Zacks Investment Research lowered Cirrus Logic from a “hold” rating to a “sell” rating in a report on Wednesday, January 31st. Canaccord Genuity reissued a “buy” rating and set a $76.00 target price on shares of Cirrus Logic in a report on Friday, November 3rd. BidaskClub downgraded Cirrus Logic from a “sell” rating to a “strong sell” rating in a research report on Tuesday, December 12th. Finally, Northland Securities restated a “buy” rating and set a $60.00 price objective on shares of Cirrus Logic in a research report on Tuesday, February 6th. Five analysts have rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $60.22.
In other Cirrus Logic news, Director Christine King sold 562 shares of the stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $49.75, for a total value of $27,959.50. Following the completion of the transaction, the director now directly owns 11,744 shares in the company, valued at $584,264. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Randolph K. Carlson sold 7,265 shares of the stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $42.03, for a total value of $305,347.95. The disclosure for this sale can be found here. Insiders sold 8,405 shares of company stock valued at $363,200 over the last quarter. Corporate insiders own 1.92% of the company’s stock.
Cirrus Logic Profile
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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