ING Groep NV Acquires New Stake in Cypress Semiconductor Co. (CY)
ING Groep NV acquired a new stake in shares of Cypress Semiconductor Co. (NASDAQ:CY) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 22,111 shares of the semiconductor company’s stock, valued at approximately $344,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Northwest Quadrant Wealth Management LLC acquired a new position in Cypress Semiconductor in the first quarter worth about $206,000. Cornerstone Wealth Management LLC acquired a new position in Cypress Semiconductor in the second quarter worth about $290,000. Institutional & Family Asset Management LLC acquired a new position in Cypress Semiconductor in the first quarter worth about $132,000. Private Advisor Group LLC acquired a new position in Cypress Semiconductor in the first quarter worth about $180,000. Finally, Hartford Investment Management Co. acquired a new position in Cypress Semiconductor in the second quarter worth about $170,000. 82.13% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Sudhir Gopalswamy sold 3,000 shares of the stock in a transaction that occurred on Monday, July 16th. The shares were sold at an average price of $16.50, for a total transaction of $49,500.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders have sold 11,565 shares of company stock worth $193,534 over the last three months. 0.43% of the stock is owned by insiders.
Cypress Semiconductor (NASDAQ:CY) last issued its quarterly earnings data on Thursday, July 26th. The semiconductor company reported $0.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.08. The firm had revenue of $624.00 million for the quarter, compared to analysts’ expectations of $618.49 million. Cypress Semiconductor had a net margin of 0.49% and a return on equity of 18.51%. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.21 earnings per share. equities analysts anticipate that Cypress Semiconductor Co. will post 1.06 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 18th. Stockholders of record on Thursday, September 27th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Wednesday, September 26th. This represents a $0.44 annualized dividend and a dividend yield of 2.80%. Cypress Semiconductor’s dividend payout ratio (DPR) is currently 73.33%.
Several research analysts recently issued reports on the stock. BidaskClub lowered shares of Cypress Semiconductor from a “buy” rating to a “hold” rating in a research report on Friday, August 17th. Zacks Investment Research raised shares of Cypress Semiconductor from a “hold” rating to a “strong-buy” rating and set a $20.00 price target for the company in a research report on Wednesday, August 1st. TheStreet raised shares of Cypress Semiconductor from a “c+” rating to a “b” rating in a research report on Friday, July 27th. Barclays reaffirmed a “hold” rating and set a $18.00 price objective on shares of Cypress Semiconductor in a research note on Sunday, July 29th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price objective on shares of Cypress Semiconductor in a research note on Friday, July 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Cypress Semiconductor currently has an average rating of “Buy” and an average target price of $19.96.
About Cypress Semiconductor
Cypress Semiconductor Corporation designs, develops, manufactures, markets, and sells embedded system solutions worldwide. It operates in two segments, Microcontroller and Connectivity Division, and Memory Products Division. The Microcontroller and Connectivity Division provides microcontroller (MCU), analog, and wireless and wired connectivity solutions, including Traveo automotive MCUs; programmable system-on-chip and general-purpose MCUs; ARM Cortex-M4, -M3, and -M0+ MCUs; R4 CPUs; analog power management integrated circuits and energy harvesting solutions; CapSense capacitive-sensing controllers; TrueTouch touchscreens; Wi-Fi, Bluetooth, Bluetooth low energy, and ZigBee solutions; WICED development platform; and USB controllers comprising solutions for the USB-C and USB power delivery standards, as well as wireless Internet of things connectivity solutions.
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