PVG Asset Management Corp Invests $2.51 Million in Cypress Semiconductor Co. (CY)
PVG Asset Management Corp acquired a new position in shares of Cypress Semiconductor Co. (NASDAQ:CY) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 167,306 shares of the semiconductor company’s stock, valued at approximately $2,513,000. Cypress Semiconductor accounts for 1.1% of PVG Asset Management Corp’s investment portfolio, making the stock its 27th biggest holding. PVG Asset Management Corp owned 0.05% of Cypress Semiconductor at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of CY. Bank of Montreal Can raised its stake in Cypress Semiconductor by 1.6% during the second quarter. Bank of Montreal Can now owns 20,158 shares of the semiconductor company’s stock worth $276,000 after acquiring an additional 324 shares in the last quarter. Aperio Group LLC raised its stake in Cypress Semiconductor by 11.4% during the second quarter. Aperio Group LLC now owns 65,056 shares of the semiconductor company’s stock worth $888,000 after acquiring an additional 6,682 shares in the last quarter. Public Employees Retirement Association of Colorado raised its stake in Cypress Semiconductor by 0.6% during the second quarter. Public Employees Retirement Association of Colorado now owns 74,905 shares of the semiconductor company’s stock worth $1,022,000 after acquiring an additional 465 shares in the last quarter. Great West Life Assurance Co. Can raised its stake in Cypress Semiconductor by 1.8% during the second quarter. Great West Life Assurance Co. Can now owns 200,403 shares of the semiconductor company’s stock worth $2,733,000 after acquiring an additional 3,600 shares in the last quarter. Finally, CIBC Asset Management Inc raised its stake in Cypress Semiconductor by 33.7% during the second quarter. CIBC Asset Management Inc now owns 32,021 shares of the semiconductor company’s stock worth $437,000 after acquiring an additional 8,070 shares in the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.
CY has been the subject of several recent research reports. Loop Capital reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Cypress Semiconductor in a research note on Monday, November 20th. Barclays downgraded shares of Cypress Semiconductor from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $18.00 to $17.00 in a research report on Tuesday, October 31st. Zacks Investment Research upgraded Cypress Semiconductor from a “hold” rating to a “strong-buy” rating and set a $19.00 price target on the stock in a report on Tuesday, October 31st. SunTrust Banks cut Cypress Semiconductor from a “buy” rating to a “hold” rating and set a $17.00 price target on the stock. in a report on Friday, December 1st. Finally, BidaskClub upgraded Cypress Semiconductor from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $17.58.
Shares of Cypress Semiconductor Co. (CY) opened at $15.42 on Tuesday. Cypress Semiconductor Co. has a 12-month low of $10.95 and a 12-month high of $17.42. The stock has a market capitalization of $5,111.75, a price-to-earnings ratio of 31.92, a PEG ratio of 2.76 and a beta of 2.01. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.92 and a current ratio of 1.35.
Cypress Semiconductor (NASDAQ:CY) last announced its quarterly earnings data on Thursday, October 26th. The semiconductor company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.04. Cypress Semiconductor had a positive return on equity of 9.01% and a negative net margin of 5.75%. The company had revenue of $604.57 million during the quarter, compared to analyst estimates of $602.16 million. During the same quarter last year, the firm posted $0.15 EPS. The firm’s revenue for the quarter was up 14.0% on a year-over-year basis. sell-side analysts predict that Cypress Semiconductor Co. will post 0.56 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 18th. Shareholders of record on Thursday, December 28th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Wednesday, December 27th. This represents a $0.44 annualized dividend and a yield of 2.85%. Cypress Semiconductor’s dividend payout ratio is currently -110.00%.
In other Cypress Semiconductor news, EVP Trent Thad sold 74,818 shares of the firm’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $15.77, for a total value of $1,179,879.86. Following the completion of the transaction, the executive vice president now owns 172,105 shares in the company, valued at approximately $2,714,095.85. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director J Daniel Mccranie purchased 30,000 shares of the company’s stock in a transaction dated Thursday, September 14th. The shares were acquired at an average price of $14.37 per share, with a total value of $431,100.00. Following the transaction, the director now owns 55,000 shares in the company, valued at approximately $790,350. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 100,604 shares of company stock valued at $1,619,497. 0.69% of the stock is owned by corporate insiders.
Cypress Semiconductor Profile
Cypress Semiconductor Corporation manufactures embedded system solutions for automotive, industrial, home automation and appliances, consumer electronics and medical products. The Company’s segments include Microcontroller and Connectivity Division (MCD), and Memory Products Division (MPD). MCD focuses on microcontroller (MCU), analog and wireless and wired connectivity solutions.
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