Retirement Systems of Alabama Raises Stake in Cirrus Logic, Inc. (CRUS)
Retirement Systems of Alabama boosted its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 90.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 158,039 shares of the semiconductor company’s stock after buying an additional 75,115 shares during the period. Retirement Systems of Alabama’s holdings in Cirrus Logic were worth $9,912,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Advisory Services Network LLC purchased a new position in Cirrus Logic during the first quarter valued at about $108,000. Huntington National Bank increased its position in Cirrus Logic by 0.5% in the first quarter. Huntington National Bank now owns 2,442 shares of the semiconductor company’s stock valued at $148,000 after buying an additional 11 shares in the last quarter. Mckinley Capital Management LLC Delaware purchased a new position in Cirrus Logic during the first quarter valued at about $174,000. Soros Fund Management LLC purchased a new position in Cirrus Logic during the first quarter valued at about $225,000. Finally, Envestnet Asset Management Inc. increased its position in Cirrus Logic by 76.4% in the first quarter. Envestnet Asset Management Inc. now owns 3,778 shares of the semiconductor company’s stock valued at $228,000 after buying an additional 1,636 shares in the last quarter. 94.23% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Cirrus Logic, Inc. (CRUS) opened at 55.13 on Friday. The firm’s 50 day moving average is $62.38 and its 200 day moving average is $61.49. Cirrus Logic, Inc. has a 12 month low of $47.01 and a 12 month high of $71.97. The company has a market cap of $3.52 billion, a PE ratio of 12.89 and a beta of 0.01.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.15. The company had revenue of $320.70 million for the quarter, compared to analyst estimates of $320.32 million. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. Cirrus Logic’s revenue was up 23.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.44 earnings per share. On average, equities analysts predict that Cirrus Logic, Inc. will post $4.74 earnings per share for the current year.
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Several research firms have issued reports on CRUS. BidaskClub downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 2nd. Zacks Investment Research raised Cirrus Logic from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a report on Monday, August 7th. Stifel Nicolaus reaffirmed a “buy” rating and set a $75.00 price objective on shares of Cirrus Logic in a report on Thursday, August 3rd. Pacific Crest reaffirmed an “overweight” rating and set a $75.00 price objective on shares of Cirrus Logic in a report on Wednesday, June 21st. Finally, Barclays PLC downgraded Cirrus Logic from an “equal weight” rating to an “underweight” rating and set a $55.00 price objective on the stock. in a report on Tuesday, July 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $68.59.
In other news, VP Scott Arnold Anderson sold 17,466 shares of Cirrus Logic stock in a transaction on Monday, May 15th. The shares were sold at an average price of $64.20, for a total transaction of $1,121,317.20. Following the transaction, the vice president now owns 24,432 shares in the company, valued at $1,568,534.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Randolph K. Carlson sold 53,332 shares of Cirrus Logic stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $57.10, for a total transaction of $3,045,257.20. Following the transaction, the vice president now owns 27,265 shares in the company, valued at approximately $1,556,831.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 105,719 shares of company stock worth $6,342,696. 1.92% of the stock is owned by company insiders.
About Cirrus Logic
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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