Legal & General Group Plc grew its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 6.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 70,756 shares of the semiconductor company’s stock after buying an additional 4,147 shares during the quarter. Legal & General Group Plc owned 0.12% of Cirrus Logic worth $2,348,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in CRUS. Pearl River Capital LLC acquired a new stake in Cirrus Logic in the 4th quarter worth about $32,000. Huntington National Bank acquired a new stake in Cirrus Logic in the 4th quarter worth about $68,000. Advisor Group Inc. boosted its stake in Cirrus Logic by 71.8% in the 4th quarter. Advisor Group Inc. now owns 2,166 shares of the semiconductor company’s stock worth $71,000 after buying an additional 905 shares during the last quarter. Strs Ohio boosted its stake in Cirrus Logic by 316.7% in the 4th quarter. Strs Ohio now owns 2,500 shares of the semiconductor company’s stock worth $82,000 after buying an additional 1,900 shares during the last quarter. Finally, Captrust Financial Advisors boosted its stake in Cirrus Logic by 85.5% in the 4th quarter. Captrust Financial Advisors now owns 2,641 shares of the semiconductor company’s stock worth $88,000 after buying an additional 1,217 shares during the last quarter. Institutional investors and hedge funds own 89.42% of the company’s stock.
A number of analysts have issued reports on CRUS shares. ValuEngine lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Friday, January 4th. BidaskClub lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Monday, January 7th. Craig Hallum lowered Cirrus Logic from a “buy” rating to a “hold” rating and decreased their price target for the stock from $44.00 to $38.00 in a research note on Thursday, January 31st. Zacks Investment Research raised Cirrus Logic from a “sell” rating to a “buy” rating and set a $42.00 price target on the stock in a research note on Friday, February 1st. Finally, TheStreet lowered Cirrus Logic from a “b-” rating to a “c” rating in a research note on Friday, February 1st. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Cirrus Logic presently has a consensus rating of “Hold” and an average target price of $42.13.
NASDAQ CRUS opened at $46.83 on Thursday. The stock has a market capitalization of $2.78 billion, a PE ratio of 12.69, a PEG ratio of 2.31 and a beta of 0.60. Cirrus Logic, Inc. has a 1-year low of $31.25 and a 1-year high of $47.67.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, January 30th. The semiconductor company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.13. The business had revenue of $324.30 million for the quarter, compared to analyst estimates of $319.37 million. Cirrus Logic had a return on equity of 11.88% and a net margin of 7.68%. The company’s revenue was down 32.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.59 EPS. Sell-side analysts anticipate that Cirrus Logic, Inc. will post 1.72 earnings per share for the current fiscal year.
Cirrus Logic declared that its board has authorized a stock repurchase plan on Wednesday, January 30th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to repurchase up to 8.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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Cirrus Logic Profile
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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