Connor Clark & Lunn Investment Management Ltd. Buys New Shares in Cirrus Logic, Inc. $CRUS

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) during the second quarter, HoldingsChannel.com reports. The firm purchased 139,080 shares of the semiconductor company’s stock, valued at approximately $20,658,000.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new stake in Cirrus Logic during the 2nd quarter worth $840,638,000. LSV Asset Management raised its position in Cirrus Logic by 1.0% in the fourth quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock valued at $279,215,000 after purchasing an additional 23,703 shares during the period. Fuller & Thaler Asset Management Inc. raised its position in Cirrus Logic by 0.7% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,578,555 shares of the semiconductor company’s stock valued at $187,059,000 after purchasing an additional 11,307 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Cirrus Logic by 6.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company’s stock worth $192,055,000 after purchasing an additional 83,897 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in shares of Cirrus Logic by 33.5% during the fourth quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock worth $127,224,000 after purchasing an additional 269,391 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Cirrus Logic Price Performance

Shares of CRUS stock opened at $111.43 on Wednesday. The company’s fifty day moving average price is $137.07 and its two-hundred day moving average price is $148.22. The firm has a market capitalization of $5.58 billion, a P/E ratio of 13.64 and a beta of 1.18. Cirrus Logic, Inc. has a 12 month low of $109.88 and a 12 month high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The company had revenue of $459.72 million during the quarter, compared to the consensus estimate of $460.32 million. During the same period last year, the firm earned $1.51 earnings per share. The company’s revenue was up 12.9% on a year-over-year basis. On average, sell-side analysts anticipate that Cirrus Logic, Inc. will post 7.47 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CRUS shares. KeyCorp lowered their target price on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating for the company in a research note on Thursday, August 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Stifel Nicolaus reduced their price target on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Wall Street Zen downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Zacks Research lowered shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $150.71.

Insider Activity at Cirrus Logic

In related news, EVP Andrew Brannan sold 6,464 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the transaction, the executive vice president owned 7,203 shares of the company’s stock, valued at approximately $1,042,346.13. This represents a 47.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 3,907 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $168.54, for a total value of $658,485.78. Following the sale, the executive vice president owned 17,575 shares of the company’s stock, valued at approximately $2,962,090.50. This trade represents a 18.19% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 16,631 shares of company stock valued at $2,536,629. Insiders own 1.20% of the company’s stock.

Cirrus Logic Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.