Granite Investment Partners LLC Sells 11,000 Shares of Cisco Systems, Inc. (CSCO)
Granite Investment Partners LLC cut its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 11.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 83,622 shares of the network equipment provider’s stock after selling 11,000 shares during the period. Granite Investment Partners LLC’s holdings in Cisco Systems were worth $2,826,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of CSCO. Glenview Trust Co purchased a new stake in Cisco Systems during the fourth quarter worth $17,046,000. Stockman Wealth Management Inc. boosted its position in Cisco Systems by 2.5% in the fourth quarter. Stockman Wealth Management Inc. now owns 120,722 shares of the network equipment provider’s stock worth $3,648,000 after buying an additional 2,900 shares during the last quarter. Barings LLC boosted its position in Cisco Systems by 14.9% in the fourth quarter. Barings LLC now owns 254,366 shares of the network equipment provider’s stock worth $7,687,000 after buying an additional 32,900 shares during the last quarter. WS Management Lllp boosted its position in Cisco Systems by 170.9% in the fourth quarter. WS Management Lllp now owns 777,400 shares of the network equipment provider’s stock worth $23,493,000 after buying an additional 490,400 shares during the last quarter. Finally, Pinnacle Associates Ltd. boosted its position in Cisco Systems by 1.2% in the fourth quarter. Pinnacle Associates Ltd. now owns 569,614 shares of the network equipment provider’s stock worth $17,214,000 after buying an additional 6,718 shares during the last quarter. 75.37% of the stock is owned by hedge funds and other institutional investors.
Shares of Cisco Systems, Inc. (CSCO) traded up 0.76% during trading on Friday, reaching $31.80. The company had a trading volume of 16,927,951 shares. The company has a market capitalization of $159.00 billion, a PE ratio of 16.14 and a beta of 1.24. Cisco Systems, Inc. has a 52 week low of $29.12 and a 52 week high of $34.60. The stock’s 50-day moving average price is $31.58 and its 200-day moving average price is $32.49.
Cisco Systems (NASDAQ:CSCO) last released its quarterly earnings data on Wednesday, May 17th. The network equipment provider reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Cisco Systems had a return on equity of 17.31% and a net margin of 20.61%. The firm had revenue of $11.94 billion for the quarter, compared to analysts’ expectations of $11.90 billion. During the same period in the prior year, the firm posted $0.57 earnings per share. The firm’s quarterly revenue was down .5% on a year-over-year basis. On average, equities analysts expect that Cisco Systems, Inc. will post $2.38 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date of this dividend was Wednesday, July 5th. Cisco Systems’s dividend payout ratio (DPR) is 58.29%.
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A number of equities analysts recently issued reports on the company. Citigroup Inc. set a $36.00 target price on Cisco Systems and gave the stock a “buy” rating in a report on Friday, May 19th. Sanford C. Bernstein set a $38.00 price objective on Cisco Systems and gave the company a “buy” rating in a research note on Saturday, July 1st. Berenberg Bank set a $33.00 price objective on Cisco Systems and gave the company a “hold” rating in a research note on Saturday, July 1st. Jefferies Group LLC restated a “buy” rating and set a $37.00 price objective on shares of Cisco Systems in a research note on Thursday. Finally, Vetr lowered Cisco Systems from a “strong-buy” rating to a “buy” rating and set a $37.03 target price for the company. in a research report on Wednesday, April 26th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-two have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $35.31.
In other Cisco Systems news, insider John T. Chambers sold 295,537 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $31.52, for a total transaction of $9,315,326.24. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Rebecca Jacoby sold 92,840 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $31.71, for a total value of $2,943,956.40. Following the transaction, the senior vice president now directly owns 271,725 shares in the company, valued at approximately $8,616,399.75. The disclosure for this sale can be found here. Insiders have sold 396,179 shares of company stock worth $12,503,407 over the last 90 days. 0.11% of the stock is owned by insiders.
Cisco Systems Company Profile
Cisco Systems, Inc designs and sells a range of products, provides services and delivers integrated solutions to develop and connect networks around the world. The Company operates through three geographic segments: Americas; Europe, the Middle East and Africa (EMEA), and Asia Pacific, Japan and China (APJC).
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