DSP Group, Inc. (DSPG) Stake Lessened by Citigroup Inc.
Citigroup Inc. lessened its stake in shares of DSP Group, Inc. (NASDAQ:DSPG) by 12.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 41,378 shares of the semiconductor company’s stock after selling 5,623 shares during the quarter. Citigroup Inc. owned about 0.19% of DSP Group worth $480,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hartford Investment Management Co. purchased a new stake in shares of DSP Group during the 2nd quarter valued at about $116,000. Arizona State Retirement System boosted its holdings in shares of DSP Group by 1.8% during the 2nd quarter. Arizona State Retirement System now owns 11,515 shares of the semiconductor company’s stock valued at $134,000 after acquiring an additional 200 shares during the last quarter. Thrivent Financial For Lutherans boosted its holdings in shares of DSP Group by 20.3% during the 2nd quarter. Thrivent Financial For Lutherans now owns 13,530 shares of the semiconductor company’s stock valued at $157,000 after acquiring an additional 2,280 shares during the last quarter. Texas Permanent School Fund boosted its holdings in shares of DSP Group by 3.4% during the 2nd quarter. Texas Permanent School Fund now owns 16,186 shares of the semiconductor company’s stock valued at $188,000 after acquiring an additional 532 shares during the last quarter. Finally, Parametric Portfolio Associates LLC boosted its holdings in shares of DSP Group by 39.2% during the 1st quarter. Parametric Portfolio Associates LLC now owns 18,821 shares of the semiconductor company’s stock valued at $226,000 after acquiring an additional 5,297 shares during the last quarter. 74.28% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently issued reports on DSPG shares. Zacks Investment Research downgraded shares of DSP Group from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. BidaskClub raised shares of DSP Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 12th. Finally, Needham & Company LLC raised their price target on shares of DSP Group from $12.50 to $15.00 and gave the company a “buy” rating in a report on Tuesday, July 4th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $14.20.
DSP Group, Inc. (NASDAQ:DSPG) opened at 13.925 on Friday. The stock has a market cap of $309.82 million, a P/E ratio of 107.115 and a beta of 0.92. The company has a 50 day moving average of $12.65 and a 200-day moving average of $12.22. DSP Group, Inc. has a 12-month low of $9.80 and a 12-month high of $14.20.
DSP Group (NASDAQ:DSPG) last issued its quarterly earnings results on Thursday, July 27th. The semiconductor company reported $0.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.04. DSP Group had a net margin of 2.40% and a return on equity of 3.47%. The company had revenue of $31.30 million for the quarter, compared to the consensus estimate of $30.93 million. During the same quarter in the prior year, the company earned $0.11 EPS. DSP Group’s quarterly revenue was down 13.4% on a year-over-year basis. Equities analysts forecast that DSP Group, Inc. will post $0.20 earnings per share for the current year.
DSP Group declared that its Board of Directors has authorized a stock buyback program on Monday, August 14th that allows the company to repurchase $10.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
In related news, CFO Dror Levy sold 5,937 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $12.18, for a total value of $72,312.66. Following the transaction, the chief financial officer now owns 169,060 shares in the company, valued at approximately $2,059,150.80. The sale was disclosed in a filing with the SEC, which is available through this link. 6.01% of the stock is currently owned by corporate insiders.
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DSP Group Company Profile
DSP Group, Inc is a global provider of wireless and audio chipset solutions for converged communications. Delivering semiconductor system solutions with software and hardware reference designs, the Company enables original equipment manufacturers, original design manufacturers, consumer electronics manufacturers and service providers to develop new products.
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