Cirrus Logic, Inc. (CRUS) Position Reduced by Allianz Asset Management GmbH
Allianz Asset Management GmbH cut its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 3.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 845,122 shares of the semiconductor company’s stock after selling 26,944 shares during the period. Allianz Asset Management GmbH owned 1.33% of Cirrus Logic worth $45,061,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in CRUS. Fortaleza Asset Management Inc. acquired a new position in Cirrus Logic during the second quarter worth $102,000. Migdal Insurance & Financial Holdings Ltd. lifted its stake in Cirrus Logic by 72.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,590 shares of the semiconductor company’s stock worth $138,000 after purchasing an additional 1,086 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Cirrus Logic by 96.2% during the third quarter. DekaBank Deutsche Girozentrale now owns 2,798 shares of the semiconductor company’s stock worth $157,000 after purchasing an additional 1,372 shares in the last quarter. ETRADE Capital Management LLC acquired a new position in Cirrus Logic during the second quarter worth $201,000. Finally, Sapphire Star Partners LP acquired a new position in Cirrus Logic during the third quarter worth $211,000. Hedge funds and other institutional investors own 89.26% of the company’s stock.
CRUS has been the topic of a number of research reports. Northland Securities restated a “buy” rating on shares of Cirrus Logic in a research note on Friday, November 3rd. Canaccord Genuity restated a “buy” rating and set a $76.00 price target on shares of Cirrus Logic in a research note on Tuesday, September 19th. ValuEngine cut Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Monday, September 18th. Stifel Nicolaus restated a “buy” rating on shares of Cirrus Logic in a research note on Wednesday, September 13th. Finally, KeyCorp restated an “overweight” rating on shares of Cirrus Logic in a research note on Thursday, September 14th. Three analysts have rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $67.05.
Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Thursday, November 2nd. The semiconductor company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.20 by $0.16. The firm had revenue of $425.50 million for the quarter, compared to analyst estimates of $410.32 million. Cirrus Logic had a return on equity of 25.37% and a net margin of 17.11%. Cirrus Logic’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.35 earnings per share. analysts anticipate that Cirrus Logic, Inc. will post 4.21 earnings per share for the current fiscal year.
In related news, Director Christine King sold 5,000 shares of the stock in a transaction on Friday, September 15th. The stock was sold at an average price of $57.42, for a total value of $287,100.00. Following the transaction, the director now owns 16,182 shares of the company’s stock, valued at $929,170.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Bradley J. Fluke sold 7,325 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $53.44, for a total value of $391,448.00. Following the completion of the transaction, the vice president now directly owns 12,000 shares in the company, valued at approximately $641,280. The disclosure for this sale can be found here. Insiders sold 22,881 shares of company stock worth $1,251,772 in the last three months. 1.92% of the stock is currently owned by corporate insiders.
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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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