Bank of New York Mellon Corp Purchases Shares of 374,080 Cirrus Logic, Inc. $CRUS

Bank of New York Mellon Corp purchased a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 374,080 shares of the semiconductor company’s stock, valued at approximately $55,562,000.

A number of other institutional investors and hedge funds also recently modified their holdings of CRUS. Caitong International Asset Management Co. Ltd raised its holdings in shares of Cirrus Logic by 7,333.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 220 shares during the period. Geneos Wealth Management Inc. grew its position in Cirrus Logic by 120.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock worth $32,000 after purchasing an additional 120 shares in the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in Cirrus Logic during the 4th quarter valued at $33,000. Torren Management LLC acquired a new stake in shares of Cirrus Logic in the fourth quarter worth $35,000. Finally, Kestra Advisory Services LLC purchased a new position in shares of Cirrus Logic during the fourth quarter valued at $36,000. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Trading Down 1.0%

CRUS opened at $110.34 on Thursday. The business has a 50 day moving average of $136.07 and a 200-day moving average of $148.01. The stock has a market capitalization of $5.53 billion, a price-to-earnings ratio of 13.51 and a beta of 1.18. Cirrus Logic, Inc. has a 1-year low of $109.88 and a 1-year high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.03. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The company had revenue of $459.72 million for the quarter, compared to the consensus estimate of $460.32 million. During the same quarter in the previous year, the firm posted $1.51 EPS. The business’s revenue was up 12.9% compared to the same quarter last year. Equities analysts predict that Cirrus Logic, Inc. will post 7.47 EPS for the current year.

Insiders Place Their Bets

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 1,166 shares of the business’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $117.89, for a total value of $137,459.74. Following the sale, the executive vice president owned 14,073 shares of the company’s stock, valued at $1,659,065.97. The trade was a 7.65% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of Cirrus Logic stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $144.71, for a total transaction of $935,405.44. Following the sale, the executive vice president owned 7,203 shares in the company, valued at approximately $1,042,346.13. This trade represents a 47.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 16,631 shares of company stock worth $2,536,629 over the last 90 days. Corporate insiders own 1.20% of the company’s stock.

Wall Street Analyst Weigh In

CRUS has been the topic of several research analyst reports. Zacks Research cut Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. KeyCorp dropped their price target on shares of Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a research note on Thursday, August 6th. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Stifel Nicolaus cut their price target on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Five research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Cirrus Logic presently has an average rating of “Hold” and an average price target of $150.71.

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.