Northwestern Mutual Wealth Management Co. raised its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 83.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 513 shares of the semiconductor company’s stock after buying an additional 233 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Cirrus Logic were worth $42,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. HGK Asset Management Inc. raised its stake in shares of Cirrus Logic by 1.1% in the fourth quarter. HGK Asset Management Inc. now owns 12,111 shares of the semiconductor company’s stock worth $998,000 after purchasing an additional 130 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Cirrus Logic by 11.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,126 shares of the semiconductor company’s stock valued at $176,000 after acquiring an additional 217 shares during the last quarter. NEXT Financial Group Inc increased its position in Cirrus Logic by 79.6% during the fourth quarter. NEXT Financial Group Inc now owns 738 shares of the semiconductor company’s stock valued at $61,000 after acquiring an additional 327 shares during the last quarter. Carroll Financial Associates Inc. purchased a new stake in Cirrus Logic during the fourth quarter valued at $46,000. Finally, Valeo Financial Advisors LLC purchased a new stake in Cirrus Logic during the fourth quarter valued at $58,000. Hedge funds and other institutional investors own 91.60% of the company’s stock.
In other news, CEO Jason P. Rhode sold 85,091 shares of the company’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $79.24, for a total value of $6,742,610.84. Following the completion of the transaction, the chief executive officer now owns 302,999 shares of the company’s stock, valued at $24,009,640.76. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Bradley J. Fluke sold 11,000 shares of the company’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $78.80, for a total value of $866,800.00. Following the completion of the transaction, the vice president now directly owns 5,120 shares of the company’s stock, valued at approximately $403,456. The disclosure for this sale can be found here. Corporate insiders own 2.79% of the company’s stock.
A number of research firms recently commented on CRUS. Barclays reiterated a “hold” rating and set a $65.00 price objective on shares of Cirrus Logic in a research report on Sunday, January 19th. Zacks Investment Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating and set a $87.00 price objective for the company. in a research report on Thursday, January 2nd. Stifel Nicolaus boosted their price target on Cirrus Logic from $94.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Bank of America boosted their price target on Cirrus Logic from $64.00 to $76.00 and gave the company an “underperform” rating in a report on Thursday, January 30th. Finally, Craig Hallum boosted their price target on Cirrus Logic from $52.00 to $65.00 and gave the company a “hold” rating in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Cirrus Logic currently has a consensus rating of “Buy” and an average target price of $78.70.
NASDAQ:CRUS traded up $4.90 during mid-day trading on Thursday, hitting $64.98. 84,790 shares of the company traded hands, compared to its average volume of 985,625. The stock’s fifty day moving average price is $69.61 and its 200-day moving average price is $69.52. Cirrus Logic, Inc. has a one year low of $37.24 and a one year high of $91.63. The company has a quick ratio of 3.23, a current ratio of 4.01 and a debt-to-equity ratio of 0.11. The firm has a market cap of $3.56 billion, a price-to-earnings ratio of 25.23, a price-to-earnings-growth ratio of 1.34 and a beta of 1.10.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, January 29th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.27. Cirrus Logic had a return on equity of 15.06% and a net margin of 12.52%. The business had revenue of $374.67 million during the quarter, compared to analyst estimates of $345.33 million. During the same quarter in the previous year, the company posted $0.91 earnings per share. Cirrus Logic’s revenue for the quarter was up 15.5% on a year-over-year basis. Equities analysts predict that Cirrus Logic, Inc. will post 3.05 EPS for the current year.
Cirrus Logic Company Profile
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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