Bank of New York Mellon Corp Has $58.23 Million Position in Cirrus Logic, Inc. $CRUS

Bank of New York Mellon Corp increased its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 14.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 402,604 shares of the semiconductor company’s stock after acquiring an additional 51,742 shares during the period. Bank of New York Mellon Corp owned about 0.79% of Cirrus Logic worth $58,225,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Cirrus Logic during the 4th quarter worth $69,674,000. Invesco Ltd. lifted its stake in shares of Cirrus Logic by 133.6% in the 4th quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company’s stock valued at $76,136,000 after purchasing an additional 367,488 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in Cirrus Logic by 546.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company’s stock valued at $46,005,000 after buying an additional 328,159 shares in the last quarter. Defiance ETFs LLC bought a new position in Cirrus Logic during the fourth quarter valued at about $38,050,000. Finally, Allianz Asset Management GmbH lifted its position in shares of Cirrus Logic by 33.5% in the fourth quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock worth $127,224,000 after buying an additional 269,391 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CRUS. Barclays raised their price objective on Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Stifel Nicolaus set a $197.00 price target on shares of Cirrus Logic in a research report on Thursday, May 7th. KeyCorp cut their price target on Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Finally, Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Cirrus Logic presently has an average rating of “Moderate Buy” and an average price target of $160.29.

Cirrus Logic Stock Down 4.3%

Cirrus Logic stock opened at $133.53 on Friday. The business has a 50 day moving average price of $156.93 and a two-hundred day moving average price of $148.50. Cirrus Logic, Inc. has a 12 month low of $92.02 and a 12 month high of $180.42. The stock has a market cap of $6.74 billion, a price-to-earnings ratio of 17.03 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.19. The company had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.25 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.Cirrus Logic’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.67 EPS. On average, analysts expect that Cirrus Logic, Inc. will post 7.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Scott Thomas sold 1,300 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total value of $234,052.00. Following the sale, the executive vice president directly owned 31,048 shares in the company, valued at approximately $5,589,881.92. This represents a 4.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible 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 the business’s stock in a transaction on Monday, June 29th. The shares were sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the sale, the executive vice president directly owned 7,203 shares in the company, valued at approximately $1,042,346.13. This represents a 47.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 22,299 shares of company stock worth $3,581,647 in the last 90 days. 1.20% of the stock is currently owned by insiders.

Cirrus Logic Company 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.