Bank of New York Mellon Corp Purchases New Position in Cirrus Logic, Inc. $CRUS

Key Points

• Bank of New York Mellon acquired 374,080 Cirrus Logic shares worth approximately $55.6 million, giving it a 0.74% stake. Institutional investors collectively own 87.96% of CRUS.
• Analyst sentiment is mixed: five analysts rate the stock a Buy, three recommend Hold, and one rates it a Sell. The consensus target price is $150.71, although several firms recently lowered their targets.
• Cirrus Logic’s shares opened at $110.34, near the company’s 12-month low of $109.88 and below its 50- and 200-day moving averages. Its latest quarter beat earnings estimates with $1.84 EPS, while revenue rose 12.9% year over year to $459.72 million.

Bank of New York Mellon Corp bought a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 374,080 shares of the semiconductor company's stock, valued at approximately $55,562,000. Bank of New York Mellon Corp owned about 0.74% of Cirrus Logic as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of CRUS. Norges Bank acquired a new stake in shares of Cirrus Logic in the fourth quarter valued at about $69,674,000. Invesco Ltd. grew its holdings 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 worth $76,136,000 after acquiring an additional 367,488 shares during the period. Defiance ETFs LLC purchased a new position in Cirrus Logic in the 4th quarter valued at approximately $38,050,000. Allianz Asset Management GmbH raised its holdings in Cirrus Logic by 33.5% during the fourth quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company's stock worth $127,224,000 after purchasing an additional 269,391 shares during the last quarter. Finally, Pacer Advisors Inc. grew its holdings in Cirrus Logic by 127.9% in the fourth quarter. Pacer Advisors Inc. now owns 421,426 shares of the semiconductor company's stock valued at $49,939,000 after purchasing an additional 236,501 shares during the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, EVP Jeffrey W. Baumgartner sold 3,907 shares of Cirrus Logic stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $168.54, for a total value of $658,485.78. Following the sale, the executive vice president directly owned 17,575 shares in the company, valued at $2,962,090.50. This trade represents a 18.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the company's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $144.71, for a total transaction of $935,405.44. Following the completion of the transaction, the executive vice president owned 7,203 shares of the company's stock, valued at approximately $1,042,346.13. This trade represents a 47.30% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 16,631 shares of company stock valued at $2,536,629. 1.20% of the stock is currently owned by company insiders.

Cirrus Logic Trading Down 1.0%

CRUS stock opened at $110.34 on Thursday. The stock's 50 day simple moving average is $136.07 and its 200 day simple moving average is $148.01. Cirrus Logic, Inc. has a 12-month low of $109.88 and a 12-month high of $180.42. The firm has a market cap of $5.53 billion, a P/E ratio of 13.51 and a beta of 1.18.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $460.32 million. During the same period in the prior year, the company earned $1.51 earnings per share. The firm's revenue was up 12.9% compared to the same quarter last year. On average, research analysts forecast that Cirrus Logic, Inc. will post 7.47 EPS for the current fiscal year.

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.

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