Hourglass Capital LLC grew its position in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 6.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 149,687 shares of the network equipment provider's stock after buying an additional 8,835 shares during the period. Cisco Systems accounts for approximately 2.4% of Hourglass Capital LLC's investment portfolio, making the stock its 6th largest position. Hourglass Capital LLC's holdings in Cisco Systems were worth $9,237,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in CSCO. China Universal Asset Management Co. Ltd. increased its position in shares of Cisco Systems by 42.4% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 120,396 shares of the network equipment provider's stock worth $7,430,000 after purchasing an additional 35,822 shares during the last quarter. Abound Financial LLC acquired a new stake in shares of Cisco Systems during the first quarter valued at about $55,000. Crossmark Global Holdings Inc. raised its stake in shares of Cisco Systems by 5.5% in the 1st quarter. Crossmark Global Holdings Inc. now owns 809,862 shares of the network equipment provider's stock valued at $49,977,000 after acquiring an additional 42,072 shares during the period. Washington Trust Bank lifted its holdings in shares of Cisco Systems by 11.6% in the 1st quarter. Washington Trust Bank now owns 16,410 shares of the network equipment provider's stock worth $1,013,000 after acquiring an additional 1,710 shares during the last quarter. Finally, Fairway Wealth LLC increased its holdings in Cisco Systems by 224.7% in the 1st quarter. Fairway Wealth LLC now owns 578 shares of the network equipment provider's stock valued at $36,000 after purchasing an additional 400 shares during the last quarter. Institutional investors and hedge funds own 73.33% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on CSCO shares. Morgan Stanley reaffirmed a "hold" rating on shares of Cisco Systems in a research note on Wednesday, May 21st. Wall Street Zen raised shares of Cisco Systems from a "buy" rating to a "strong-buy" rating in a research report on Friday, May 16th. KeyCorp began coverage on shares of Cisco Systems in a report on Thursday, June 26th. They set an "overweight" rating and a $77.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on shares of Cisco Systems from $70.00 to $73.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Finally, Rosenblatt Securities increased their price objective on Cisco Systems from $63.00 to $74.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Seven equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $69.53.
View Our Latest Stock Report on Cisco Systems
Cisco Systems Price Performance
CSCO opened at $68.93 on Tuesday. The company has a 50 day moving average of $64.18 and a two-hundred day moving average of $61.58. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $69.78. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.50. The company has a market cap of $272.96 billion, a P/E ratio of 28.13, a P/E/G ratio of 4.15 and a beta of 0.90.
Cisco Systems (NASDAQ:CSCO - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The network equipment provider reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.04. The company had revenue of $14.15 billion during the quarter, compared to the consensus estimate of $14.05 billion. Cisco Systems had a net margin of 17.60% and a return on equity of 26.48%. Cisco Systems's revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter last year, the company earned $0.88 earnings per share. On average, analysts expect that Cisco Systems, Inc. will post 3.04 earnings per share for the current year.
Cisco Systems Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Thursday, July 3rd will be given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend is Thursday, July 3rd. Cisco Systems's dividend payout ratio is currently 66.94%.
Insider Buying and Selling
In related news, EVP Oliver Tuszik sold 15,000 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $63.53, for a total transaction of $952,950.00. Following the completion of the transaction, the executive vice president owned 131,676 shares in the company, valued at $8,365,376.28. The trade was a 10.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jeetendra I. Patel sold 9,961 shares of the firm's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $63.97, for a total value of $637,205.17. Following the completion of the sale, the insider owned 257,162 shares in the company, valued at $16,450,653.14. The trade was a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 97,335 shares of company stock worth $6,271,054. Company insiders own 0.01% of the company's stock.
About Cisco Systems
(
Free Report)
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.
See Also
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