Fifth Third Bancorp Grows Stake in Cirrus Logic, Inc. $CRUS

Key Points

• Fifth Third Bancorp increased its Cirrus Logic stake by 89.3% in the first quarter, buying 12,958 additional shares and bringing its total to 27,461 shares worth about $3.97 million.
• Cirrus Logic reported better-than-expected quarterly results, with EPS of $1.95 versus $1.76 expected and revenue of $448.5 million, up 5.7% year over year.
• Analysts remain generally constructive on the stock, with a Moderate Buy consensus and average price target of $160.29, while KeyCorp kept an Overweight rating and $190 target.

Fifth Third Bancorp lifted its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 89.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 27,461 shares of the semiconductor company's stock after purchasing an additional 12,958 shares during the period. Fifth Third Bancorp owned 0.05% of Cirrus Logic worth $3,971,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Sequoia Financial Advisors LLC grew its holdings in Cirrus Logic by 47.2% during the first quarter. Sequoia Financial Advisors LLC now owns 7,259 shares of the semiconductor company's stock valued at $1,050,000 after purchasing an additional 2,328 shares during the period. Hsbc Holdings PLC raised its stake in shares of Cirrus Logic by 216.3% in the first quarter. Hsbc Holdings PLC now owns 17,581 shares of the semiconductor company's stock valued at $2,526,000 after buying an additional 12,022 shares during the period. Main Street Research LLC purchased a new position in shares of Cirrus Logic during the 1st quarter valued at $829,000. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of Cirrus Logic during the 1st quarter worth $334,000. Finally, Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new stake in Cirrus Logic in the 1st quarter worth about $304,000. Institutional investors own 87.96% of the company's stock.

Cirrus Logic Trading Up 0.7%

Shares of NASDAQ CRUS opened at $137.98 on Friday. Cirrus Logic, Inc. has a 12 month low of $92.02 and a 12 month high of $180.42. The firm has a market capitalization of $6.96 billion, a price-to-earnings ratio of 17.60 and a beta of 1.17. The business has a 50-day moving average of $159.34 and a 200-day moving average of $147.80.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted 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. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company had revenue of $448.52 million for the quarter, compared to analysts' expectations of $442.25 million. During the same period in the prior year, the business earned $1.67 earnings per share. Cirrus Logic's revenue for the quarter was up 5.7% compared to the same quarter last year. On average, analysts predict that Cirrus Logic, Inc. will post 7.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on CRUS. Barclays upped their price objective on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a report on Thursday, May 7th. Stifel Nicolaus set a $197.00 price target on Cirrus Logic in a research report on Thursday, May 7th. Zacks Research downgraded shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Finally, Jefferies Financial Group upgraded shares of Cirrus Logic to a "buy" rating in a research note on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cirrus Logic presently has an average rating of "Moderate Buy" and an average price target of $160.29.

Key Cirrus Logic News

Here are the key news stories impacting Cirrus Logic this week:

• Positive Sentiment: Zacks said Cirrus Logic has an impressive earnings surprise track record and appears positioned for another potential earnings beat, which could lift sentiment ahead of the next report. Article Title
• Positive Sentiment: KeyCorp kept an Overweight rating on Cirrus Logic and a $190 price target, signaling continued analyst confidence in the stock’s upside.
• Positive Sentiment: KeyCorp raised its Q1 2027 EPS estimate to $1.45 from $0.72, suggesting a stronger start to that fiscal year than previously expected.
• Neutral Sentiment: KeyCorp also updated a series of forward estimates for Cirrus Logic, leaving FY2028 EPS at $7.61 and FY2027 at $7.31, which provides more detail on the company’s long-term earnings path but is not clearly a near-term catalyst.
• Negative Sentiment: KeyCorp lowered several other period estimates, including Q2 2027, Q3 2027, Q4 2027, and FY2027 EPS, which may temper enthusiasm around the durability of earnings growth.
• Negative Sentiment: A Seeking Alpha piece titled Cirrus Logic's Price Correction points to recent weakness or valuation pressure, which may have contributed to some caution around the shares. Article Title

Insider Transactions at Cirrus Logic

In other news, EVP Jeffrey W. Baumgartner sold 3,907 shares of the firm's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $168.54, for a total transaction of $658,485.78. Following the sale, the executive vice president owned 17,575 shares in the company, valued at approximately $2,962,090.50. This trade represents a 18.19% decrease in their position. The transaction 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 Justin E. Dougherty sold 2,000 shares of Cirrus Logic stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $166.50, for a total transaction of $333,000.00. Following the sale, the executive vice president directly owned 4,537 shares of the company's stock, valued at $755,410.50. This represents a 30.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 22,299 shares of company stock worth $3,581,647. Company insiders own 1.20% of the company's stock.

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.

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