Fuller & Thaler Asset Management Inc. Buys 4,403 Shares of Cirrus Logic, Inc. $CRUS

Key Points

• Fuller & Thaler Asset Management Inc. increased its stake in Cirrus Logic by 0.3%, acquiring an additional 4,403 shares, bringing its total ownership to 1,590,744 shares valued at approximately $158.5 million.
• Institutional investors now hold 87.96% of Cirrus Logic's stock, indicating a strong institutional interest in the company.
• Cirrus Logic reported $1.51 earnings per share for the most recent quarter, exceeding analyst expectations, and announced a $500 million share buyback plan as an indication of confidence in its valuation.

Fuller & Thaler Asset Management Inc. raised its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 0.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,590,744 shares of the semiconductor company's stock after purchasing an additional 4,403 shares during the quarter. Fuller & Thaler Asset Management Inc. owned 2.99% of Cirrus Logic worth $158,518,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Banque Cantonale Vaudoise bought a new stake in Cirrus Logic during the first quarter valued at approximately $30,000. N.E.W. Advisory Services LLC purchased a new stake in Cirrus Logic during the first quarter valued at about $50,000. UMB Bank n.a. raised its position in Cirrus Logic by 124.5% during the first quarter. UMB Bank n.a. now owns 523 shares of the semiconductor company's stock valued at $52,000 after purchasing an additional 290 shares in the last quarter. Transce3nd LLC purchased a new stake in Cirrus Logic during the fourth quarter valued at about $63,000. Finally, Menard Financial Group LLC purchased a new stake in Cirrus Logic during the fourth quarter valued at about $67,000. 87.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Carl Jackson Alberty sold 2,000 shares of Cirrus Logic stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the executive vice president directly owned 41,645 shares of the company's stock, valued at $4,164,500. The trade was a 4.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of Cirrus Logic stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the executive vice president directly owned 14,001 shares in the company, valued at approximately $1,400,100. The trade was a 41.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,000 shares of company stock valued at $1,305,620 over the last three months. 1.16% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CRUS shares. Wall Street Zen downgraded Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Monday, August 11th. Stifel Nicolaus set a $120.00 price target on Cirrus Logic in a research report on Wednesday, May 7th. Finally, Barclays boosted their price objective on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Cirrus Logic has an average rating of "Moderate Buy" and a consensus price target of $121.00.

Cirrus Logic Stock Performance

Shares of CRUS opened at $111.06 on Monday. The firm has a market cap of $5.70 billion, a price-to-earnings ratio of 17.38 and a beta of 0.92. Cirrus Logic, Inc. has a fifty-two week low of $75.83 and a fifty-two week high of $147.46. The firm has a 50 day moving average price of $104.89 and a 200-day moving average price of $101.22.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The semiconductor company reported $1.51 earnings per share for the quarter, topping analysts' consensus estimates of $1.07 by $0.44. The firm had revenue of $407.27 million during the quarter, compared to analyst estimates of $361.97 million. Cirrus Logic had a net margin of 18.15% and a return on equity of 18.38%. The business's quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.12 EPS. As a group, equities research analysts predict that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Cirrus Logic declared that its Board of Directors has initiated a share repurchase plan on Tuesday, May 6th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 9.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Cirrus Logic Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.

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