Illinois Municipal Retirement Fund Purchases 15,562 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Illinois Municipal Retirement Fund increased its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 130.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 27,510 shares of the semiconductor company's stock after purchasing an additional 15,562 shares during the quarter. Illinois Municipal Retirement Fund owned approximately 0.05% of Cirrus Logic worth $2,742,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. LSV Asset Management lifted its position in Cirrus Logic by 7.3% during the fourth quarter. LSV Asset Management now owns 2,256,760 shares of the semiconductor company's stock valued at $224,728,000 after buying an additional 154,048 shares during the period. Mackenzie Financial Corp lifted its position in Cirrus Logic by 12.0% during the 4th quarter. Mackenzie Financial Corp now owns 1,835,186 shares of the semiconductor company's stock valued at $182,748,000 after acquiring an additional 196,483 shares during the period. Castlekeep Investment Advisors LLC purchased a new stake in Cirrus Logic in the fourth quarter worth about $170,796,000. Wellington Management Group LLP increased its stake in shares of Cirrus Logic by 4.1% during the fourth quarter. Wellington Management Group LLP now owns 1,643,287 shares of the semiconductor company's stock valued at $163,639,000 after purchasing an additional 65,441 shares in the last quarter. Finally, Earnest Partners LLC increased its stake in shares of Cirrus Logic by 3.5% during the fourth quarter. Earnest Partners LLC now owns 1,364,140 shares of the semiconductor company's stock valued at $135,841,000 after purchasing an additional 46,121 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Trading Down 1.4%

Cirrus Logic stock opened at $105.98 on Monday. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $147.46. The stock has a fifty day simple moving average of $100.71 and a two-hundred day simple moving average of $100.37. The firm has a market cap of $5.44 billion, a price-to-earnings ratio of 17.63 and a beta of 0.94.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.52. The business had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. Cirrus Logic's revenue was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.24 EPS. On average, equities research analysts forecast that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Cirrus Logic announced that its Board of Directors has approved a share buyback plan on Tuesday, May 6th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's management believes its shares are undervalued.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total value of $105,620.00. Following the transaction, the director now owns 20,907 shares of the company's stock, valued at approximately $2,208,197.34. This represents a 4.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Carl Jackson Alberty sold 2,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the transaction, the executive vice president now directly owns 41,645 shares in the company, valued at $4,164,500. The trade was a 4.58% 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 worth $1,305,620 over the last quarter. Company insiders own 1.16% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Barclays upped their price target on Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. Stifel Nicolaus set a $120.00 price target on Cirrus Logic in a report on Wednesday, May 7th. Benchmark reaffirmed a "buy" rating and issued a $125.00 price target on shares of Cirrus Logic in a research report on Wednesday, March 19th. Finally, Wall Street Zen downgraded shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Thursday, June 5th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Cirrus Logic has an average rating of "Moderate Buy" and a consensus target price of $128.33.

Cirrus Logic Company 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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