LSV Asset Management Has $239.40 Million Stake in Cirrus Logic, Inc. (NASDAQ:CRUS)

Key Points

• LSV Asset Management increased its holdings in Cirrus Logic, Inc. by 6.4%, bringing its total shares owned to 2,402,284, valued at approximately $239.4 million.
• Cirrus Logic recently announced a $500 million stock repurchase plan, which signals management's belief that the stock may be undervalued.
• According to analysts, Cirrus Logic reported $1.67 earnings per share for the last quarter, exceeding expectations, with an anticipated earnings per share of 5.63 for the current year.

LSV Asset Management increased its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 6.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,402,284 shares of the semiconductor company's stock after purchasing an additional 145,524 shares during the quarter. LSV Asset Management owned approximately 4.52% of Cirrus Logic worth $239,400,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Baker Avenue Asset Management LP bought a new stake in Cirrus Logic in the first quarter worth $251,000. US Bancorp DE boosted its stake in shares of Cirrus Logic by 245.8% during the 1st quarter. US Bancorp DE now owns 4,662 shares of the semiconductor company's stock worth $465,000 after purchasing an additional 3,314 shares during the period. Natixis Advisors LLC grew its holdings in Cirrus Logic by 20.2% during the 1st quarter. Natixis Advisors LLC now owns 132,225 shares of the semiconductor company's stock valued at $13,177,000 after purchasing an additional 22,260 shares during the last quarter. Letko Brosseau & Associates Inc. lifted its stake in Cirrus Logic by 0.4% in the first quarter. Letko Brosseau & Associates Inc. now owns 447,989 shares of the semiconductor company's stock worth $44,644,000 after purchasing an additional 1,990 shares during the last quarter. Finally, Bayforest Capital Ltd boosted its position in shares of Cirrus Logic by 923.2% during the first quarter. Bayforest Capital Ltd now owns 6,743 shares of the semiconductor company's stock valued at $672,000 after buying an additional 6,084 shares during the period. 87.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, EVP Carl Jackson Alberty sold 2,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the transaction, the executive vice president owned 41,645 shares of the company's stock, valued at $4,164,500. This trade represents a 4.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total transaction of $105,620.00. Following the completion of the transaction, the director directly owned 20,907 shares of the company's stock, valued at $2,208,197.34. This trade represents a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,000 shares of company stock valued at $1,305,620. Company insiders own 1.16% of the company's stock.

Cirrus Logic Trading Down 6.8%

Shares of NASDAQ CRUS traded down $7.13 during midday trading on Wednesday, reaching $97.85. 1,335,044 shares of the company were exchanged, compared to its average volume of 644,797. Cirrus Logic, Inc. has a 1 year low of $75.83 and a 1 year high of $147.46. The stock has a fifty day simple moving average of $103.88 and a 200 day simple moving average of $100.88. The stock has a market cap of $5.02 billion, a P/E ratio of 16.33 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its earnings results on Tuesday, August 5th. The semiconductor company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.44. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. The company had revenue of $407.27 million for the quarter, compared to analyst estimates of $361.97 million. During the same quarter in the prior year, the company earned $1.12 earnings per share. Cirrus Logic's revenue was up 8.9% compared to the same quarter last year. As a group, analysts forecast that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Cirrus Logic announced that its Board of Directors has initiated a stock repurchase program on Tuesday, May 6th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Stifel Nicolaus set a $120.00 price objective on Cirrus Logic in a research report on Wednesday, May 7th. Barclays raised their target price on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Finally, Wall Street Zen raised Cirrus Logic from a "buy" rating to a "strong-buy" rating in a research report on Sunday. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target 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.