M&T Bank Corp Has $1.31 Million Holdings in Cirrus Logic, Inc. $CRUS

Key Points

• M&T Bank increased its stake in Cirrus Logic by 479% in the fourth quarter, buying 9,164 shares to hold 11,077 shares worth about $1.31 million at period end.
• Insiders sold a total of 37,987 shares (~$5.43M) in the last quarter (including two EVPs), while company insiders own 1.16% and institutional investors own 87.96% of the stock.
• Analysts maintain a consensus rating of "Moderate Buy" with an average target of $152.14 after several price-target upgrades, and Cirrus recently beat quarterly estimates (EPS $2.97 vs. $2.37) as the stock trades near $157 with a market cap of about $8.02B.

M&T Bank Corp lifted its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 479.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,077 shares of the semiconductor company's stock after buying an additional 9,164 shares during the period. M&T Bank Corp's holdings in Cirrus Logic were worth $1,313,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Vanguard Group Inc. grew its position in Cirrus Logic by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company's stock worth $829,724,000 after acquiring an additional 268,560 shares during the last quarter. Earnest Partners LLC grew its position in Cirrus Logic by 0.8% during the 3rd quarter. Earnest Partners LLC now owns 1,348,710 shares of the semiconductor company's stock worth $168,980,000 after acquiring an additional 10,750 shares during the last quarter. Sei Investments Co. grew its position in Cirrus Logic by 2.2% during the 3rd quarter. Sei Investments Co. now owns 926,958 shares of the semiconductor company's stock worth $116,140,000 after acquiring an additional 20,381 shares during the last quarter. Royce & Associates LP boosted its position in Cirrus Logic by 5.1% in the 3rd quarter. Royce & Associates LP now owns 713,999 shares of the semiconductor company's stock valued at $89,457,000 after buying an additional 34,839 shares during the last quarter. Finally, DNB Asset Management AS boosted its position in Cirrus Logic by 5.5% in the 3rd quarter. DNB Asset Management AS now owns 532,180 shares of the semiconductor company's stock valued at $66,677,000 after buying an additional 27,706 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Cirrus Logic news, EVP Justin E. Dougherty sold 3,000 shares of Cirrus Logic stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $143.16, for a total value of $429,480.00. Following the sale, the executive vice president owned 5,876 shares of the company's stock, valued at $841,208.16. This trade represents a 33.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott Thomas sold 9,942 shares of Cirrus Logic stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $160.11, for a total value of $1,591,813.62. Following the completion of the sale, the executive vice president directly owned 30,393 shares in the company, valued at $4,866,223.23. This represents a 24.65% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 37,987 shares of company stock valued at $5,427,114. 1.16% of the stock is owned by company insiders.

Analyst Ratings Changes

CRUS has been the topic of a number of recent research reports. Benchmark increased their price objective on Cirrus Logic from $150.00 to $160.00 and gave the company a "buy" rating in a research report on Wednesday, February 4th. Stifel Nicolaus increased their price objective on Cirrus Logic from $163.00 to $175.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. KeyCorp increased their price objective on Cirrus Logic from $150.00 to $175.00 and gave the company an "overweight" rating in a research report on Monday, April 6th. Zacks Research lowered Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research report on Monday. Finally, Loop Capital downgraded Cirrus Logic from a "buy" rating to a "hold" rating and set a $130.00 price target on the stock. in a research note on Monday, February 2nd. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $152.14.

Cirrus Logic Trading Down 3.2%

Shares of Cirrus Logic stock opened at $157.29 on Thursday. The company has a market capitalization of $8.02 billion, a PE ratio of 20.72 and a beta of 1.08. Cirrus Logic, Inc. has a 12 month low of $91.32 and a 12 month high of $175.77. The stock's fifty day simple moving average is $148.00 and its 200 day simple moving average is $133.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings data on Tuesday, February 3rd. The semiconductor company reported $2.97 EPS for the quarter, topping the consensus estimate of $2.37 by $0.60. The business had revenue of $580.62 million for the quarter, compared to the consensus estimate of $531.43 million. Cirrus Logic had a return on equity of 20.41% and a net margin of 20.47%.The firm's revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.51 EPS. Analysts predict that Cirrus Logic, Inc. will post 7.76 EPS for the current fiscal year.

Cirrus Logic Company 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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