Ontario Teachers Pension Plan Board Raises Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Key Points

• The Ontario Teachers Pension Plan Board increased its holdings in Cirrus Logic, Inc. by 45.3%, owning 42,195 shares worth approximately $4.21 million at the end of the first quarter.
• Cirrus Logic reported $1.67 EPS for the last quarter, exceeding analysts' expectations of $1.15, with a revenue of $424.46 million, up 14.2% year-over-year.
• Analysts have generally rated Cirrus Logic positively, with a consensus rating of "Buy" and an average price target of $128.33.

Ontario Teachers Pension Plan Board grew its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 45.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 42,195 shares of the semiconductor company's stock after purchasing an additional 13,151 shares during the quarter. Ontario Teachers Pension Plan Board owned approximately 0.08% of Cirrus Logic worth $4,205,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in CRUS. Arrowstreet Capital Limited Partnership purchased a new position in Cirrus Logic during the 4th quarter valued at about $1,691,000. O Shaughnessy Asset Management LLC lifted its holdings in Cirrus Logic by 7.3% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 6,986 shares of the semiconductor company's stock worth $696,000 after buying an additional 475 shares during the period. Geode Capital Management LLC grew its position in shares of Cirrus Logic by 2.9% in the 4th quarter. Geode Capital Management LLC now owns 1,171,483 shares of the semiconductor company's stock worth $116,684,000 after buying an additional 33,204 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Cirrus Logic during the fourth quarter valued at approximately $39,000. Finally, Aviva PLC increased its stake in shares of Cirrus Logic by 20.2% during the fourth quarter. Aviva PLC now owns 5,818 shares of the semiconductor company's stock valued at $579,000 after buying an additional 976 shares during the period. Institutional investors own 87.96% of the company's stock.

Cirrus Logic Trading Up 3.2%

CRUS traded up $3.18 during trading on Friday, reaching $103.82. The stock had a trading volume of 508,682 shares, compared to its average volume of 560,066. The company has a market capitalization of $5.33 billion, a price-to-earnings ratio of 16.25 and a beta of 0.92. The stock's 50 day moving average is $103.95 and its two-hundred day moving average is $100.88. Cirrus Logic, Inc. has a one year low of $75.83 and a one year high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.52. Cirrus Logic had a net margin of 18.15% and a return on equity of 18.38%. The company had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. During the same period last year, the business earned $1.24 EPS. Cirrus Logic's quarterly revenue was up 14.2% compared to the same quarter last year. On average, 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 authorized a stock repurchase plan on Tuesday, May 6th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the semiconductor company to repurchase up to 9.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several research firms recently weighed in on CRUS. Barclays lifted their price target on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Wall Street Zen raised shares of Cirrus Logic from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 3rd. Finally, Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a research report on Wednesday, May 7th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Cirrus Logic presently has a consensus rating of "Buy" and a consensus price target of $121.00.

Insiders Place Their Bets

In related news, EVP Carl Jackson Alberty sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the sale, the executive vice president owned 41,645 shares in the company, valued at $4,164,500. This represents a 4.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $1,000,000.00. Following the transaction, the executive vice president directly owned 14,001 shares of the company's stock, valued at approximately $1,400,100. This trade represents a 41.66% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,000 shares of company stock worth $1,305,620. 1.16% of the stock is currently owned by company insiders.

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.