Pacer Advisors Inc. Reduces Stock Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Key Points

• Pacer Advisors Inc. has reduced its holdings in Cirrus Logic, Inc. by 69.9%, selling 886,362 shares in the 1st quarter to end with 381,430 shares valued at $38 million.
• Several other institutional investors have increased their stakes, with Norges Bank purchasing a new position worth approximately $58.7 million.
• Cirrus Logic recently reported earnings of $1.67 per share, exceeding analysts' expectations, and approved a stock buyback program of $500 million, indicating potential confidence in the company's value.

Pacer Advisors Inc. decreased its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 69.9% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 381,430 shares of the semiconductor company's stock after selling 886,362 shares during the period. Pacer Advisors Inc. owned about 0.72% of Cirrus Logic worth $38,011,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mariner LLC increased its stake in shares of Cirrus Logic by 32.0% during the fourth quarter. Mariner LLC now owns 6,648 shares of the semiconductor company's stock valued at $662,000 after buying an additional 1,610 shares during the period. New Age Alpha Advisors LLC acquired a new stake in Cirrus Logic in the 4th quarter valued at about $1,407,000. DnB Asset Management AS increased its holdings in shares of Cirrus Logic by 52.1% in the 4th quarter. DnB Asset Management AS now owns 274,672 shares of the semiconductor company's stock valued at $27,352,000 after acquiring an additional 94,088 shares during the last quarter. Man Group plc grew its stake in shares of Cirrus Logic by 4.7% in the 4th quarter. Man Group plc now owns 110,007 shares of the semiconductor company's stock valued at $10,954,000 after purchasing an additional 4,976 shares during the last quarter. Finally, Norges Bank acquired a new position in Cirrus Logic during the fourth quarter worth $58,723,000. Hedge funds and other institutional investors own 87.96% of the company's stock.

Cirrus Logic Price Performance

NASDAQ CRUS traded down $0.22 during trading hours on Wednesday, reaching $104.85. 56,804 shares of the company's stock traded hands, compared to its average volume of 634,693. The firm has a 50-day simple moving average of $103.70 and a 200 day simple moving average of $100.80. Cirrus Logic, Inc. has a 52-week low of $75.83 and a 52-week high of $147.46. The firm has a market cap of $5.38 billion, a PE ratio of 17.46 and a beta of 0.95.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.52. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The company had revenue of $424.46 million for the quarter, compared to analysts' expectations of $380.26 million. During the same quarter in the previous year, the business posted $1.24 earnings per share. Cirrus Logic's quarterly revenue was up 14.2% on a year-over-year basis. Sell-side 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 repurchase plan on Tuesday, May 6th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to repurchase up to 9.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

CRUS has been the subject of a number of research reports. Stifel Nicolaus set a $120.00 price target on Cirrus Logic in a research report on Wednesday, May 7th. Barclays increased their price objective on Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 7th. Finally, Wall Street Zen downgraded shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Saturday. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $128.33.

Insiders Place Their Bets

In other news, EVP Carl Jackson Alberty sold 2,000 shares of Cirrus Logic 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 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Alexander M. Davern sold 1,000 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total value of $105,620.00. Following the completion of the sale, the director 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 three months, insiders have sold 13,000 shares of company stock worth $1,305,620. 1.16% of the stock is 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.