Van ECK Associates Corp Boosts Stake in Cirrus Logic, Inc. $CRUS

Key Points

• Van ECK Associates increased its Cirrus Logic stake by 19.7% in the second quarter, owning 90,637 shares valued at approximately $13.5 million. Institutional investors and hedge funds collectively own 87.96% of the company.
• Cirrus Logic reported quarterly EPS of $1.84, exceeding the $1.81 consensus estimate, while revenue rose 12.9% year over year to $459.72 million.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and a $150.71 price target, while shares opened at $109.51, near their 52-week low of $108.08.

Van ECK Associates Corp lifted its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 19.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 90,637 shares of the semiconductor company's stock after acquiring an additional 14,938 shares during the period. Van ECK Associates Corp owned 0.18% of Cirrus Logic worth $13,462,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Royal Bank of Canada boosted its holdings in shares of Cirrus Logic by 92.3% in the first quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company's stock valued at $7,189,000 after acquiring an additional 34,629 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Cirrus Logic by 24.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company's stock valued at $132,000 after purchasing an additional 263 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Cirrus Logic by 4.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company's stock valued at $21,372,000 after purchasing an additional 9,658 shares in the last quarter. Focus Partners Wealth purchased a new stake in Cirrus Logic in the 1st quarter valued at approximately $361,000. Finally, Geneos Wealth Management Inc. increased its position in Cirrus Logic by 95.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company's stock worth $47,000 after purchasing an additional 232 shares during the period. 87.96% of the stock is owned by institutional investors and hedge funds.

Cirrus Logic Stock Up 0.9%

CRUS opened at $109.51 on Tuesday. The firm has a market cap of $5.49 billion, a P/E ratio of 13.40 and a beta of 1.18. Cirrus Logic, Inc. has a 52 week low of $108.08 and a 52 week high of $180.42. The business's fifty day simple moving average is $132.73 and its 200 day simple moving average is $147.33.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.03. The business had revenue of $459.72 million for the quarter, compared to the consensus estimate of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The company's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.51 earnings per share. As a group, equities analysts expect that Cirrus Logic, Inc. will post 7.32 EPS for the current fiscal year.

Insider Buying and Selling

In other Cirrus Logic news, EVP Scott Thomas sold 1,300 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total value of $234,052.00. Following the sale, the executive vice president directly owned 31,048 shares of the company's stock, valued at approximately $5,589,881.92. This trade represents a 4.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the company's stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $144.71, for a total transaction of $935,405.44. Following the transaction, the executive vice president directly owned 7,203 shares of the company's stock, valued at approximately $1,042,346.13. This represents a 47.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 12,724 shares of company stock worth $1,878,143. 1.20% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have recently commented on CRUS shares. KeyCorp reduced their price target on Cirrus Logic from $190.00 to $170.00 and set an "overweight" rating for the company in a report on Thursday, August 6th. Zacks Research cut Cirrus Logic from a "hold" rating to a "strong sell" rating in a report on Friday, August 14th. Wall Street Zen downgraded Cirrus Logic from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Stifel Nicolaus lowered their price objective on shares of Cirrus Logic from $197.00 to $160.00 and set a "buy" rating on the stock in a research note on Thursday, August 6th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Five equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Cirrus Logic presently has a consensus rating of "Hold" and a consensus target price of $150.71.

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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