Letko Brosseau & Associates Inc. Has $44.41 Million Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Letko Brosseau & Associates Inc. boosted its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 3.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 445,999 shares of the semiconductor company’s stock after buying an additional 13,700 shares during the period. Letko Brosseau & Associates Inc.’s holdings in Cirrus Logic were worth $44,413,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. LSV Asset Management grew its position in shares of Cirrus Logic by 7.3% in the 4th quarter. LSV Asset Management now owns 2,256,760 shares of the semiconductor company’s stock valued at $224,728,000 after acquiring an additional 154,048 shares during the period. Castlekeep Investment Advisors LLC acquired a new stake in shares of Cirrus Logic during the 4th quarter worth about $170,796,000. Wellington Management Group LLP lifted its stake in shares of Cirrus Logic by 4.1% during the 4th quarter. Wellington Management Group LLP now owns 1,643,287 shares of the semiconductor company’s stock worth $163,639,000 after buying an additional 65,441 shares during the last quarter. Earnest Partners LLC lifted its stake in shares of Cirrus Logic by 3.5% during the 4th quarter. Earnest Partners LLC now owns 1,364,140 shares of the semiconductor company’s stock worth $135,841,000 after buying an additional 46,121 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its stake in shares of Cirrus Logic by 44.0% during the 4th quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company’s stock worth $126,247,000 after buying an additional 387,346 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Barclays lifted their price objective on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 7th. Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic in a research note on Wednesday. Finally, Benchmark reiterated a “buy” rating and issued a $125.00 price objective on shares of Cirrus Logic in a research note on Wednesday, March 19th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $128.33.

Cirrus Logic Price Performance

NASDAQ CRUS opened at $100.55 on Monday. Cirrus Logic, Inc. has a 1 year low of $75.83 and a 1 year high of $147.46. The firm has a market cap of $5.34 billion, a price-to-earnings ratio of 18.25 and a beta of 0.92. The company has a fifty day moving average price of $94.79 and a 200-day moving average price of $101.13.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.52. The company had revenue of $424.46 million for the quarter, compared to analysts’ expectations of $380.26 million. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. Cirrus Logic’s revenue was up 14.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.24 EPS. On average, research analysts anticipate that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Cirrus Logic declared that its Board of Directors has approved a share buyback program on Tuesday, May 6th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 9.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

About Cirrus Logic

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.