UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Lowers Stake in Cirrus Logic, Inc. $CRUS

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 15.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 351,409 shares of the semiconductor company’s stock after selling 63,272 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.70% of Cirrus Logic worth $52,195,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CRUS. BlackRock Inc. purchased a new position in Cirrus Logic in the 2nd quarter worth approximately $840,638,000. LSV Asset Management lifted its stake in shares of Cirrus Logic by 1.0% in the 4th quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock worth $279,215,000 after purchasing an additional 23,703 shares during the period. Fuller & Thaler Asset Management Inc. raised its position in Cirrus Logic by 0.7% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,578,555 shares of the semiconductor company’s stock worth $187,059,000 after acquiring an additional 11,307 shares during the period. Dimensional Fund Advisors LP raised its holdings in Cirrus Logic by 6.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company’s stock worth $192,055,000 after purchasing an additional 83,897 shares during the period. Finally, Bank of America Corp DE purchased a new position in shares of Cirrus Logic during the 2nd quarter valued at about $168,329,000. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Cirrus Logic Stock Up 3.7%

Cirrus Logic stock opened at $113.06 on Thursday. The firm has a market cap of $5.67 billion, a P/E ratio of 13.84 and a beta of 1.16. Cirrus Logic, Inc. has a twelve month low of $106.26 and a twelve month high of $180.42. The business has a fifty day moving average of $130.87 and a two-hundred day moving average of $146.90.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results 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. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The company had revenue of $459.72 million for the quarter, compared to analyst estimates of $460.32 million. During the same quarter in the previous year, the firm earned $1.51 earnings per share. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. Equities analysts expect that Cirrus Logic, Inc. will post 7.32 earnings per share for the current year.

Insider Buying and Selling at Cirrus Logic

In related news, EVP Andrew Brannan sold 6,464 shares of Cirrus Logic stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the sale, the executive vice president directly owned 7,203 shares in the company, valued at $1,042,346.13. This trade represents a 47.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 1,166 shares of Cirrus Logic stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $117.89, for a total transaction of $137,459.74. Following the sale, the executive vice president owned 14,073 shares of the company’s stock, valued at $1,659,065.97. The trade was a 7.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 11,424 shares of company stock valued at $1,644,091. Company insiders own 1.20% of the company’s stock.

Analyst Upgrades and Downgrades

CRUS has been the topic of a number of analyst reports. Zacks Research cut shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Barclays decreased their price objective on Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a report on Thursday, August 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Wall Street Zen downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, KeyCorp decreased their price objective on shares of Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating for the company in a research note on Thursday, August 6th. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cirrus Logic currently has an average 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.