Equities analysts expect that Cirrus Logic, Inc. (NASDAQ:CRUS) will report earnings per share (EPS) of $0.11 for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Cirrus Logic’s earnings, with the lowest EPS estimate coming in at $0.04 and the highest estimate coming in at $0.15. Cirrus Logic reported earnings per share of $0.51 during the same quarter last year, which would suggest a negative year-over-year growth rate of 78.4%. The company is scheduled to report its next quarterly earnings report after the market closes on Wednesday, May 1st.
According to Zacks, analysts expect that Cirrus Logic will report full year earnings of $2.39 per share for the current fiscal year, with EPS estimates ranging from $2.32 to $2.42. For the next year, analysts expect that the business will post earnings of $2.15 per share, with EPS estimates ranging from $1.73 to $2.67. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Cirrus Logic.
Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, January 30th. The semiconductor company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.13. Cirrus Logic had a return on equity of 11.88% and a net margin of 7.68%. The company had revenue of $324.30 million for the quarter, compared to analyst estimates of $319.37 million. During the same quarter in the previous year, the firm earned $1.59 earnings per share. The firm’s quarterly revenue was down 32.8% compared to the same quarter last year.
CRUS has been the topic of several analyst reports. BidaskClub upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Wednesday, January 16th. Zacks Investment Research upgraded Cirrus Logic from a “sell” rating to a “buy” rating and set a $42.00 target price on the stock in a research note on Friday, February 1st. ValuEngine raised Cirrus Logic from a “hold” rating to a “buy” rating in a report on Friday, March 15th. TheStreet downgraded Cirrus Logic from a “b-” rating to a “c” rating in a report on Friday, February 1st. Finally, Craig Hallum downgraded Cirrus Logic from a “buy” rating to a “hold” rating and lowered their price target for the stock from $44.00 to $38.00 in a report on Thursday, January 31st. Two analysts have rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $42.13.
In related news, VP Randolph K. Carlson sold 10,848 shares of Cirrus Logic stock in a transaction dated Monday, February 4th. The stock was sold at an average price of $37.43, for a total transaction of $406,040.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy R. Dehne sold 3,056 shares of Cirrus Logic stock in a transaction dated Tuesday, February 5th. The stock was sold at an average price of $38.72, for a total value of $118,328.32. The disclosure for this sale can be found here. In the last three months, insiders sold 20,870 shares of company stock valued at $799,247. Corporate insiders own 2.32% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Cardinal Capital Management acquired a new position in shares of Cirrus Logic in the 1st quarter valued at $534,000. American Century Companies Inc. lifted its stake in Cirrus Logic by 22.1% during the 4th quarter. American Century Companies Inc. now owns 212,624 shares of the semiconductor company’s stock worth $7,055,000 after acquiring an additional 38,485 shares in the last quarter. Geode Capital Management LLC lifted its stake in Cirrus Logic by 4.2% during the 4th quarter. Geode Capital Management LLC now owns 814,830 shares of the semiconductor company’s stock worth $27,036,000 after acquiring an additional 32,736 shares in the last quarter. Norges Bank acquired a new position in Cirrus Logic during the 4th quarter worth about $33,900,000. Finally, Public Employees Retirement System of Ohio lifted its stake in Cirrus Logic by 10.6% during the 4th quarter. Public Employees Retirement System of Ohio now owns 3,339 shares of the semiconductor company’s stock worth $111,000 after acquiring an additional 320 shares in the last quarter. 89.38% of the stock is owned by hedge funds and other institutional investors.
CRUS opened at $44.72 on Friday. Cirrus Logic has a 1 year low of $31.25 and a 1 year high of $45.39. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of 12.12, a P/E/G ratio of 2.27 and a beta of 0.60.
Cirrus Logic announced that its Board of Directors has authorized a stock repurchase program on Wednesday, January 30th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the semiconductor company to reacquire up to 8.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
Cirrus Logic Company Profile
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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