Amalgamated Bank, a prominent financial institution, recently made headlines with its decision to reduce its ownership in Cirrus Logic, Inc. by 21.4%. The bank disclosed this information in its latest Form 13F filing with the Securities and Exchange Commission, indicating a selling off of 10,352 shares during the first quarter. This move lowered Amalgamated Bank’s stake in the semiconductor company to 37,941 shares. As per their most recent SEC filing, these shares are valued at $4,150,000.
Cirrus Logic (NASDAQ:CRUS) recently announced its first quarter earnings results on May 4th, attracting significant attention from investors and analysts alike. Surpassing market expectations, the semiconductor giant reported earnings per share (EPS) of $0.60 for the quarter—exceeding the consensus estimate by $0.06 per share.
Impressively, Cirrus Logic demonstrated a net margin of 9.31% and a return on equity of 18.07%. These strong financial indicators indicate that despite Amalgamated Bank’s reduction in stake ownership, Cirrus Logic possesses potential for sustained growth and profitability.
In terms of revenue generation during the first quarter, Cirrus Logic performed admirably with $372.82 million—a performance that outshone analyst estimates by approximately $3.5 million.
Industry experts speculate that Cirrus Logic is well-positioned for future growth due to its consistent track record of generating robust revenues while exceeding earnings expectations. Analysts predict that this trend will continue throughout the current fiscal year and estimate an impressive earnings per share figure of 3.92.
For those interested in exploring additional hedge fund activity surrounding Cirrus Logic stock (NASDAQ:CRUS), HoldingsChannel.com offers valuable insights into recent filings as well as insider trades associated with this renowned semiconductor company.
As on July 28th, 2023 it is essential for investors to remain informed and well-versed in the latest updates within dynamic financial markets. Monitoring companies such as Cirrus Logic, Inc. and gaining insight into their ownership alterations can potentially impact investment decisions.
While Amalgamated Bank chose to scale back its stake in Cirrus Logic, it is important for investors to evaluate the motivations behind such moves, weighing various factors to establish an informed perspective on potential investing opportunities.
Overall, Cirrus Logic continues to exhibit strength within the semiconductor industry, delivering solid financial performances that exceed expectations. As investors gauge their portfolios and seek out advantageous prospects, staying up-to-date with hedge fund holdings and insider trading activities can offer valuable insights when making critical investment decisions.
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Hedge Fund Positions and Analyst Ratings: An Overview of Cirrus Logic, Inc.
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”CRUS” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Cirrus Logic, Inc. is a prominent fabless semiconductor company that specializes in developing cutting-edge, low-power, high-precision mixed-signal processing solutions. With operations spanning across China, the United States, and several international markets, Cirrus Logic has established itself as a key player in the semiconductor industry.
Recently, there have been significant changes in the positions of various hedge funds regarding their holdings in Cirrus Logic. Canton Hathaway LLC acquired shares of Cirrus Logic during the first quarter, with an approximate value of $27,000. Similarly, Ameritas Advisory Services LLC also acquired a position in the company during the same period with shares valued at about $35,000.
In addition to these acquisitions, Denali Advisors LLC witnessed a remarkable growth in its stake of Cirrus Logic by 33.3% during the fourth quarter. This growth translated into Denali Advisors now owning 400 shares of Cirrus Logic’s stock valued at $30,000 after purchasing an additional 100 shares.
Covington Capital Management also experienced substantial growth in its holdings in Cirrus Logic during the third quarter. With an increase of 100%, Covington Capital Management now owns 400 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 200 shares.
Furthermore, Quadrant Capital Group LLC saw a significant increase of 111.2% in its holdings of Cirrus Logic during the fourth quarter. As a result of this growth, Quadrant Capital Group LLC now owns 530 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 279 shares.
It is worth noting that institutional investors and hedge funds currently own approximately 93.92% of Cirrus Logic’s stock.
At present, shares of CRUS stock opened at $79.45 on Friday. The company boasts a market capitalization worth $4.35 billion and maintains a price-to-earnings ratio of 25.88. The P/E/G ratio stands at 12.61, implying a high degree of growth expectation relative to the market. Additionally, the beta is recorded at 0.96.
Over the past year, Cirrus Logic has seen its stock trade between a low of $61.94 and a high of $111.15, showcasing fluctuations in investor sentiment and general market conditions.
Having observed these developments in the hedge fund positions and evaluated its current market performance, it is essential to consider the opinions and analyses provided by research analysts.
Various research reports have been issued on shares of Cirrus Logic recently. Susquehanna reduced their price objective from $95.00 to $90.00 while maintaining a “positive” rating for the company in their report published on Tuesday.
Similarly, TD Cowen trimmed their price target to $100.00 from $110.00 and upheld an “outperform” rating on the firm’s stock in a report released on Friday, May 5th.
Moreover, KeyCorp also reduced their price target to $110.00 from $120.00 but reiterated an “overweight” rating for Cirrus Logic’s stock in a report dated Monday, April 24th.
Furthermore, Stifel Nicolaus cut their price target from $108.00 to $105.00 while issuing a “buy” rating on the shares in their report published on Wednesday, April 19th.
Lastly, Loop Capital downgraded Cirrus Logic’s shares from a “buy” rating to a “hold” rating and slashed their price target from $92.00 to $80.00 in a report released on Monday, May 22nd.
According to Bloomberg analysts’ consensus ratings data, Cirrus Logic has an average rating of “Moderate Buy,” alongside an average price target set at $100.50.
In conclusion, Cirrus Logic, Inc. is a leading fabless semiconductor company that specializes in developing low-power, high-precision mixed-signal processing solutions. Recent changes in hedge fund positions have demonstrated an increased interest and investment in the company’s stock.
As Cirrus Logic continues to innovate and expand its portfolio of audio products, such as codecs components and smart codecs, it is poised to create newer opportunities and enhance user experiences across multiple sectors.
Investors should closely monitor these developments and consider the insights provided by research analysts when evaluating their investment choices.
