Wall Street analysts forecast that Cirrus Logic, Inc. (NASDAQ:CRUS) will report earnings per share (EPS) of $0.11 for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Cirrus Logic’s earnings, with estimates ranging from $0.04 to $0.15. Cirrus Logic posted earnings per share of $0.51 in the same quarter last year, which indicates a negative year-over-year growth rate of 78.4%. The business is expected to report its next earnings results after the market closes on Wednesday, May 1st.
On average, 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 financial year, analysts expect that the company will report earnings of $2.15 per share, with EPS estimates ranging from $1.73 to $2.67. Zacks’ earnings per share calculations are a mean average based on a survey of 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 EPS for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.13. Cirrus Logic had a net margin of 7.68% and a return on equity of 11.88%. The company had revenue of $324.30 million during the quarter, compared to analysts’ expectations of $319.37 million. During the same quarter in the prior year, the company posted $1.59 earnings per share. Cirrus Logic’s revenue for the quarter was down 32.8% compared to the same quarter last year.
A number of research firms recently commented on CRUS. Zacks Investment Research raised shares of Cirrus Logic from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 2nd. ValuEngine cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Friday, January 4th. BidaskClub raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a report on Wednesday, January 16th. Craig Hallum cut shares of Cirrus Logic from a “buy” rating to a “hold” rating and decreased their price target for the stock from $44.00 to $38.00 in a report on Thursday, January 31st. Finally, TheStreet cut shares of Cirrus Logic from a “b-” rating to a “c” rating in a report on Friday, February 1st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company currently 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 the firm’s stock in a transaction on Monday, February 4th. The shares were sold at an average price of $37.43, for a total transaction of $406,040.64. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Scott Arnold Anderson sold 6,966 shares of the firm’s stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $39.46, for a total transaction of $274,878.36. The disclosure for this sale can be found here. Insiders sold 20,870 shares of company stock worth $799,247 in the last quarter. Company insiders own 2.32% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its position in Cirrus Logic by 14.0% during the third quarter. Bank of New York Mellon Corp now owns 1,450,817 shares of the semiconductor company’s stock valued at $56,000,000 after buying an additional 177,692 shares during the period. Martingale Asset Management L P grew its position in Cirrus Logic by 28.2% during the third quarter. Martingale Asset Management L P now owns 52,245 shares of the semiconductor company’s stock valued at $2,017,000 after buying an additional 11,502 shares during the period. Virtu Financial LLC acquired a new stake in shares of Cirrus Logic in the third quarter valued at about $363,000. Dimensional Fund Advisors LP grew its position in shares of Cirrus Logic by 6.8% in the third quarter. Dimensional Fund Advisors LP now owns 2,272,031 shares of the semiconductor company’s stock valued at $87,699,000 after purchasing an additional 144,179 shares during the period. Finally, Franklin Resources Inc. acquired a new stake in shares of Cirrus Logic in the third quarter valued at about $20,366,000. Institutional investors own 89.42% of the company’s stock.
NASDAQ:CRUS traded up $0.33 during midday trading on Friday, reaching $46.55. 20,246 shares of the stock traded hands, compared to its average volume of 538,638. Cirrus Logic has a 12-month low of $31.25 and a 12-month high of $46.34. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 2.31 and a beta of 0.60.
Cirrus Logic declared that its board has initiated a share buyback program on Wednesday, January 30th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the semiconductor company to buy up to 8.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is 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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