Greylin Investment Mangement Inc. cut its position in Cisco Systems, Inc. (NASDAQ:CSCO) by 1.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 46,414 shares of the network equipment provider’s stock after selling 450 shares during the period. Cisco Systems comprises 0.5% of Greylin Investment Mangement Inc.’s portfolio, making the stock its 29th largest holding. Greylin Investment Mangement Inc.’s holdings in Cisco Systems were worth $2,293,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Lord Abbett & CO. LLC increased its stake in shares of Cisco Systems by 0.8% in the 4th quarter. Lord Abbett & CO. LLC now owns 6,155,166 shares of the network equipment provider’s stock valued at $266,703,000 after buying an additional 46,385 shares during the period. Semmax Financial Advisors Inc. acquired a new stake in shares of Cisco Systems in the 4th quarter valued at $126,000. Foresters Investment Management Company Inc. increased its stake in shares of Cisco Systems by 0.7% in the 4th quarter. Foresters Investment Management Company Inc. now owns 1,439,475 shares of the network equipment provider’s stock valued at $62,372,000 after buying an additional 9,600 shares during the period. Cohen & Steers Inc. acquired a new stake in shares of Cisco Systems in the 4th quarter valued at $51,000. Finally, Stamos Capital Partners L.P. acquired a new stake in shares of Cisco Systems in the 4th quarter valued at $2,496,000. 73.31% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently issued reports on CSCO. Barclays began coverage on Cisco Systems in a research report on Wednesday, August 7th. They issued an “equal weight” rating and a $52.00 price target on the stock. Raymond James restated an “overweight” rating on shares of Cisco Systems in a research report on Friday, August 16th. Nomura raised their price target on Cisco Systems from $50.00 to $53.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Evercore ISI began coverage on Cisco Systems in a research report on Wednesday, September 11th. They issued an “outperform” rating and a $60.00 price target on the stock. Finally, KeyCorp reduced their price target on Cisco Systems from $60.00 to $56.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $56.04.
In other news, EVP Mark D. Chandler sold 10,733 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $50.05, for a total value of $537,186.65. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Charles Robbins sold 18,955 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $50.04, for a total value of $948,508.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 193,130 shares of company stock worth $9,359,179. Corporate insiders own 0.03% of the company’s stock.
CSCO stock traded up $0.90 during midday trading on Friday, hitting $47.05. 1,330,114 shares of the company’s stock were exchanged, compared to its average volume of 19,983,844. The stock’s fifty day moving average price is $48.15 and its 200-day moving average price is $53.22. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.46 and a current ratio of 1.51. The company has a market cap of $196.94 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 2.24 and a beta of 1.28. Cisco Systems, Inc. has a one year low of $40.25 and a one year high of $58.26.
Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Wednesday, August 14th. The network equipment provider reported $0.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.01. The firm had revenue of $13.43 billion for the quarter, compared to analyst estimates of $13.39 billion. Cisco Systems had a return on equity of 32.43% and a net margin of 22.39%. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 earnings per share. On average, analysts expect that Cisco Systems, Inc. will post 3.05 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Friday, October 4th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $1.40 annualized dividend and a yield of 2.98%. Cisco Systems’s dividend payout ratio is presently 49.12%.
About Cisco Systems
Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry worldwide. The company offers switching products; routing products that interconnect public and private wireline and mobile networks; data center products; and wireless access points for use in voice, video, and data applications.
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