Today, Cirrus Logic Inc. (CRUS) Stake Boosted by Advisors Asset Management Inc.

Today, Cirrus Logic Inc. (CRUS) Stake Boosted by Advisors Asset Management Inc.
Advisors Asset Management Inc. increased its stake in Cirrus Logic Inc. (NASDAQ:CRUS) by 27.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,484 shares of the company’s stock after buying an additional 3,116 shares during the period. Advisors Asset Management Inc.’s holdings in Cirrus Logic were worth $770,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Fund Advisors increased its position in Cirrus Logic by 0.9% in the second quarter. BlackRock Fund Advisors now owns 3,962,562 shares of the company’s stock valued at $153,708,000 after buying an additional 35,325 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Cirrus Logic by 1.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,443,895 shares of the company’s stock valued at $94,797,000 after buying an additional 34,464 shares in the last quarter. State Street Corp increased its position in Cirrus Logic by 0.9% in the second quarter. State Street Corp now owns 1,415,098 shares of the company’s stock valued at $54,889,000 after buying an additional 11,969 shares in the last quarter. Bank of New York Mellon Corp increased its position in Cirrus Logic by 20.8% in the second quarter. Bank of New York Mellon Corp now owns 1,282,897 shares of the company’s stock valued at $49,764,000 after buying an additional 220,708 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in Cirrus Logic by 22.6% in the second quarter. Ameriprise Financial Inc. now owns 1,220,749 shares of the company’s stock valued at $47,354,000 after buying an additional 225,212 shares in the last quarter. 87.61% of the stock is currently owned by institutional investors.

Cirrus Logic Inc. (NASDAQ:CRUS) traded down 0.48% on Friday, reaching $57.47. 475,474 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $54.78 and a 200-day moving average of $46.73. The stock has a market cap of $3.66 billion, a price-to-earnings ratio of 25.34 and a beta of 0.29. Cirrus Logic Inc. has a one year low of $25.09 and a one year high of $59.50.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Thursday, October 27th. The company reported $1.35 EPS for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.30. Cirrus Logic had a net margin of 11.78% and a return on equity of 18.83%. The company had revenue of $428.62 million for the quarter, compared to analysts’ expectations of $396.75 million. During the same quarter in the prior year, the company posted $0.65 earnings per share. Cirrus Logic’s revenue for the quarter was up 39.7% compared to the same quarter last year. Equities research analysts forecast that Cirrus Logic Inc. will post $4.09 EPS for the current fiscal year.

CRUS has been the topic of several recent analyst reports. Pacific Crest reaffirmed an “equal weight” rating on shares of Cirrus Logic in a research note on Monday, August 29th. Zacks Investment Research downgraded shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 27th. Craig Hallum initiated coverage on shares of Cirrus Logic in a research note on Monday. They issued a “hold” rating and a $60.00 price target on the stock. Stifel Nicolaus raised their price target on shares of Cirrus Logic from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Thursday, September 8th. Finally, Canaccord Genuity raised their price target on shares of Cirrus Logic from $56.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, September 20th. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $54.36.

In other news, VP Scott Thomas sold 25,847 shares of the stock in a transaction dated Tuesday, November 8th. The shares were sold at an average price of $56.25, for a total transaction of $1,453,893.75. Following the sale, the vice president now owns 51,110 shares of the company’s stock, valued at $2,874,937.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Alan R. Schuele sold 7,500 shares of the stock in a transaction dated Friday, November 18th. The stock was sold at an average price of $57.50, for a total transaction of $431,250.00. Following the sale, the director now directly owns 15,609 shares in the company, valued at approximately $897,517.50. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by company insiders.

Cirrus Logic Company Profile

Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.

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