The Manufacturers Life Insurance Company Invests $5.82 Million in Cirrus Logic, Inc. $CRUS

The Manufacturers Life Insurance Company purchased a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 39,205 shares of the semiconductor company’s stock, valued at approximately $5,823,000. The Manufacturers Life Insurance Company owned approximately 0.08% of Cirrus Logic at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in CRUS. BlackRock Inc. acquired a new position in Cirrus Logic during the second quarter valued at approximately $840,638,000. LSV Asset Management increased its stake in shares of Cirrus Logic by 1.0% in the 4th quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock valued at $279,215,000 after purchasing an additional 23,703 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in shares of Cirrus Logic by 0.7% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,578,555 shares of the semiconductor company’s stock valued at $187,059,000 after purchasing an additional 11,307 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Cirrus Logic by 6.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company’s stock worth $192,055,000 after buying an additional 83,897 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its holdings in shares of Cirrus Logic by 33.5% during the 4th quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock worth $127,224,000 after buying an additional 269,391 shares in the last quarter. 87.96% of the stock is owned by institutional investors.

Cirrus Logic Stock Performance

Shares of CRUS opened at $109.51 on Tuesday. Cirrus Logic, Inc. has a 52 week low of $108.08 and a 52 week high of $180.42. The stock has a market capitalization of $5.49 billion, a price-to-earnings ratio of 13.40 and a beta of 1.18. The stock has a fifty day moving average of $132.73 and a 200-day moving average of $147.33.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The business had revenue of $459.72 million for the quarter, compared to analyst estimates of $460.32 million. During the same quarter in the previous year, the company posted $1.51 EPS. Cirrus Logic’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, equities analysts forecast that Cirrus Logic, Inc. will post 7.32 EPS for the current year.

Insider Activity

In related news, EVP Jeffrey W. Baumgartner sold 1,166 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $117.89, for a total value of $137,459.74. Following the completion of the transaction, the executive vice president owned 14,073 shares in the company, valued at $1,659,065.97. This trade represents a 7.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Scott Thomas sold 1,300 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total transaction of $234,052.00. Following the sale, the executive vice president owned 31,048 shares in the company, valued at approximately $5,589,881.92. This represents a 4.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 12,724 shares of company stock valued at $1,878,143. 1.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently weighed in on CRUS. Barclays reduced their price objective on Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 6th. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Zacks Research cut shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Stifel Nicolaus reduced their price target on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $150.71.

Cirrus Logic Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.