Russell Investments Group Ltd. cut its holdings in Cypress Semiconductor Co. (NASDAQ:CY) by 25.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 248,337 shares of the semiconductor company’s stock after selling 83,010 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.07% of Cypress Semiconductor worth $5,523,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Wealthcare Capital Management LLC bought a new stake in shares of Cypress Semiconductor in the 2nd quarter worth approximately $111,000. ETF Managers Group LLC raised its holdings in Cypress Semiconductor by 8.6% in the 1st quarter. ETF Managers Group LLC now owns 8,579 shares of the semiconductor company’s stock worth $128,000 after acquiring an additional 680 shares during the last quarter. Sawtooth Solutions LLC purchased a new position in Cypress Semiconductor in the 1st quarter worth approximately $168,000. Moors & Cabot Inc. purchased a new position in Cypress Semiconductor in the 1st quarter worth approximately $170,000. Finally, Equitec Specialists LLC purchased a new position in Cypress Semiconductor in the 2nd quarter worth approximately $191,000. 80.98% of the stock is currently owned by institutional investors.
A number of brokerages recently weighed in on CY. Craig Hallum lowered shares of Cypress Semiconductor from a “buy” rating to a “hold” rating in a report on Monday, June 3rd. Barclays restated a “hold” rating and issued a $23.00 price objective on shares of Cypress Semiconductor in a report on Thursday, June 6th. SunTrust Banks boosted their price objective on shares of Cypress Semiconductor to $23.85 in a report on Tuesday, June 4th. They noted that the move was a valuation call. Susquehanna Bancshares lowered shares of Cypress Semiconductor from a “positive” rating to a “neutral” rating in a report on Monday, June 3rd. Finally, Zacks Investment Research upgraded shares of Cypress Semiconductor from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $20.75.
Cypress Semiconductor (NASDAQ:CY) last posted its quarterly earnings data on Thursday, July 25th. The semiconductor company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). The company had revenue of $532.20 million during the quarter, compared to analysts’ expectations of $530.96 million. Cypress Semiconductor had a return on equity of 19.36% and a net margin of 13.83%. The company’s revenue for the quarter was down 14.7% on a year-over-year basis. During the same quarter last year, the company earned $0.33 earnings per share. As a group, sell-side analysts forecast that Cypress Semiconductor Co. will post 0.9 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 17th. Stockholders of record on Thursday, September 26th will be paid a $0.11 dividend. The ex-dividend date is Wednesday, September 25th. This represents a $0.44 annualized dividend and a dividend yield of 1.89%. Cypress Semiconductor’s dividend payout ratio (DPR) is 37.93%.
In related news, CEO Hassane El-Khoury sold 20,000 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $22.32, for a total value of $446,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Sudhir Gopalswamy sold 3,000 shares of the company’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $22.18, for a total transaction of $66,540.00. Following the completion of the transaction, the executive vice president now directly owns 163,644 shares of the company’s stock, valued at approximately $3,629,623.92. The disclosure for this sale can be found here. Insiders sold a total of 29,000 shares of company stock valued at $649,080 over the last 90 days. 0.55% of the stock is currently owned by company insiders.
Cypress Semiconductor Profile
Cypress Semiconductor Corporation designs, develops, manufactures, markets, and sells embedded system solutions worldwide. It operates in two segments, Microcontroller and Connectivity Division, and Memory Products Division. The Microcontroller and Connectivity Division provides microcontroller (MCU), analog, and wireless and wired connectivity solutions, including Traveo automotive MCUs; programmable system-on-chip and general-purpose MCUs; analog power management integrated circuits and energy harvesting solutions; CapSense capacitive-sensing controllers; TrueTouch touchscreens; Wi-Fi, Bluetooth, and Bluetooth low energy; and USB controllers comprising solutions for the USB-C and USB power delivery standards, as well as wireless Internet of things connectivity solutions.
Recommended Story: Why is cost of goods sold important?
Receive News & Ratings for Cypress Semiconductor Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cypress Semiconductor and related companies with MarketBeat.com's FREE daily email newsletter.