Cypress Semiconductor Corp. (NASDAQ:CY) saw a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 40,954,089 shares, an increase of 5.8% from the August 31st total of 38,718,852 shares. Currently, 13.3% of the shares of the stock are sold short. Based on an average daily volume of 6,439,573 shares, the short-interest ratio is presently 6.4 days.
In other news, Director Eric Benhamou sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $11.83, for a total value of $591,500.00. Following the sale, the director now directly owns 218,538 shares in the company, valued at approximately $2,585,304.54. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider H Raymond Bingham sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $11.96, for a total value of $179,400.00. Following the completion of the sale, the insider now owns 40,276 shares in the company, valued at $481,700.96. The disclosure for this sale can be found here. 6.33% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of the company. Sii Investments Inc. WI purchased a new stake in Cypress Semiconductor Corp. during the first quarter valued at about $327,000. Cornerstone Financial Partners LLC raised its position in shares of Cypress Semiconductor Corp. by 89.6% in the first quarter. Cornerstone Financial Partners LLC now owns 119,069 shares of the company’s stock worth $1,031,000 after buying an additional 56,262 shares during the last quarter. NN Investment Partners Holdings N.V. bought a new position in shares of Cypress Semiconductor Corp. during the first quarter worth approximately $8,904,000. Royce & Associates LP bought a new position in shares of Cypress Semiconductor Corp. during the first quarter worth approximately $5,885,000. Finally, Rafferty Asset Management LLC bought a new position in shares of Cypress Semiconductor Corp. during the first quarter worth approximately $259,000. Institutional investors and hedge funds own 96.60% of the company’s stock.
Several brokerages have recently commented on CY. Zacks Investment Research downgraded Cypress Semiconductor Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 29th. Pacific Crest boosted their target price on Cypress Semiconductor Corp. from $11.00 to $14.00 and gave the stock an “overweight” rating in a report on Friday, July 29th. Roth Capital began coverage on Cypress Semiconductor Corp. in a report on Wednesday, August 31st. They issued a “buy” rating and a $13.00 target price on the stock. Morgan Stanley reissued an “equal weight” rating on shares of Cypress Semiconductor Corp. in a report on Monday, August 15th. Finally, Craig Hallum boosted their target price on Cypress Semiconductor Corp. from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, July 29th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $11.43.
Shares of Cypress Semiconductor Corp. (NASDAQ:CY) opened at 12.16 on Friday. The company has a 50 day moving average of $11.64 and a 200-day moving average of $10.32. Cypress Semiconductor Corp. has a 52-week low of $6.30 and a 52-week high of $12.48. The company’s market cap is $3.91 billion.
Cypress Semiconductor Corp. (NASDAQ:CY) last posted its earnings results on Thursday, July 28th. The company reported $0.12 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.12. Cypress Semiconductor Corp. had a negative net margin of 37.59% and a positive return on equity of 3.26%. The business had revenue of $450.10 million for the quarter, compared to analysts’ expectations of $455.15 million. During the same period in the prior year, the company posted $0.15 EPS. The business’s revenue for the quarter was down 7.1% compared to the same quarter last year. Analysts forecast that Cypress Semiconductor Corp. will post $0.46 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 20th. Shareholders of record on Thursday, September 29th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 3.62%. The ex-dividend date is Tuesday, September 27th. Cypress Semiconductor Corp.’s dividend payout ratio is presently -20.85%.
About Cypress Semiconductor Corp.
Cypress Semiconductor Corporation delivers solutions from automotive, industrial and networking platforms to interactive consumer and mobile devices. The Company’s segments include Programmable Systems Division, Memory Products Division, Data Communications Division and Emerging Technologies Division.
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