Nokomis Capital L.l.c. Lowers stake in Cirrus Logic (CRUS)

Cirrus Logic (CRUS) : Nokomis Capital L.l.c. reduced its stake in Cirrus Logic by 27.12% during the most recent quarter end. The investment management company now holds a total of 348,681 shares of Cirrus Logic which is valued at $17,845,494 after selling 129,777 shares in Cirrus Logic , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Cirrus Logic makes up approximately 4.18% of Nokomis Capital L.l.c.’s portfolio.

Other Hedge Funds, Including , Millennium Management added CRUS to its portfolio by purchasing 628,154 company shares during the most recent quarter which is valued at $32,148,922. Cirrus Logic makes up approx 0.08% of Millennium Management’s portfolio. Rk Capital Management added CRUS to its portfolio by purchasing 145,000 company shares during the most recent quarter which is valued at $7,421,100. Cirrus Logic makes up approx 1.27% of Rk Capital Management’s portfolio.

Cirrus Logic opened for trading at $51.26 and hit $52.2 on the upside on Wednesday, eventually ending the session at $51.63, with a gain of 0.53% or 0.27 points. The heightened volatility saw the trading volume jump to 1,209,636 shares. Company has a market cap of $3,226 M.

On the company’s financial health, Cirrus Logic reported $0.44 EPS for the quarter, beating the analyst consensus estimate by $ 0.15 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $0.29. The company had revenue of $259.40 million for the quarter, compared to analysts expectations of $236.67 million. The company’s revenue was down -8.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.54 EPS.

Many Wall Street Analysts have commented on Cirrus Logic. Company shares were Reiterated by Stifel on Jul 28, 2016 to “Buy”, Firm has raised the Price Target to $ 55 from a previous price target of $46 .Company shares were Reiterated by Needham on Jul 28, 2016 to “Buy”, Firm has raised the Price Target to $ 55 from a previous price target of $50 .Cirrus Logic was Downgraded by Pacific Crest to ” Sector Weight” on Jul 5, 2016.

Cirrus Logic Inc. (Cirrus Logic) develops high-precision analog and mixed-signal integrated circuits (ICs) for a range of audio and energy markets. Cirrus Logic delivers products for consumer and professional audio automotive entertainment and targeted industrial applications including energy control energy measurement light emitting diode (LED) lighting and energy exploration. The Company also serves customers from sales offices in the United States Europe and Asia including the People’s Republic of China Hong Kong South Korea Japan Singapore Taiwan and the United Kingdom. The Audio Products segment offers analog and mixed-signal audio converter and audio DSP products. The Energy Products provides high-precision analog and mixed-signal ICs for targeted energy control energy measurement LED lighting and energy exploration applications.

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