The Austin, Texas-based Cirrus Logic, Inc’s (NASDAQ:CRUS) stock moved up on Wednesday after the chip manufacturer reported plans to repurchase its common stock of worth $200 million.
Cirrus reported that the buyback plan will be supported from working capital and cash from the corporation’s operations. Investors prefer stock repurchases as they tend to lift the value of the remaining common shares.
Cirrus produces chips used in audio and energy products. Shares of the company have been rocked by high volatility and shareholder turnover since it announced its fiscal Q2 financial results in late October.
Shares of the company hiked 66 cents per share or 2% to settle at $31 in afternoon trading session, after moving up around $32.24 in previous trading session.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Texas Instruments Incorporated (NASDAQ:TXN) fell -0.38% to settle at $29.20, ON Semiconductor Corp. (NASDAQ:ONNN) moved up +0.34% to end at $5.96 while STMicroelectronics N.V. (ADR) (NYSE:STM) jumped +1.55% to finish on Wednesday at $5.91.
Cirrus Logic, Inc. (NASDAQ:CRUS) last session volume of 3.32 million shares was lower than its average volume of 3.50 million shares. The stock after opening at $32.06 hit high price of $32.24 and then closed at $31.16 by scoring +2.70%.
CRUS generated revenue of 525.78 million in the following twelve months and earned $109.93 million. The Company showed a positive 20.91% in the net profit margin and as well as in its operating margin which remained 20.58%. Company’s annual sales growth for the past five year was 18.55%.
The CRUS past twelve months price to sales ratio was 3.88 and price to cash ratio remained 15.16. As far as the returns are concern, the CRUS return on equity was recorded as 24.06% and increased 23.63% return on investment while its return on asset stayed at 19.36%.
The stock showed weekly upbeat performance of 1.40% which was maintained for the month at -18.47%. Likewise the negative performance for the quarter was recorded as -20.59% and for the year was 94.75% whiles the YTD performance remained at 96.59%.
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