Company Update (NASDAQ:CY): Cypress Semiconductor Corporation Announces Quarterly Cash Dividend
Cypress Semiconductor Corporation (NASDAQ:CY) announced that its Board of Directors has approved a quarterly cash dividend of $0.11 per share payable to holders of record of the Company’s common stock at the close of business onSeptember 24, 2015. This dividend will be paid on October 15, 2015.
The dividend will be paid from U.S. domestic sources other than the Company’s retained earnings and is expected to be treated as a return of capital for U.S. tax purposes for the 2015 fiscal year. Cypress’s dividend policy and the payment of cash dividends under that policy are subject to the Board’s continuing determination that the dividend policy and the declaration of dividends are in the best interests of Cypress’s stockholders and are in compliance with all laws and agreements of Cypress applicable to the declaration and payment of cash dividends. The dividend policy may be changed or cancelled at the Company’s discretion at any time. (Original Source)
Shares of Cypress Semiconductor closed yesterday at $11.24. CY has a 1-year high of $16.25 and a 1-year low of $8.04. The stock’s 50-day moving average is $11.85 and its 200-day moving average is $13.41.
On the ratings front, Cypress Semiconductor has been the subject of a number of recent research reports. In a report issued on July 17, Needham analyst Rajvindra Gill reiterated a Buy rating on CY, with a price target of $20, which implies an upside of 77.9% from current levels. Separately, on July 1, Credit Suisse’s John Pitzer assigned a Buy rating to the stock and has a price target of $15.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Rajvindra Gill and John Pitzer have a total average return of 14.7% and 18.3% respectively. Gill has a success rate of 51.6% and is ranked #166 out of 3724 analysts, while Pitzer has a success rate of 62.2% and is ranked #153.
Cypress Semiconductor Corp with its subsidiaries, designs, develops, manufactures and markets high-performance, mixed-signal, programmable solutions that provide customers with rapid time-to-market and system value.