Chemung Canal Trust Co. Boosts Position in Cisco Systems, Inc. (NASDAQ:CSCO)


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Chemung Canal Trust Co. lifted its stake in shares of Cisco Systems, Inc. (NASDAQ:CSCO) by 709.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 122,360 shares of the network equipment provider’s stock after acquiring an additional 107,249 shares during the period. Chemung Canal Trust Co.’s holdings in Cisco Systems were worth $5,476,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of CSCO. Bainco International Investors acquired a new stake in shares of Cisco Systems during the 4th quarter worth about $30,000. FNY Investment Advisers LLC increased its position in shares of Cisco Systems by 79,900.0% during the 3rd quarter. FNY Investment Advisers LLC now owns 800 shares of the network equipment provider’s stock worth $31,000 after purchasing an additional 799 shares during the last quarter. Larson Financial Group LLC increased its position in shares of Cisco Systems by 57.6% during the 3rd quarter. Larson Financial Group LLC now owns 1,480 shares of the network equipment provider’s stock worth $58,000 after purchasing an additional 541 shares during the last quarter. Ellevest Inc. increased its position in shares of Cisco Systems by 33.2% during the 3rd quarter. Ellevest Inc. now owns 1,478 shares of the network equipment provider’s stock worth $58,000 after purchasing an additional 368 shares during the last quarter. Finally, Cerebellum GP LLC acquired a new stake in shares of Cisco Systems during the 3rd quarter worth about $63,000. Institutional investors and hedge funds own 70.62% of the company’s stock.

CSCO stock opened at $45.36 on Thursday. The business has a 50 day moving average price of $44.41 and a 200 day moving average price of $42.60. The stock has a market cap of $191.67 billion, a price-to-earnings ratio of 18.44, a PEG ratio of 2.52 and a beta of 0.95. Cisco Systems, Inc. has a fifty-two week low of $32.40 and a fifty-two week high of $50.28. The company has a quick ratio of 1.54, a current ratio of 1.59 and a debt-to-equity ratio of 0.25.

Cisco Systems (NASDAQ:CSCO) last posted its earnings results on Thursday, November 12th. The network equipment provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.06. The firm had revenue of $11.93 billion during the quarter, compared to analysts’ expectations of $11.85 billion. Cisco Systems had a return on equity of 32.64% and a net margin of 21.76%. The firm’s revenue was down 9.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.84 earnings per share. As a group, sell-side analysts anticipate that Cisco Systems, Inc. will post 2.86 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 20th. Investors of record on Tuesday, January 5th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 3.17%. The ex-dividend date is Monday, January 4th. Cisco Systems’s payout ratio is 49.32%.

In related news, EVP Maria Martinez sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 16th. The stock was sold at an average price of $45.00, for a total transaction of $180,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Prat Bhatt sold 21,146 shares of the business’s stock in a transaction that occurred on Tuesday, November 24th. The stock was sold at an average price of $42.38, for a total value of $896,167.48. Following the sale, the chief accounting officer now owns 144,839 shares of the company’s stock, valued at approximately $6,138,276.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 371,384 shares of company stock valued at $15,429,225. 0.02% of the stock is owned by company insiders.

A number of analysts recently issued reports on CSCO shares. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised their price objective on Cisco Systems from $43.00 to $45.00 in a research report on Friday, November 13th. Royal Bank of Canada reissued a “buy” rating and set a $49.00 price objective on shares of Cisco Systems in a research report on Friday, November 13th. Citigroup downgraded Cisco Systems from a “buy” rating to a “neutral” rating and dropped their target price for the company from $48.00 to $43.00 in a research report on Monday, October 12th. Bank of America dropped their target price on Cisco Systems from $52.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, September 16th. Finally, Smith Barney Citigroup lifted their target price on Cisco Systems from $43.00 to $45.00 in a research report on Friday, November 13th. Two analysts have rated the stock with a sell rating, sixteen have issued a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $47.54.

About Cisco Systems

Cisco Systems, Inc designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. It provides infrastructure platforms, including networking technologies of switching, routing, wireless, and data center products that are designed to work together to deliver networking capabilities, and transport and/or store data.

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Institutional Ownership by Quarter for Cisco Systems (NASDAQ:CSCO)

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