Granite Harbor Advisors Inc. Sells 831 Shares of Cisco Systems, Inc. (NASDAQ:CSCO)

Granite Harbor Advisors Inc. lessened its stake in Cisco Systems, Inc. (NASDAQ:CSCO) by 6.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,149 shares of the network equipment provider’s stock after selling 831 shares during the period. Granite Harbor Advisors Inc.’s holdings in Cisco Systems were worth $647,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. American Trust grew its holdings in Cisco Systems by 3.0% during the 4th quarter. American Trust now owns 7,854 shares of the network equipment provider’s stock worth $397,000 after acquiring an additional 230 shares during the period. Chicago Partners Investment Group LLC grew its holdings in shares of Cisco Systems by 1.6% in the 4th quarter. Chicago Partners Investment Group LLC now owns 20,845 shares of the network equipment provider’s stock valued at $1,070,000 after buying an additional 331 shares during the period. Scarborough Advisors LLC acquired a new position in shares of Cisco Systems in the 4th quarter valued at $68,000. Creekmur Asset Management LLC acquired a new position in shares of Cisco Systems in the 4th quarter valued at $98,000. Finally, Richardson Financial Services Inc. acquired a new position in shares of Cisco Systems in the 4th quarter valued at $168,000. Institutional investors and hedge funds own 73.33% of the company’s stock.

Wall Street Analyst Weigh In

CSCO has been the subject of several research analyst reports. New Street Research raised shares of Cisco Systems from a “neutral” rating to a “buy” rating and set a $57.00 price target for the company in a report on Thursday, August 15th. Needham & Company LLC reissued a “hold” rating on shares of Cisco Systems in a report on Thursday, August 15th. Hsbc Global Res raised shares of Cisco Systems to a “strong-buy” rating in a report on Friday, August 16th. Evercore ISI boosted their price objective on shares of Cisco Systems from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Finally, Rosenblatt Securities boosted their price objective on shares of Cisco Systems from $56.00 to $58.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $55.00.

Cisco Systems Stock Performance

Shares of CSCO stock traded up $0.07 on Monday, reaching $54.32. The stock had a trading volume of 1,465,798 shares, compared to its average volume of 19,070,928. The company has a quick ratio of 0.83, a current ratio of 0.91 and a debt-to-equity ratio of 0.43. The firm’s 50-day moving average is $50.14 and its two-hundred day moving average is $48.39. The firm has a market capitalization of $218.85 billion, a price-to-earnings ratio of 18.27, a P/E/G ratio of 4.22 and a beta of 0.83. Cisco Systems, Inc. has a 12 month low of $44.50 and a 12 month high of $54.58.

Cisco Systems (NASDAQ:CSCO) last issued its earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. The company had revenue of $13.64 billion for the quarter, compared to analysts’ expectations of $13.53 billion. Cisco Systems had a net margin of 19.18% and a return on equity of 27.83%. Cisco Systems’s quarterly revenue was down 10.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.01 EPS. On average, research analysts expect that Cisco Systems, Inc. will post 2.9 EPS for the current fiscal year.

Cisco Systems Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 2nd will be paid a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, October 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 2.95%. Cisco Systems’s dividend payout ratio (DPR) is currently 53.87%.

Insider Activity at Cisco Systems

In other Cisco Systems news, CEO Charles Robbins sold 27,143 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the transaction, the chief executive officer now owns 683,403 shares in the company, valued at $33,794,278.35. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Charles Robbins sold 27,143 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $49.45, for a total transaction of $1,342,221.35. Following the sale, the chief executive officer now owns 683,403 shares in the company, valued at approximately $33,794,278.35. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Maria Victoria Wong sold 3,379 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $50.36, for a total transaction of $170,166.44. Following the sale, the senior vice president now owns 47,182 shares in the company, valued at $2,376,085.52. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 70,529 shares of company stock worth $3,509,049. Insiders own 0.02% of the company’s stock.

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. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; wireless products include wireless access points and controllers; and compute portfolio including the cisco unified computing system, hyperflex, and software management capabilities, which combine computing, networking, and storage infrastructure management and virtualization.