Olstein Capital Management L.P. Cuts Holdings in Cisco Systems, Inc. (NASDAQ:CSCO)

Olstein Capital Management L.P. cut its holdings in Cisco Systems, Inc. (NASDAQ:CSCO - Free Report) by 8.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 161,000 shares of the network equipment provider's stock after selling 15,000 shares during the period. Cisco Systems comprises 1.5% of Olstein Capital Management L.P.'s holdings, making the stock its 26th largest holding. Olstein Capital Management L.P.'s holdings in Cisco Systems were worth $8,568,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Summit Securities Group LLC purchased a new position in shares of Cisco Systems during the second quarter valued at approximately $25,000. West Financial Advisors LLC increased its stake in Cisco Systems by 116.6% in the third quarter. West Financial Advisors LLC now owns 574 shares of the network equipment provider's stock worth $31,000 after purchasing an additional 309 shares during the period. Quarry LP lifted its position in shares of Cisco Systems by 222.4% during the second quarter. Quarry LP now owns 661 shares of the network equipment provider's stock worth $31,000 after purchasing an additional 456 shares during the last quarter. Hobbs Group Advisors LLC purchased a new stake in shares of Cisco Systems during the second quarter valued at $36,000. Finally, Iron Horse Wealth Management LLC grew its holdings in shares of Cisco Systems by 617.7% in the second quarter. Iron Horse Wealth Management LLC now owns 890 shares of the network equipment provider's stock worth $42,000 after purchasing an additional 766 shares during the last quarter. 73.33% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on CSCO. Barclays lowered their price objective on shares of Cisco Systems from $50.00 to $49.00 and set an "equal weight" rating for the company in a research report on Thursday, August 15th. Evercore ISI upped their target price on Cisco Systems from $55.00 to $60.00 and gave the stock an "outperform" rating in a report on Friday, September 20th. HSBC upgraded Cisco Systems from a "hold" rating to a "buy" rating and raised their price target for the company from $46.00 to $58.00 in a research note on Friday, August 16th. Hsbc Global Res raised shares of Cisco Systems to a "strong-buy" rating in a research note on Friday, August 16th. Finally, StockNews.com downgraded shares of Cisco Systems from a "buy" rating to a "hold" rating in a research report on Tuesday. Thirteen analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $56.74.

Insider Buying and Selling at Cisco Systems

In related news, EVP Thimaya K. Subaiya sold 1,328 shares of the firm's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $48.92, for a total transaction of $64,965.76. Following the completion of the sale, the executive vice president now directly owns 132,910 shares of the company's stock, valued at approximately $6,501,957.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Thimaya K. Subaiya sold 1,328 shares of Cisco Systems stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $48.92, for a total value of $64,965.76. Following the completion of the sale, the executive vice president now directly owns 132,910 shares of the company's stock, valued at approximately $6,501,957.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Maria Victoria Wong sold 3,379 shares of the stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $50.36, for a total value of $170,166.44. Following the transaction, the senior vice president now directly owns 47,182 shares in the company, valued at approximately $2,376,085.52. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 70,529 shares of company stock worth $3,509,049 over the last quarter. 0.01% of the stock is currently owned by company insiders.

Cisco Systems Price Performance

CSCO stock traded up $0.21 during midday trading on Thursday, reaching $58.08. The stock had a trading volume of 17,877,979 shares, compared to its average volume of 18,980,061. Cisco Systems, Inc. has a 52-week low of $44.50 and a 52-week high of $58.30. The company has a market cap of $231.78 billion, a price-to-earnings ratio of 22.87, a price-to-earnings-growth ratio of 4.63 and a beta of 0.83. The company's fifty day simple moving average is $53.00 and its 200 day simple moving average is $49.27. The company has a current ratio of 0.91, a quick ratio of 0.83 and a debt-to-equity ratio of 0.43.

Cisco Systems (NASDAQ:CSCO - Get Free Report) last posted its quarterly earnings results on Wednesday, August 14th. The network equipment provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.85 by $0.02. Cisco Systems had a return on equity of 27.83% and a net margin of 19.18%. The firm had revenue of $13.64 billion during the quarter, compared to analysts' expectations of $13.53 billion. During the same quarter last year, the firm earned $1.01 earnings per share. The business's revenue for the quarter was down 10.3% on a year-over-year basis. As a group, sell-side analysts predict that Cisco Systems, Inc. will post 2.89 earnings per share for the current fiscal year.

Cisco Systems Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Wednesday, October 2nd were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, October 2nd. This represents a $1.60 annualized dividend and a yield of 2.75%. Cisco Systems's payout ratio is 62.99%.

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.