What You Need To Know About These 5 Moving Stocks

Barclays’ Profit Plunges

Shares of Barclays PLC (ADR) (NYSE:BCS) have gained a modest 0.20% after the company reported a 25% pre-tax decline in its profits for the first quarter. The financial services company’s total income declined to $631 million from $677 million in the same quarter of 2015. However, the London-based bank reported a 53% increase in profits from its core business. That core business will stay intact after the ongoing restructuring that was announced in March.

In a statement, Jes Staley, CEO of Barclays PLC, said that the increase in the core business’ profits shows the potential of the company once it frees itself of the non-core entities. Mr. Staley added that in the first quarter, the company shut down its operations in nine countries, sold its Portuguese retail banking business, its wealth management and services for small enterprises divisions, and made progress on other planned sales.

Overall, 12 hedge funds in our system held long positions in Barclays PLC (ADR) (NYSE:BCS) at the end of last year with a total value of $275.4 million. Ken Fisher’s Fisher Asset Management owns more than 21 million shares of the company as of March 31.

Garmin Posts Better-Than-Expected Q1 Results

Garmin Ltd. (NASDAQ:GRMN) has gained 3.41% in trading today after the company announced its first quarter results this morning, which beat expectations. The company’s profit increased by 32% to reach $88.1 million, or $0.46 per share. The navigation company’s revenue was $624 million for the quarter, a 6.6% year-over-year jump. Cliff Pemble, Garmin’s CEO, said that the increase in revenue was the result of robust double-digit growth in the company’s marine and outdoor segments.

Out of the 785 active hedge funds that we track, 20 of them held stakes in Garmin Ltd. (NASDAQ:GRMN) at the end of 2015, worth $128.1 million. Eric Sprott’s Sprott Asset Management owns 115,000 shares of the company as of the end of March.

Cirrus Logic Takes Hit Due to Declining iPhone Sales

Cirrus Logic, Inc. (NASDAQ:CRUS)’s stock has tumbled today after the company reported a 43% decline in earnings for the fourth quarter of fiscal year 2016. The semiconductor company reported net income of $14 million, or $0.21 per share, down from $21.3 million, or $0.32 per share for the fourth quarter of the 2015 fiscal year. Revenue for the quarter was $231.9 million, down from $255.1 million in the year-ago period. Cirrus Logic struggled due to declining sales of Apple’s iPhones. The company makes audio chips for Apple, which reported a 13% year-over-year decline in revenue today, because of tumbling iPhone sales.

24 funds in our system held positions in Cirrus Logic, Inc. (NASDAQ:CRUS) at the end of 2015 worth $133.6 million. Eric Sprott’s Sprott Asset Management owns 275,000 shares of the company as of March 31.

Disclosure: None