Microsemi Corporation (NASDAQ:MSCC) SVP David Goren sold 8,329 shares of the firm’s stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $52.54, for a total transaction of $437,605.66. The sale was disclosed in a document filed with the SEC, which is available through this link.
Shares of Microsemi Corporation (NASDAQ:MSCC) opened at 52.25 on Thursday. The firm’s 50 day moving average is $50.32 and its 200-day moving average is $49.84. Microsemi Corporation has a 52-week low of $37.11 and a 52-week high of $57.97. The company has a market capitalization of $6.04 billion, a P/E ratio of 52.88 and a beta of 1.18.
Microsemi Corporation (NASDAQ:MSCC) last issued its quarterly earnings data on Thursday, July 27th. The semiconductor company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.18. Microsemi Corporation had a net margin of 6.90% and a return on equity of 19.91%. The firm had revenue of $458.10 million for the quarter, compared to analyst estimates of $457.87 million. During the same quarter in the prior year, the firm earned $0.73 EPS. The company’s revenue was up 6.2% on a year-over-year basis. Equities research analysts anticipate that Microsemi Corporation will post $3.84 earnings per share for the current fiscal year.
Microsemi Corporation declared that its Board of Directors has initiated a stock repurchase plan on Thursday, July 27th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 43% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
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Several research analysts have recently commented on the stock. Zacks Investment Research lowered shares of Microsemi Corporation from a “buy” rating to a “hold” rating in a report on Monday, September 18th. Royal Bank Of Canada lowered shares of Microsemi Corporation from a “top pick” rating to an “outperform” rating and decreased their price target for the company from $64.00 to $58.00 in a report on Wednesday, June 14th. Susquehanna Bancshares Inc set a $70.00 price target on shares of Microsemi Corporation and gave the company a “buy” rating in a report on Friday, July 28th. KeyCorp assumed coverage on shares of Microsemi Corporation in a report on Monday, July 24th. They issued an “overweight” rating and a $61.00 price target for the company. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $62.00 price target on shares of Microsemi Corporation in a report on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Microsemi Corporation has a consensus rating of “Buy” and a consensus target price of $58.00.
Several hedge funds and other institutional investors have recently modified their holdings of MSCC. BlackRock Inc. boosted its stake in shares of Microsemi Corporation by 24,626.0% in the 1st quarter. BlackRock Inc. now owns 12,207,460 shares of the semiconductor company’s stock valued at $629,050,000 after purchasing an additional 12,158,089 shares during the last quarter. Westfield Capital Management Co. LP boosted its stake in shares of Microsemi Corporation by 85.8% in the 2nd quarter. Westfield Capital Management Co. LP now owns 1,706,865 shares of the semiconductor company’s stock valued at $79,881,000 after purchasing an additional 788,129 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Microsemi Corporation by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 9,717,771 shares of the semiconductor company’s stock valued at $500,758,000 after purchasing an additional 542,772 shares during the last quarter. UBS Asset Management Americas Inc. boosted its stake in shares of Microsemi Corporation by 1,319.0% in the 1st quarter. UBS Asset Management Americas Inc. now owns 561,159 shares of the semiconductor company’s stock valued at $28,917,000 after purchasing an additional 521,612 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in shares of Microsemi Corporation by 64.7% in the 2nd quarter. Royal Bank of Canada now owns 777,401 shares of the semiconductor company’s stock valued at $36,382,000 after purchasing an additional 305,447 shares during the last quarter. 98.47% of the stock is currently owned by institutional investors.
About Microsemi Corporation
Microsemi Corporation is a designer, manufacturer and marketer of analog and mixed-signal semiconductor solutions differentiated by power, security, reliability and performance. The Company offers a portfolio of semiconductor and system solutions for aerospace and defense, communications, data center and industrial markets.
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