Microsemi Corporation (MSCC) Stake Decreased by Channing Capital Management LLC

Channing Capital Management LLC decreased its holdings in Microsemi Corporation (NASDAQ:MSCC) by 18.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,055,773 shares of the semiconductor company’s stock after selling 243,869 shares during the period. Microsemi Corporation accounts for about 2.0% of Channing Capital Management LLC’s portfolio, making the stock its 20th biggest holding. Channing Capital Management LLC owned approximately 0.91% of Microsemi Corporation worth $54,351,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Trexquant Investment LP boosted its stake in shares of Microsemi Corporation by 0.4% in the second quarter. Trexquant Investment LP now owns 7,800 shares of the semiconductor company’s stock worth $365,000 after acquiring an additional 34 shares during the period. Somerset Trust Co boosted its stake in shares of Microsemi Corporation by 0.4% in the second quarter. Somerset Trust Co now owns 11,343 shares of the semiconductor company’s stock worth $531,000 after acquiring an additional 47 shares during the period. Dubuque Bank & Trust Co. boosted its stake in shares of Microsemi Corporation by 3.1% in the second quarter. Dubuque Bank & Trust Co. now owns 3,071 shares of the semiconductor company’s stock worth $144,000 after acquiring an additional 93 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Microsemi Corporation by 1.0% in the second quarter. Pacer Advisors Inc. now owns 14,718 shares of the semiconductor company’s stock worth $689,000 after acquiring an additional 141 shares during the period. Finally, Teacher Retirement System of Texas boosted its stake in shares of Microsemi Corporation by 1.6% in the second quarter. Teacher Retirement System of Texas now owns 9,184 shares of the semiconductor company’s stock worth $430,000 after acquiring an additional 145 shares during the period. 98.71% of the stock is owned by hedge funds and other institutional investors.

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Microsemi Corporation declared that its Board of Directors has authorized a stock buyback program on Thursday, July 27th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to purchase up to 43% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

A number of research firms have recently weighed in on MSCC. Zacks Investment Research raised Microsemi Corporation from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research note on Wednesday, August 2nd. BidaskClub lowered Microsemi Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. KeyCorp reissued a “buy” rating and set a $62.00 price target on shares of Microsemi Corporation in a research note on Friday, October 20th. Susquehanna Bancshares Inc set a $70.00 price target on Microsemi Corporation and gave the company a “buy” rating in a research note on Friday, July 28th. Finally, Wells Fargo & Company reissued an “outperform” rating on shares of Microsemi Corporation in a research note on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the stock. Microsemi Corporation has a consensus rating of “Buy” and an average target price of $58.73.

In other news, Director Thomas Robert Anderson sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $51.08, for a total transaction of $51,080.00. Following the transaction, the director now directly owns 15,113 shares in the company, valued at approximately $771,972.04. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Frederick C. Goerner sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $50.12, for a total value of $75,180.00. Following the transaction, the vice president now owns 60,436 shares in the company, valued at $3,029,052.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 64,557 shares of company stock worth $3,369,004. Insiders own 0.57% of the company’s stock.

Microsemi Corporation Profile

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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Institutional Ownership by Quarter for Microsemi Corporation (NASDAQ:MSCC)

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