Microsemi Corporation (NASDAQ:MSCC) insider Dennis R. Leibel sold 3,000 shares of the company’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $50.76, for a total value of $152,280.00. Following the completion of the transaction, the insider now directly owns 4,369 shares in the company, valued at approximately $221,770.44. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Shares of Microsemi Corporation (NASDAQ MSCC) traded down 3.44% during midday trading on Thursday, hitting $48.89. The company had a trading volume of 514,033 shares. The company has a 50-day moving average of $50.66 and a 200 day moving average of $50.64. Microsemi Corporation has a 12 month low of $37.11 and a 12 month high of $57.97. The firm has a market capitalization of $5.66 billion, a PE ratio of 49.48 and a beta of 1.16.
Microsemi Corporation (NASDAQ:MSCC) last released its earnings results on Thursday, July 27th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.18. The firm had revenue of $458.10 million during the quarter, compared to analyst estimates of $457.87 million. Microsemi Corporation had a return on equity of 19.91% and a net margin of 6.90%. Microsemi Corporation’s revenue was up 6.2% compared to the same quarter last year. During the same period last year, the business posted $0.73 earnings per share. On average, analysts expect that Microsemi Corporation will post $3.84 EPS for the current fiscal year.
Microsemi Corporation announced that its Board of Directors has initiated a share buyback program on Thursday, July 27th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the semiconductor company to purchase up to 43% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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Several brokerages have commented on MSCC. Zacks Investment Research raised Microsemi Corporation from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a research report on Wednesday, August 2nd. BidaskClub cut Microsemi Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Wells Fargo & Company reiterated an “outperform” rating on shares of Microsemi Corporation in a report on Monday, July 31st. Royal Bank Of Canada reiterated an “outperform” rating and issued a $60.00 target price (up from $58.00) on shares of Microsemi Corporation in a report on Sunday, July 30th. Finally, Susquehanna Bancshares Inc set a $70.00 target price on Microsemi Corporation and gave the stock a “buy” rating in a report on Friday, July 28th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Microsemi Corporation currently has an average rating of “Buy” and an average price target of $58.42.
Hedge funds have recently made changes to their positions in the company. Cetera Investment Advisers acquired a new stake in shares of Microsemi Corporation during the second quarter worth about $280,000. WINTON GROUP Ltd increased its stake in shares of Microsemi Corporation by 80.6% in the second quarter. WINTON GROUP Ltd now owns 85,361 shares of the semiconductor company’s stock worth $3,995,000 after buying an additional 38,090 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of Microsemi Corporation by 2,293.1% in the second quarter. Public Employees Retirement System of Ohio now owns 53,724 shares of the semiconductor company’s stock worth $2,514,000 after buying an additional 51,479 shares during the period. Delphi Management Inc. MA increased its stake in shares of Microsemi Corporation by 5.8% in the second quarter. Delphi Management Inc. MA now owns 51,287 shares of the semiconductor company’s stock worth $2,400,000 after buying an additional 2,811 shares during the period. Finally, Scotia Capital Inc. increased its stake in shares of Microsemi Corporation by 3.1% in the second quarter. Scotia Capital Inc. now owns 28,970 shares of the semiconductor company’s stock worth $1,356,000 after buying an additional 874 shares during the period. 99.02% of the stock is owned by institutional investors.
Microsemi Corporation Company 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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