BT Investment Management Ltd bought a new position in Microsemi Corporation (NASDAQ:MSCC) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 20,922 shares of the semiconductor company’s stock, valued at approximately $979,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rockefeller Financial Services Inc. grew its position in Microsemi Corporation by 3.0% in the 2nd quarter. Rockefeller Financial Services Inc. now owns 549,282 shares of the semiconductor company’s stock worth $25,706,000 after purchasing an additional 16,126 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in Microsemi Corporation in the 1st quarter worth about $113,000. American International Group Inc. grew its position in Microsemi Corporation by 4.6% in the 1st quarter. American International Group Inc. now owns 296,362 shares of the semiconductor company’s stock worth $15,272,000 after purchasing an additional 12,987 shares during the last quarter. Teachers Advisors LLC grew its position in Microsemi Corporation by 2.5% in the 1st quarter. Teachers Advisors LLC now owns 547,301 shares of the semiconductor company’s stock worth $28,202,000 after purchasing an additional 13,213 shares during the last quarter. Finally, BlackRock Inc. grew its position in Microsemi Corporation by 24,626.0% in the 1st quarter. BlackRock Inc. now owns 12,207,460 shares of the semiconductor company’s stock worth $629,050,000 after purchasing an additional 12,158,089 shares during the last quarter. Hedge funds and other institutional investors own 98.47% of the company’s stock.
Microsemi Corporation (NASDAQ MSCC) opened at 50.17 on Wednesday. Microsemi Corporation has a 1-year low of $37.11 and a 1-year high of $57.97. The firm has a market cap of $5.80 billion, a price-to-earnings ratio of 50.78 and a beta of 1.17. The firm has a 50-day moving average of $49.96 and a 200 day moving average of $49.91.
Microsemi Corporation (NASDAQ:MSCC) last announced its quarterly earnings results on Thursday, July 27th. The semiconductor company reported $0.99 earnings per share for the quarter, beating the Zacks’ consensus estimate 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 previous year, the firm posted $0.73 earnings per share. The business’s revenue was up 6.2% on a year-over-year basis. Analysts expect that Microsemi Corporation will post $3.84 earnings per share for the current fiscal year.
Microsemi Corporation announced that its Board of Directors has approved a share buyback program on Thursday, July 27th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 43% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
In other Microsemi Corporation news, VP Frederick C. Goerner sold 1,500 shares of Microsemi Corporation stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $51.61, for a total value of $77,415.00. Following the transaction, the vice president now owns 61,936 shares of the company’s stock, valued at $3,196,516.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Dennis R. Leibel sold 3,000 shares of Microsemi Corporation stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $52.46, for a total transaction of $157,380.00. Following the completion of the transaction, the insider now directly owns 7,369 shares in the company, valued at approximately $386,577.74. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,650 shares of company stock worth $600,076. Insiders own 0.57% of the company’s stock.
A number of brokerages have recently weighed in on MSCC. Royal Bank Of Canada lowered shares of Microsemi Corporation from a “top pick” rating to an “outperform” rating and reduced their price target for the stock from $64.00 to $58.00 in a research note on Wednesday, June 14th. Raymond James Financial, Inc. began coverage on shares of Microsemi Corporation in a research note on Friday, June 16th. They issued a “market perform” rating for the company. BidaskClub lowered shares of Microsemi Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, June 17th. Goldman Sachs Group, Inc. (The) raised shares of Microsemi Corporation from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $54.00 to $53.00 in a research note on Wednesday, July 5th. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $62.00 price target on shares of Microsemi Corporation in a research note on Thursday, July 20th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have given a buy rating to the stock. Microsemi Corporation has an average rating of “Buy” and an average price target of $58.08.
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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