Microsemi Corporation (NASDAQ:MSCC) insider Dennis R. Leibel sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $50.76, for a total value of $152,280.00. Following the sale, the insider now owns 4,369 shares of the company’s stock, valued at approximately $221,770.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of Microsemi Corporation (NASDAQ:MSCC) traded down 0.22% on Friday, hitting $48.78. 701,810 shares of the stock traded hands. The stock has a 50-day moving average price of $50.74 and a 200 day moving average price of $50.59. Microsemi Corporation has a 52 week low of $37.11 and a 52 week high of $57.97. The firm has a market cap of $5.64 billion, a P/E ratio of 49.37 and a beta of 1.16.
Microsemi Corporation (NASDAQ:MSCC) last posted its quarterly earnings data on Thursday, July 27th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.18. The company had revenue of $458.10 million during the quarter, compared to the consensus estimate of $457.87 million. Microsemi Corporation had a net margin of 6.90% and a return on equity of 19.91%. The firm’s revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.73 EPS. Equities research analysts predict that Microsemi Corporation will post $3.84 EPS for the current fiscal year.
Microsemi Corporation announced that its board has authorized a stock repurchase program on Thursday, July 27th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the semiconductor company to repurchase up to 43% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
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A number of brokerages have recently issued reports on MSCC. Zacks Investment Research cut Microsemi Corporation from a “buy” rating to a “hold” rating in a report on Monday, August 14th. TheStreet upgraded Microsemi Corporation from a “c+” rating to a “b+” rating in a report on Thursday, April 27th. Susquehanna Bancshares Inc set a $70.00 price objective on Microsemi Corporation and gave the stock a “buy” rating in a report on Friday, July 28th. Royal Bank Of Canada cut Microsemi Corporation from a “top pick” rating to an “outperform” rating and reduced their price objective for the stock from $64.00 to $58.00 in a report on Wednesday, June 14th. Finally, KeyCorp began coverage on Microsemi Corporation in a report on Monday, July 24th. They set an “overweight” rating and a $61.00 price objective for the company. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $58.00.
A number of hedge funds have recently bought and sold shares of the company. Rockefeller Financial Services Inc. increased its stake in Microsemi Corporation by 3.0% in the second quarter. Rockefeller Financial Services Inc. now owns 549,282 shares of the semiconductor company’s stock valued at $25,706,000 after buying an additional 16,126 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in Microsemi Corporation during the first quarter valued at $113,000. American International Group Inc. increased its stake in Microsemi Corporation by 4.6% in the first quarter. American International Group Inc. now owns 296,362 shares of the semiconductor company’s stock valued at $15,272,000 after buying an additional 12,987 shares in the last quarter. Teachers Advisors LLC increased its stake in Microsemi Corporation by 2.5% in the first quarter. Teachers Advisors LLC now owns 547,301 shares of the semiconductor company’s stock valued at $28,202,000 after buying an additional 13,213 shares in the last quarter. Finally, BlackRock Inc. increased its stake in Microsemi Corporation by 24,626.0% in the first quarter. BlackRock Inc. now owns 12,207,460 shares of the semiconductor company’s stock valued at $629,050,000 after buying an additional 12,158,089 shares in the last quarter. 99.02% of the stock is owned by institutional investors and hedge funds.
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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