Insider Selling: Microsemi Corp. (MSCC) VP Sells 6,958 Shares of Stock
Microsemi Corp. (NASDAQ:MSCC) VP Frederick C. Goerner sold 6,958 shares of the firm’s stock in a transaction that occurred on Monday, October 17th. The shares were sold at an average price of $39.62, for a total transaction of $275,675.96. Following the completion of the transaction, the vice president now directly owns 48,458 shares of the company’s stock, valued at approximately $1,919,905.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Shares of Microsemi Corp. (NASDAQ:MSCC) traded up 0.50% during mid-day trading on Tuesday, hitting $37.92. 694,348 shares of the stock traded hands. Microsemi Corp. has a 12-month low of $28.91 and a 12-month high of $42.64. The stock’s market cap is $4.29 billion. The firm’s 50 day moving average price is $40.30 and its 200-day moving average price is $36.54.
Microsemi Corp. (NASDAQ:MSCC) last announced its earnings results on Thursday, July 28th. The company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.01. The business earned $431.40 million during the quarter, compared to the consensus estimate of $430.22 million. Microsemi Corp. had a negative net margin of 3.12% and a positive return on equity of 17.32%. The business’s quarterly revenue was up 36.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.68 earnings per share. Analysts predict that Microsemi Corp. will post $3.02 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently made changes to their positions in MSCC. Nicholas Investment Partners LP purchased a new position in shares of Microsemi Corp. during the first quarter valued at $3,866,000. Riverhead Capital Management LLC increased its position in Microsemi Corp. by 8.6% in the first quarter. Riverhead Capital Management LLC now owns 23,030 shares of the company’s stock worth $882,000 after buying an additional 1,830 shares during the period. UBS Asset Management Americas Inc. increased its position in Microsemi Corp. by 1.7% in the first quarter. UBS Asset Management Americas Inc. now owns 75,011 shares of the company’s stock worth $2,873,000 after buying an additional 1,278 shares during the period. Rafferty Asset Management LLC bought a new position in Microsemi Corp. during the first quarter worth approximately $385,000. Finally, State Street Corp increased its position in Microsemi Corp. by 72.2% in the first quarter. State Street Corp now owns 3,787,545 shares of the company’s stock worth $145,102,000 after buying an additional 1,587,798 shares during the period.
A number of brokerages have recently weighed in on MSCC. Zacks Investment Research lowered shares of Microsemi Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, October 4th. Susquehanna began coverage on shares of Microsemi Corp. in a report on Tuesday, September 20th. They issued a “positive” rating and a $50.00 price objective on the stock. Macquarie restated a “positive” rating on shares of Microsemi Corp. in a report on Thursday, September 22nd. Needham & Company LLC restated a “buy” rating and issued a $52.00 price objective (up from $46.00) on shares of Microsemi Corp. in a report on Friday, September 9th. Finally, Stifel Nicolaus raised their price objective on shares of Microsemi Corp. from $48.00 to $50.00 and gave the company a “buy” rating in a report on Friday, September 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have assigned a buy rating and three have given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $46.79.
Microsemi Corp. Company Profile
Microsemi Corporation (Microsemi) is a designer, manufacturer and marketer of high-performance analog and mixed-signal semiconductor solutions. Microsemi’s products include high-performance and radiation-hardened analog mixed-signal integrated circuits (ICs), field programmable gate arrays (FPGAs), system on chip solutions (SoCs) and application-specific integrated circuits (ASICs); power management products; timing and synchronization devices and precise time solutions; voice processing devices; radio frequency (RF) solutions; discrete components; security technologies and scalable anti-tamper products; Power-over-Ethernet (PoE) ICs and midspans.
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