David Goren Sells 8,329 Shares of Microsemi Corporation (MSCC) Stock
Microsemi Corporation (NASDAQ:MSCC) SVP David Goren sold 8,329 shares of the business’s stock in a transaction that occurred on Tuesday, October 10th. The shares were sold at an average price of $52.54, for a total transaction of $437,605.66. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
Microsemi Corporation (MSCC) traded down 0.21% during mid-day trading on Tuesday, hitting $52.27. 390,650 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $50.10 and its 200-day moving average price is $49.82. The stock has a market cap of $6.05 billion, a PE ratio of 52.90 and a beta of 1.18. Microsemi Corporation has a 12 month low of $37.11 and a 12 month high of $57.97.
Microsemi Corporation (NASDAQ:MSCC) last issued its earnings results on Thursday, July 27th. The semiconductor company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.18. The company had revenue of $458.10 million for the quarter, compared to analysts’ expectations 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 quarter last year, the company earned $0.73 EPS. Equities analysts expect that Microsemi Corporation will post $3.84 EPS for the current fiscal year.
Microsemi Corporation declared that its Board of Directors has approved a share repurchase 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 stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
Several research analysts have commented on the stock. Goldman Sachs Group, Inc. (The) upgraded shares of Microsemi Corporation from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $54.00 to $53.00 in a research report on Wednesday, July 5th. Zacks Investment Research upgraded shares of Microsemi Corporation from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Tuesday, September 12th. KeyCorp assumed coverage on shares of Microsemi Corporation in a research report on Monday, July 24th. They set an “overweight” rating and a $61.00 price objective for the company. BidaskClub upgraded shares of Microsemi Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, July 8th. Finally, Wells Fargo & Company restated an “outperform” rating on shares of Microsemi Corporation in a research report on Monday, July 31st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $58.00.
Large investors have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. purchased a new position in Microsemi Corporation in the 1st quarter worth $113,000. Dubuque Bank & Trust Co. raised its position in Microsemi Corporation by 3.1% in the 2nd quarter. Dubuque Bank & Trust Co. now owns 3,071 shares of the semiconductor company’s stock worth $144,000 after purchasing an additional 93 shares during the period. Quantitative Systematic Strategies LLC purchased a new position in Microsemi Corporation in the 2nd quarter worth $219,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Microsemi Corporation by 9.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,793 shares of the semiconductor company’s stock worth $224,000 after purchasing an additional 395 shares during the period. Finally, BB&T Securities LLC raised its position in Microsemi Corporation by 13.4% in the 2nd quarter. BB&T Securities LLC now owns 5,158 shares of the semiconductor company’s stock worth $241,000 after purchasing an additional 610 shares during the period. Institutional investors own 98.47% of the company’s stock.
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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