Paul H. Pickle Sells 14,746 Shares of Microsemi Corporation (MSCC) Stock
Microsemi Corporation (NASDAQ:MSCC) COO Paul H. Pickle sold 14,746 shares of the stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $52.48, for a total transaction of $773,870.08. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.
Shares of Microsemi Corporation (MSCC) traded down 0.21% on Tuesday, hitting $52.27. 390,650 shares of the company’s stock were exchanged. The firm has a market cap of $6.05 billion, a P/E ratio of 52.90 and a beta of 1.18. The stock’s 50 day moving average is $50.10 and its 200 day moving average is $49.82. 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 quarterly earnings data on Thursday, July 27th. The semiconductor company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.81 by $0.18. The company had revenue of $458.10 million during 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%. Microsemi Corporation’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.73 earnings per share. On average, equities analysts predict that Microsemi Corporation will post $3.84 earnings per share for the current year.
Microsemi Corporation announced that its Board of Directors has authorized a share buyback program on Thursday, July 27th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the semiconductor company to purchase up to 43% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
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Institutional investors and hedge funds have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. bought a new stake in shares of Microsemi Corporation in the 1st quarter worth approximately $113,000. Dubuque Bank & Trust Co. raised its holdings in Microsemi Corporation by 3.1% during the 2nd quarter. Dubuque Bank & Trust Co. now owns 3,071 shares of the semiconductor company’s stock valued at $144,000 after buying an additional 93 shares during the last quarter. Quantitative Systematic Strategies LLC bought a new stake in Microsemi Corporation during the 2nd quarter valued at $219,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Microsemi Corporation by 9.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,793 shares of the semiconductor company’s stock valued at $224,000 after buying an additional 395 shares during the last quarter. Finally, BB&T Securities LLC raised its holdings in Microsemi Corporation by 13.4% during the 2nd quarter. BB&T Securities LLC now owns 5,158 shares of the semiconductor company’s stock valued at $241,000 after buying an additional 610 shares during the last quarter. Hedge funds and other institutional investors own 98.47% of the company’s stock.
Several equities research analysts have recently issued reports on the company. Zacks Investment Research raised Microsemi Corporation from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research report on Wednesday, August 2nd. BidaskClub downgraded Microsemi Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. Susquehanna Bancshares Inc set a $70.00 target price on Microsemi Corporation and gave the stock a “buy” rating in a research report on Friday, July 28th. Wells Fargo & Company restated an “outperform” rating on shares of Microsemi Corporation in a research note on Monday, July 31st. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $60.00 price target (up previously from $58.00) on shares of Microsemi Corporation in a research note on Sunday, July 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $58.00.
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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