Insider Selling: Microsemi Corporation (MSCC) VP Sells 5,167 Shares of Stock
Microsemi Corporation (NASDAQ:MSCC) VP Frederick C. Goerner sold 5,167 shares of the firm’s stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $51.72, for a total value of $267,237.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Microsemi Corporation (NASDAQ:MSCC) traded up 0.88% during mid-day trading on Tuesday, hitting $52.50. The stock had a trading volume of 537,208 shares. The stock’s 50 day moving average price is $50.82 and its 200 day moving average price is $49.89. Microsemi Corporation has a one year low of $39.99 and a one year high of $57.97. The firm has a market capitalization of $6.07 billion, a price-to-earnings ratio of 53.14 and a beta of 1.18.
Microsemi Corporation (NASDAQ:MSCC) last announced its earnings results on Thursday, July 27th. The semiconductor company reported $0.99 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.18. The company had revenue of $458.10 million for the quarter, compared to analyst estimates of $457.87 million. Microsemi Corporation had a return on equity of 19.91% and a net margin of 6.90%. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.73 earnings per share. Analysts forecast that Microsemi Corporation will post $3.84 EPS for the current year.
Microsemi Corporation declared that its Board of Directors has authorized a share buyback program on Thursday, July 27th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the semiconductor company to buy up to 43% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
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Several research analysts have commented on the company. Zacks Investment Research downgraded Microsemi Corporation from a “buy” rating to a “hold” rating in a research report on Monday, September 18th. Susquehanna Bancshares Inc set a $70.00 price target on Microsemi Corporation and gave the stock a “buy” rating in a research report on Friday, July 28th. KeyCorp assumed coverage on Microsemi Corporation in a research report on Monday, July 24th. They issued an “overweight” rating and a $61.00 price target on the stock. BMO Capital Markets reaffirmed a “buy” rating and issued a $62.00 price target on shares of Microsemi Corporation in a research report on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Microsemi Corporation in a research report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $58.08.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Trexquant Investment LP increased its stake in shares of Microsemi Corporation by 0.4% during the second quarter. Trexquant Investment LP now owns 7,800 shares of the semiconductor company’s stock worth $365,000 after purchasing an additional 34 shares during the period. Somerset Trust Co increased its stake in shares of Microsemi Corporation by 0.4% during the second quarter. Somerset Trust Co now owns 11,343 shares of the semiconductor company’s stock worth $531,000 after purchasing an additional 47 shares during the period. Dubuque Bank & Trust Co. increased its stake in shares of Microsemi Corporation by 3.1% during the second 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. Pacer Advisors Inc. increased its stake in shares of Microsemi Corporation by 1.0% during the second quarter. Pacer Advisors Inc. now owns 14,718 shares of the semiconductor company’s stock worth $689,000 after purchasing an additional 141 shares during the period. Finally, Teacher Retirement System of Texas increased its stake in shares of Microsemi Corporation by 1.6% during the second quarter. Teacher Retirement System of Texas now owns 9,184 shares of the semiconductor company’s stock worth $430,000 after purchasing an additional 145 shares during the period. Institutional investors own 98.53% of the company’s stock.
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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