Insider Selling: Microsemi Corp. (MSCC) Chairman Sells $2,295,925.32 in Stock
Microsemi Corp. (NASDAQ:MSCC) Chairman James J. Peterson sold 54,717 shares of the firm’s stock in a transaction that occurred on Friday, October 7th. The shares were sold at an average price of $41.96, for a total transaction of $2,295,925.32. Following the completion of the sale, the chairman now owns 196,551 shares in the company, valued at approximately $8,247,279.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Shares of Microsemi Corp. (NASDAQ:MSCC) opened at 41.59 on Friday. The firm has a 50-day moving average of $40.63 and a 200 day moving average of $36.53. Microsemi Corp. has a 1-year low of $28.91 and a 1-year high of $42.64. The company’s market capitalization is $4.71 billion.
Microsemi Corp. (NASDAQ:MSCC) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.73 EPS for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.01. Microsemi Corp. had a negative net margin of 3.12% and a positive return on equity of 17.32%. The business earned $431.40 million during the quarter, compared to analysts’ expectations of $430.22 million. During the same quarter in the previous year, the company earned $0.68 EPS. The business’s quarterly revenue was up 36.0% compared to the same quarter last year. On average, equities research analysts expect that Microsemi Corp. will post $3.02 earnings per share for the current year.
A number of institutional investors have recently added to or reduced their stakes in the company. Seven Eight Capital LLC boosted its position in Microsemi Corp. by 119.5% in the second quarter. Seven Eight Capital LLC now owns 3,122 shares of the company’s stock worth $102,000 after buying an additional 1,700 shares in the last quarter. FTB Advisors Inc. boosted its stake in shares of Microsemi Corp. by 347.6% in the second quarter. FTB Advisors Inc. now owns 4,391 shares of the company’s stock worth $143,000 after buying an additional 3,410 shares during the period. BlueMountain Capital Management LLC acquired a new stake in shares of Microsemi Corp. during the second quarter worth about $152,000. BB&T Corp acquired a new stake in shares of Microsemi Corp. during the second quarter worth about $217,000. Finally, LS Investment Advisors LLC boosted its stake in shares of Microsemi Corp. by 70.9% in the second quarter. LS Investment Advisors LLC now owns 6,800 shares of the company’s stock worth $222,000 after buying an additional 2,820 shares during the period. 90.57% of the stock is owned by institutional investors and hedge funds.
MSCC has been the topic of a number of research analyst reports. SunTrust Banks Inc. restated a “buy” rating on shares of Microsemi Corp. in a research report on Saturday, June 25th. Zacks Investment Research raised shares of Microsemi Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, June 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $46.00 price target on shares of Microsemi Corp. in a research note on Wednesday, June 29th. BMO Capital Markets reaffirmed a “buy” rating and set a $50.00 price target (up previously from $45.00) on shares of Microsemi Corp. in a research note on Friday, July 29th. Finally, RBC Capital Markets reaffirmed a “top pick” rating and set a $48.00 price target (up previously from $47.00) on shares of Microsemi Corp. in a research note on Sunday, July 31st. One research analyst has rated the stock with a sell rating, two have given a hold rating, twelve have assigned a buy rating and three have assigned a strong buy rating to the stock. Microsemi Corp. has an average rating of “Buy” and an average target price of $46.79.
About Microsemi Corp.
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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