AlphaOne Investment Services LLC Acquires 1,810 Shares of Microsemi Corporation (MSCC)
AlphaOne Investment Services LLC boosted its holdings in shares of Microsemi Corporation (NASDAQ:MSCC) by 30.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,850 shares of the semiconductor company’s stock after acquiring an additional 1,810 shares during the period. AlphaOne Investment Services LLC’s holdings in Microsemi Corporation were worth $368,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. GSA Capital Partners LLP purchased a new position in Microsemi Corporation during the 2nd quarter valued at about $247,000. UBS Asset Management Americas Inc. lifted its position in Microsemi Corporation by 29.3% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 725,773 shares of the semiconductor company’s stock valued at $33,966,000 after acquiring an additional 164,614 shares during the period. Nicholas Investment Partners LP lifted its position in Microsemi Corporation by 0.8% during the 2nd quarter. Nicholas Investment Partners LP now owns 68,341 shares of the semiconductor company’s stock valued at $3,198,000 after acquiring an additional 527 shares during the period. Lazard Asset Management LLC lifted its position in Microsemi Corporation by 9.1% during the 2nd quarter. Lazard Asset Management LLC now owns 211,149 shares of the semiconductor company’s stock valued at $9,881,000 after acquiring an additional 17,655 shares during the period. Finally, Rafferty Asset Management LLC lifted its position in Microsemi Corporation by 51.6% during the 2nd quarter. Rafferty Asset Management LLC now owns 54,531 shares of the semiconductor company’s stock valued at $2,552,000 after acquiring an additional 18,550 shares during the period. 98.47% of the stock is owned by institutional investors.
In related news, insider Dennis R. Leibel sold 3,000 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $52.46, for a total value of $157,380.00. Following the completion of the transaction, the insider now directly owns 7,369 shares of the company’s stock, valued at approximately $386,577.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul F. Folino sold 1,650 shares of the stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $52.57, for a total transaction of $86,740.50. Following the completion of the transaction, the director now directly owns 1,070 shares of the company’s stock, valued at $56,249.90. The disclosure for this sale can be found here. Insiders sold a total of 11,650 shares of company stock valued at $600,076 over the last ninety days. 0.57% of the stock is currently owned by insiders.
Microsemi Corporation (NASDAQ:MSCC) last released its quarterly earnings results on Thursday, July 27th. The semiconductor company reported $0.99 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.18. The business had revenue of $458.10 million during the quarter, compared to analyst estimates of $457.87 million. Microsemi Corporation had a net margin of 6.90% and a return on equity of 19.91%. The company’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.73 earnings per share.
Microsemi Corporation declared that its Board of Directors has approved a stock buyback plan on Thursday, July 27th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 43% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
MSCC has been the subject of a number of recent research reports. Royal Bank Of Canada cut shares of Microsemi Corporation from a “top pick” rating to an “outperform” rating and lowered their price target for the company from $64.00 to $58.00 in a research report on Wednesday, June 14th. Raymond James Financial, Inc. assumed coverage on shares of Microsemi Corporation in a research report on Friday, June 16th. They set a “market perform” rating for the company. BidaskClub lowered shares of Microsemi Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, June 17th. Goldman Sachs Group, Inc. (The) upgraded shares of Microsemi Corporation from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $54.00 to $53.00 in a research note on Wednesday, July 5th. Finally, BMO Capital Markets restated a “buy” rating and set a $62.00 price objective on shares of Microsemi Corporation in a research note on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and fourteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $58.08.
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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