Van ECK Associates Corp Cuts Holdings in Microsemi Corporation (MSCC)
Van ECK Associates Corp lowered its position in shares of Microsemi Corporation (NASDAQ:MSCC) by 35.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 104,268 shares of the semiconductor company’s stock after selling 58,051 shares during the quarter. Van ECK Associates Corp owned about 0.09% of Microsemi Corporation worth $4,880,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in MSCC. Oppenheimer Asset Management Inc. acquired a new stake in Microsemi Corporation during the first quarter valued at approximately $113,000. Dubuque Bank & Trust Co. raised its stake in Microsemi Corporation by 3.1% during the second 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 in the last quarter. Quantitative Systematic Strategies LLC acquired a new stake in Microsemi Corporation during the second quarter valued at approximately $219,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Microsemi Corporation by 9.0% during the second 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 in the last quarter. Finally, Meadow Creek Investment Management LLC raised its stake in Microsemi Corporation by 5.3% during the first quarter. Meadow Creek Investment Management LLC now owns 4,378 shares of the semiconductor company’s stock valued at $226,000 after buying an additional 220 shares in the last quarter. Hedge funds and other institutional investors own 98.47% of the company’s stock.
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In other Microsemi Corporation news, Director Paul F. Folino sold 1,650 shares of the firm’s stock in a transaction dated 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 owns 1,070 shares in the company, valued at $56,249.90. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Dennis R. Leibel sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $52.46, for a total transaction of $157,380.00. Following the transaction, the insider now owns 7,369 shares of the company’s stock, valued at approximately $386,577.74. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,650 shares of company stock valued at $600,076. Corporate insiders own 0.57% of the company’s stock.
MSCC has been the topic of several research reports. BidaskClub cut Microsemi Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd. Zacks Investment Research cut Microsemi Corporation from a “buy” rating to a “hold” rating in a research note on Monday, September 18th. Raymond James Financial, Inc. initiated coverage on Microsemi Corporation in a research note on Friday, June 16th. They set a “market perform” rating on the stock. Susquehanna Bancshares Inc set a $70.00 price objective on Microsemi Corporation and gave the company a “buy” rating in a research note on Friday, July 28th. 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 thirteen have assigned a buy rating to the stock. Microsemi Corporation currently has a consensus rating of “Buy” and a consensus price target of $58.08.
Shares of Microsemi Corporation (MSCC) opened at 49.90 on Friday. The stock’s 50 day moving average price is $49.96 and its 200-day moving average price is $49.91. The firm has a market capitalization of $5.77 billion, a PE ratio of 50.51 and a beta of 1.17. Microsemi Corporation has a 12 month low of $37.11 and a 12 month high of $57.97.
Microsemi Corporation (NASDAQ:MSCC) last announced its quarterly 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 firm 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%. The company’s revenue for the quarter 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. On average, equities analysts anticipate that Microsemi Corporation will post $3.84 earnings per share 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 buyback $250.00 million in shares. This buyback authorization allows the semiconductor company to buy up to 43% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
Microsemi Corporation 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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