Insider Selling: Microsemi Corporation (MSCC) COO Sells 5,903 Shares of Stock
Microsemi Corporation (NASDAQ:MSCC) COO Paul H. Pickle sold 5,903 shares of the firm’s stock in a transaction on Thursday, October 12th. The stock was sold at an average price of $52.10, for a total value of $307,546.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Microsemi Corporation (NASDAQ:MSCC) traded down 0.98% during midday trading on Monday, reaching $51.44. The company’s stock had a trading volume of 555,443 shares. Microsemi Corporation has a one year low of $37.30 and a one year high of $57.97. The firm has a market cap of $5.95 billion, a P/E ratio of 52.06 and a beta of 1.18. The firm has a 50 day moving average price of $50.53 and a 200 day moving average price of $49.84.
Microsemi Corporation (NASDAQ:MSCC) last posted its quarterly earnings data 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. Microsemi Corporation had a net margin of 6.90% and a return on equity of 19.91%. The company had revenue of $458.10 million for the quarter, compared to analyst estimates of $457.87 million. During the same period in the prior year, the company posted $0.73 EPS. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities research analysts forecast that Microsemi Corporation will post $3.84 EPS for the current fiscal year.
Microsemi Corporation declared that its board has initiated a share buyback plan on Thursday, July 27th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the semiconductor company to purchase up to 43% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
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A number of brokerages recently issued reports on MSCC. Susquehanna Bancshares Inc set a $70.00 price objective on Microsemi Corporation and gave the stock a “buy” rating in a research report on Friday, July 28th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Microsemi Corporation in a research report on Thursday, July 27th. Zacks Investment Research upgraded Microsemi Corporation from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a research report on Wednesday, August 2nd. KeyCorp began coverage on Microsemi Corporation in a research report on Monday, July 24th. They issued an “overweight” rating and a $61.00 price objective on the stock. Finally, BidaskClub upgraded Microsemi Corporation from a “hold” rating to a “buy” rating in a research report on Monday, July 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $58.00.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MSCC. Oppenheimer Asset Management Inc. bought a new position in shares of Microsemi Corporation during the first quarter valued at approximately $113,000. Dubuque Bank & Trust Co. boosted its stake in Microsemi Corporation by 3.1% in the second quarter. Dubuque Bank & Trust Co. now owns 3,071 shares of the semiconductor company’s stock valued at $144,000 after acquiring an additional 93 shares in the last quarter. Quantitative Systematic Strategies LLC acquired a new stake in Microsemi Corporation in the second quarter valued at approximately $219,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Microsemi Corporation by 9.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,793 shares of the semiconductor company’s stock valued at $224,000 after acquiring an additional 395 shares in the last quarter. Finally, BB&T Securities LLC boosted its stake in Microsemi Corporation by 13.4% in the second quarter. BB&T Securities LLC now owns 5,158 shares of the semiconductor company’s stock valued at $241,000 after acquiring an additional 610 shares in the last quarter. Hedge funds and other institutional investors own 98.30% of the company’s stock.
Microsemi Corporation Company 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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