Bank of America Corp DE lowered its position in shares of Microsemi Corporation (NASDAQ:MSCC) by 31.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 302,396 shares of the semiconductor company’s stock after selling 136,194 shares during the period. Bank of America Corp DE owned about 0.26% of Microsemi Corporation worth $15,582,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in MSCC. American International Group Inc. increased its position in shares of Microsemi Corporation by 4.6% in the first quarter. American International Group Inc. now owns 296,362 shares of the semiconductor company’s stock valued at $15,272,000 after buying an additional 12,987 shares during the period. Teachers Advisors LLC increased its position in shares of Microsemi Corporation by 2.5% in the first quarter. Teachers Advisors LLC now owns 547,301 shares of the semiconductor company’s stock valued at $28,202,000 after buying an additional 13,213 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in shares of Microsemi Corporation during the first quarter valued at $113,000. BlackRock Inc. increased its position in shares of Microsemi Corporation by 24,626.0% in the first quarter. BlackRock Inc. now owns 12,207,460 shares of the semiconductor company’s stock valued at $629,050,000 after buying an additional 12,158,089 shares during the period. Finally, World Asset Management Inc increased its position in shares of Microsemi Corporation by 3.2% in the first quarter. World Asset Management Inc now owns 7,129 shares of the semiconductor company’s stock valued at $367,000 after buying an additional 218 shares during the period. Institutional investors and hedge funds own 99.82% of the company’s stock.
Shares of Microsemi Corporation (MSCC) traded down 0.56% during trading on Tuesday, hitting $51.46. The stock had a trading volume of 710,430 shares. The stock’s 50-day moving average is $50.10 and its 200-day moving average is $50.97. Microsemi Corporation has a 12-month low of $37.11 and a 12-month high of $57.97. The stock has a market cap of $5.95 billion, a price-to-earnings ratio of 52.09 and a beta of 1.16.
Microsemi Corporation (NASDAQ:MSCC) last announced its quarterly earnings data on Thursday, July 27th. The semiconductor company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.18. Microsemi Corporation had a net margin of 6.90% and a return on equity of 19.91%. The business had revenue of $458.10 million during the quarter, compared to the consensus estimate of $457.87 million. During the same quarter in the prior year, the firm earned $0.73 EPS. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities research analysts expect that Microsemi Corporation will post $3.84 EPS for the current year.
Microsemi Corporation declared that its board has initiated a stock repurchase 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 stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
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Several research analysts recently weighed in on the company. BidaskClub downgraded Microsemi Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. Zacks Investment Research upgraded Microsemi Corporation from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research note on Wednesday, August 2nd. Wells Fargo & Company reaffirmed an “outperform” rating on shares of Microsemi Corporation in a research report on Monday, July 31st. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $60.00 price target (up previously from $58.00) on shares of Microsemi Corporation in a research report on Sunday, July 30th. Finally, 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. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $58.42.
In other Microsemi Corporation news, COO Paul H. Pickle sold 694 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $50.73, for a total value of $35,206.62. Following the completion of the transaction, the chief operating officer now owns 39,679 shares in the company, valued at approximately $2,012,915.67. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman James J. Peterson sold 8,800 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $47.93, for a total transaction of $421,784.00. Following the completion of the transaction, the chairman now owns 175,781 shares of the company’s stock, valued at approximately $8,425,183.33. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,908 shares of company stock valued at $1,755,325. Insiders own 0.57% 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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