Sumitomo Mitsui Asset Management Company LTD cut its stake in Microsemi Corporation (NASDAQ:MSCC) by 18.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 729,755 shares of the semiconductor company’s stock after selling 169,600 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD owned 0.63% of Microsemi Corporation worth $37,567,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Peregrine Capital Management LLC increased its position in shares of Microsemi Corporation by 3.5% during the third quarter. Peregrine Capital Management LLC now owns 702,456 shares of the semiconductor company’s stock valued at $36,162,000 after acquiring an additional 23,938 shares during the last quarter. Aperio Group LLC grew its holdings in Microsemi Corporation by 3.3% during the third quarter. Aperio Group LLC now owns 33,764 shares of the semiconductor company’s stock valued at $1,738,000 after purchasing an additional 1,064 shares during the period. First Trust Advisors LP grew its holdings in Microsemi Corporation by 59.6% during the third quarter. First Trust Advisors LP now owns 255,053 shares of the semiconductor company’s stock valued at $13,130,000 after purchasing an additional 95,287 shares during the period. Fox Run Management L.L.C. bought a new position in Microsemi Corporation during the third quarter valued at $535,000. Finally, Oakbrook Investments LLC bought a new position in Microsemi Corporation during the third quarter valued at $319,000. 99.84% of the stock is owned by institutional investors.
Several equities analysts have weighed in on MSCC shares. Zacks Investment Research lowered Microsemi Corporation from a “buy” rating to a “hold” rating in a report on Monday, August 28th. BidaskClub lowered Microsemi Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. Royal Bank Of Canada reissued an “outperform” rating and set a $60.00 price objective (up previously from $58.00) on shares of Microsemi Corporation in a research note on Sunday, July 30th. Finally, KeyCorp reissued a “buy” rating and set a $62.00 price objective on shares of Microsemi Corporation in a research note on Friday, October 20th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. Microsemi Corporation presently has an average rating of “Buy” and a consensus target price of $61.11.
In other news, VP Frederick C. Goerner sold 1,500 shares of Microsemi Corporation stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $50.12, for a total transaction of $75,180.00. Following the completion of the sale, the vice president now directly owns 60,436 shares in the company, valued at $3,029,052.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO John W. Hohener sold 11,638 shares of Microsemi Corporation stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $52.49, for a total transaction of $610,878.62. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 228,467 shares of company stock valued at $12,188,276. 0.57% of the stock is owned by insiders.
Microsemi Corporation (MSCC) opened at $52.91 on Wednesday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.29 and a current ratio of 1.92. Microsemi Corporation has a one year low of $46.08 and a one year high of $57.97. The stock has a market cap of $6,087.30, a P/E ratio of 15.80, a PEG ratio of 1.16 and a beta of 1.16.
Microsemi Corporation (NASDAQ:MSCC) last released its quarterly earnings data on Thursday, November 9th. The semiconductor company reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.01. Microsemi Corporation had a net margin of 9.73% and a return on equity of 20.82%. The firm had revenue of $475.30 million for the quarter, compared to the consensus estimate of $474.97 million. During the same period last year, the firm earned $0.91 earnings per share. The company’s quarterly revenue was up 5.6% on a year-over-year basis. analysts predict that Microsemi Corporation will post 3.62 EPS for the current year.
Microsemi Corporation declared that its board has authorized a share repurchase plan on Thursday, July 27th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the semiconductor company to buy up to 43% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
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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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