Microsemi Corporation (NASDAQ:MSCC) VP Frederick C. Goerner sold 1,500 shares of Microsemi Corporation stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $51.61, for a total value of $77,415.00. Following the completion of the transaction, the vice president now owns 61,936 shares of the company’s stock, valued at $3,196,516.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of Microsemi Corporation (NASDAQ MSCC) traded down 0.67% during trading on Friday, hitting $51.78. The stock had a trading volume of 727,153 shares. Microsemi Corporation has a one year low of $37.11 and a one year high of $57.97. The stock has a market cap of $5.99 billion, a price-to-earnings ratio of 52.41 and a beta of 1.16. The stock’s 50-day moving average price is $49.80 and its 200 day moving average price is $50.95.
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 Thomson Reuters’ consensus estimate of $0.81 by $0.18. The company 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 revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the business posted $0.73 earnings per share. On average, equities analysts forecast that Microsemi Corporation will post $3.84 EPS for the current year.
Microsemi Corporation announced that its board has authorized a stock buyback program on Thursday, July 27th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the semiconductor company to reacquire up to 43% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
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A number of brokerages have commented on MSCC. Goldman Sachs Group, Inc. (The) upgraded Microsemi Corporation from a “neutral” rating to a “buy” rating and decreased their target price for the company from $54.00 to $53.00 in a research note on Wednesday, July 5th. Zacks Investment Research upgraded Microsemi Corporation from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Wednesday. KeyCorp began coverage on Microsemi Corporation in a research note on Monday, July 24th. They issued an “overweight” rating and a $61.00 target price for the company. BidaskClub upgraded Microsemi Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, July 8th. Finally, TheStreet upgraded Microsemi Corporation from a “c+” rating to a “b+” rating in a research note on Thursday, April 27th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $58.42.
Several hedge funds have recently bought and sold shares of MSCC. Oppenheimer Asset Management Inc. purchased a new stake in Microsemi Corporation during the first quarter valued at $113,000. Dubuque Bank & Trust Co. purchased a new stake in Microsemi Corporation during the first quarter valued at $153,000. Flinton Capital Management LLC raised its stake in Microsemi Corporation by 5.3% in the first quarter. Flinton Capital Management LLC now owns 3,184 shares of the semiconductor company’s stock valued at $164,000 after buying an additional 160 shares during the last quarter. BTC Capital Management Inc. purchased a new stake in Microsemi Corporation during the first quarter valued at $202,000. Finally, Quotient Investors LLC purchased a new stake in Microsemi Corporation during the first quarter valued at $206,000.
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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