Northern Trust Corp Sells 915,883 Shares of Microsemi Corporation (MSCC)

Northern Trust Corp decreased its holdings in shares of Microsemi Corporation (NASDAQ:MSCC) by 49.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 936,684 shares of the semiconductor company’s stock after selling 915,883 shares during the period. Northern Trust Corp owned about 0.81% of Microsemi Corporation worth $43,836,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Oppenheimer Asset Management Inc. bought a new stake in shares of Microsemi Corporation during the 1st quarter valued at $113,000. Dubuque Bank & Trust Co. grew its position in shares of Microsemi Corporation by 3.1% during the 2nd 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 during the period. Quantitative Systematic Strategies LLC bought a new stake in shares of Microsemi Corporation during the 2nd quarter valued at $219,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Microsemi Corporation by 9.0% during the 2nd 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 during the period. Finally, BB&T Securities LLC grew its position in shares of Microsemi Corporation by 13.4% during the 2nd 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 during the period. 98.47% of the stock is owned by hedge funds and other institutional investors.

Microsemi Corporation (NASDAQ MSCC) opened at 52.27 on Wednesday. Microsemi Corporation has a one year low of $37.11 and a one year high of $57.97. The company has a 50-day moving average of $50.22 and a 200 day moving average of $49.83. The company has a market cap of $6.05 billion, a P/E ratio of 52.90 and a beta of 1.18.

Microsemi Corporation (NASDAQ:MSCC) last released its quarterly earnings results on Thursday, July 27th. The semiconductor company reported $0.99 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.18. The company had revenue of $458.10 million for 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 firm’s revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the business earned $0.73 earnings per share. Analysts anticipate that Microsemi Corporation will post $3.84 earnings per share for the current year.

Microsemi Corporation announced that its Board of Directors has initiated a stock buyback plan on Thursday, July 27th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to reacquire up to 43% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

A number of equities research analysts have recently issued reports on MSCC shares. Zacks Investment Research downgraded shares of Microsemi Corporation from a “buy” rating to a “hold” rating in a research report on Monday, August 28th. Raymond James Financial, Inc. started coverage on shares of Microsemi Corporation in a research report on Friday, June 16th. They set a “market perform” rating for the company. Goldman Sachs Group, Inc. (The) raised shares of Microsemi Corporation from a “neutral” rating to a “buy” rating and cut their price objective for the company from $54.00 to $53.00 in a research report on Wednesday, July 5th. BidaskClub downgraded shares of Microsemi Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, June 17th. Finally, 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 report on Sunday, July 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $58.00.

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In related news, Director Thomas Robert Anderson sold 1,000 shares of the firm’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $51.08, for a total transaction of $51,080.00. Following the sale, the director now owns 15,113 shares in the company, valued at $771,972.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Frederick C. Goerner sold 1,500 shares of the firm’s 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 sale, the vice president now owns 60,436 shares in the company, valued at approximately $3,029,052.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,363 shares of company stock worth $2,684,080. 0.57% of the stock is owned by company insiders.

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.

Institutional Ownership by Quarter for Microsemi Corporation (NASDAQ:MSCC)

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