Insider Selling: Microsemi Corporation (MSCC) CFO Sells $2,988,355.14 in Stock
Microsemi Corporation (NASDAQ:MSCC) CFO John W. Hohener sold 55,618 shares of the stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $53.73, for a total transaction of $2,988,355.14. Following the completion of the transaction, the chief financial officer now owns 80,133 shares in the company, valued at approximately $4,305,546.09. The sale was disclosed in a filing with the SEC, which is available at the SEC website.
Shares of Microsemi Corporation (NASDAQ:MSCC) opened at $52.62 on Friday. Microsemi Corporation has a 52-week low of $46.08 and a 52-week high of $57.97. The company has a market capitalization of $6,087.29, a P/E ratio of 15.80, a price-to-earnings-growth ratio of 1.16 and a beta of 1.16. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.26 and a quick ratio of 1.53.
Microsemi Corporation (NASDAQ:MSCC) last announced its earnings results on Thursday, November 9th. The semiconductor company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. Microsemi Corporation had a return on equity of 21.31% and a net margin of 9.73%. The firm had revenue of $475.30 million for the quarter, compared to analyst estimates of $474.97 million. During the same quarter last year, the firm posted $0.91 EPS. The business’s revenue was up 5.6% on a year-over-year basis. sell-side analysts forecast that Microsemi Corporation will post 3.62 earnings per share for the current year.
Microsemi Corporation declared that its Board of Directors has initiated a share repurchase 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 buy up to 43% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
Several large investors have recently made changes to their positions in MSCC. Bank of New York Mellon Corp lifted its position in shares of Microsemi Corporation by 41.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,065,729 shares of the semiconductor company’s stock valued at $209,305,000 after buying an additional 1,196,836 shares in the last quarter. Westfield Capital Management Co. LP lifted its position in shares of Microsemi Corporation by 85.8% during the 2nd quarter. Westfield Capital Management Co. LP now owns 1,706,865 shares of the semiconductor company’s stock valued at $79,881,000 after buying an additional 788,129 shares in the last quarter. TimesSquare Capital Management LLC purchased a new position in shares of Microsemi Corporation during the 3rd quarter valued at approximately $38,306,000. Eagle Asset Management Inc. purchased a new position in shares of Microsemi Corporation during the 3rd quarter valued at approximately $25,153,000. Finally, Royal Bank of Canada lifted its position in shares of Microsemi Corporation by 64.7% during the 2nd quarter. Royal Bank of Canada now owns 777,401 shares of the semiconductor company’s stock valued at $36,382,000 after buying an additional 305,447 shares in the last quarter. Hedge funds and other institutional investors own 98.37% of the company’s stock.
Several brokerages recently weighed in on MSCC. Zacks Investment Research downgraded shares of Microsemi Corporation from a “buy” rating to a “hold” rating in a report on Monday, September 18th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Microsemi Corporation in a report on Friday. Needham & Company LLC reiterated a “buy” rating and issued a $61.00 price target on shares of Microsemi Corporation in a report on Friday. Susquehanna Bancshares Inc set a $70.00 price target on shares of Microsemi Corporation and gave the stock a “buy” rating in a report on Friday, July 28th. Finally, KeyCorp initiated 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. Microsemi Corporation presently has an average rating of “Buy” and a consensus price target of $61.11.
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.
Receive News & Ratings for Microsemi Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microsemi Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.