Microsemi Corporation (MSCC) Position Boosted by Rafferty Asset Management LLC
Rafferty Asset Management LLC boosted its stake in Microsemi Corporation (NASDAQ:MSCC) by 51.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 54,531 shares of the semiconductor company’s stock after buying an additional 18,550 shares during the period. Rafferty Asset Management LLC’s holdings in Microsemi Corporation were worth $2,552,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. New York State Common Retirement Fund grew its position in Microsemi Corporation by 44.7% in the 2nd quarter. New York State Common Retirement Fund now owns 333,084 shares of the semiconductor company’s stock valued at $15,588,000 after buying an additional 102,922 shares in the last quarter. Lucha Capital Management LP bought a new position in shares of Microsemi Corporation during the 2nd quarter valued at about $3,753,000. Thrivent Financial For Lutherans boosted its position in shares of Microsemi Corporation by 0.5% during the 2nd quarter. Thrivent Financial For Lutherans now owns 334,370 shares of the semiconductor company’s stock valued at $15,648,000 after purchasing an additional 1,820 shares in the last quarter. Westfield Capital Management Co. LP boosted 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 purchasing an additional 788,129 shares in the last quarter. Finally, Laurion Capital Management LP bought a new position in shares of Microsemi Corporation during the 2nd quarter valued at about $4,748,000. Hedge funds and other institutional investors own 98.47% of the company’s stock.
Several research firms have recently weighed in on MSCC. Goldman Sachs Group, Inc. (The) upgraded shares of Microsemi Corporation from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $54.00 to $53.00 in a research report on Wednesday, July 5th. Zacks Investment Research upgraded shares of Microsemi Corporation from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Tuesday, September 12th. KeyCorp began coverage on shares of Microsemi Corporation in a research report on Monday, July 24th. They set an “overweight” rating and a $61.00 price objective for the company. BidaskClub upgraded shares of Microsemi Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, July 8th. Finally, Wells Fargo & Company restated an “outperform” rating on shares of Microsemi Corporation in a research report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $58.08.
Microsemi Corporation (NASDAQ:MSCC) opened at 49.56 on Thursday. Microsemi Corporation has a one year low of $37.11 and a one year high of $57.97. The firm has a market capitalization of $5.73 billion, a PE ratio of 50.16 and a beta of 1.17. The firm has a 50 day moving average of $49.96 and a 200 day moving average of $49.91.
Microsemi Corporation (NASDAQ:MSCC) last posted its earnings results on Thursday, July 27th. The semiconductor company reported $0.99 earnings per share (EPS) 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 return on equity of 19.91% and a net margin of 6.90%. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.73 EPS. Equities analysts forecast that Microsemi Corporation will post $3.84 EPS for the current year.
Microsemi Corporation announced that its board has authorized a share repurchase plan on Thursday, July 27th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 43% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
In other news, Director Paul F. Folino sold 1,650 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $52.57, for a total transaction of $86,740.50. Following the sale, the director now owns 1,070 shares in the company, valued at approximately $56,249.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Dennis R. Leibel sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $52.46, for a total value of $157,380.00. Following the sale, the insider now owns 7,369 shares in the company, valued at approximately $386,577.74. The disclosure for this sale can be found here. Insiders sold a total of 11,650 shares of company stock valued at $600,076 over the last quarter. 0.57% of the stock is owned by insiders.
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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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