Microsemi Corporation (MSCC) Stake Lessened by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. cut its holdings in Microsemi Corporation (NASDAQ:MSCC) by 8.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 132,914 shares of the semiconductor company’s stock after selling 12,661 shares during the period. PNC Financial Services Group Inc. owned about 0.11% of Microsemi Corporation worth $6,221,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. bought a new position in shares of Microsemi Corporation in the first quarter valued at approximately $113,000. Dubuque Bank & Trust Co. grew its holdings in shares of Microsemi Corporation by 3.1% in the second 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 in the last quarter. Quantitative Systematic Strategies LLC bought a new position in shares of Microsemi Corporation in the second quarter valued at approximately $219,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Microsemi Corporation by 9.0% in the second 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 in the last quarter. Finally, BB&T Securities LLC grew its holdings in shares of Microsemi Corporation by 13.4% in the second 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 in the last quarter. 98.47% of the stock is owned by institutional investors.
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In other Microsemi Corporation news, Director Paul F. Folino sold 1,650 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $52.57, for a total transaction of $86,740.50. Following the completion of the sale, the director now directly 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 through this link. Also, VP Frederick C. Goerner sold 1,500 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $51.61, for a total transaction of $77,415.00. Following the sale, the vice president now owns 61,936 shares of the company’s stock, valued at $3,196,516.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,650 shares of company stock valued at $600,076. Company insiders own 0.57% of the company’s stock.
Microsemi Corporation (NASDAQ MSCC) opened at 49.90 on Monday. The company has a market capitalization of $5.77 billion, a price-to-earnings ratio of 50.51 and a beta of 1.17. Microsemi Corporation has a one year low of $37.11 and a one year high of $57.97. The firm’s 50-day moving average price is $49.96 and its 200 day moving average price is $49.91.
Microsemi Corporation (NASDAQ:MSCC) last announced its earnings results on Thursday, July 27th. The semiconductor company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.18. The business 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 quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.73 EPS. On average, equities research analysts expect that Microsemi Corporation will post $3.84 earnings per share for the current fiscal year.
Microsemi Corporation announced that its Board of Directors has authorized a share repurchase plan on Thursday, July 27th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the semiconductor company to purchase up to 43% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.
Several equities analysts have recently issued reports on the company. Zacks Investment Research raised Microsemi Corporation from a “hold” rating to a “buy” rating and set a $56.00 target price for the company in a report on Tuesday, September 19th. BidaskClub lowered Microsemi Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company. Microsemi Corporation has a consensus rating of “Buy” and an average target price of $58.08.
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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