Wedge Capital Management L L P NC lowered its position in Microsemi Corporation (NASDAQ:MSCC) by 0.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 799,239 shares of the semiconductor company’s stock after selling 4,642 shares during the period. Wedge Capital Management L L P NC’s holdings in Microsemi Corporation were worth $37,404,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the company. BlackRock Inc. increased its position in shares of Microsemi Corporation by 24,626.0% in the first quarter. BlackRock Inc. now owns 12,207,460 shares of the semiconductor company’s stock worth $629,050,000 after buying an additional 12,158,089 shares during the last quarter. Wells Fargo & Company MN increased its position in Microsemi Corporation by 46.8% in the first quarter. Wells Fargo & Company MN now owns 2,648,870 shares of the semiconductor company’s stock valued at $136,496,000 after buying an additional 844,586 shares in the last quarter. Vanguard Group Inc. increased its position in Microsemi Corporation by 5.9% in the first quarter. Vanguard Group Inc. now owns 9,717,771 shares of the semiconductor company’s stock valued at $500,758,000 after buying an additional 542,772 shares in the last quarter. UBS Asset Management Americas Inc. increased its position in Microsemi Corporation by 1,319.0% in the first quarter. UBS Asset Management Americas Inc. now owns 561,159 shares of the semiconductor company’s stock valued at $28,917,000 after buying an additional 521,612 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Microsemi Corporation by 14.0% in the first quarter. Bank of New York Mellon Corp now owns 3,021,324 shares of the semiconductor company’s stock valued at $155,690,000 after buying an additional 370,360 shares in the last quarter. Institutional investors and hedge funds own 99.82% of the company’s stock.

Microsemi Corporation (NASDAQ MSCC) opened at 49.26 on Friday. The company has a 50 day moving average of $50.43 and a 200 day moving average of $50.80. The firm has a market capitalization of $5.70 billion, a P/E ratio of 49.86 and a beta of 1.16. Microsemi Corporation has a 1-year low of $37.11 and a 1-year high of $57.97.

Microsemi Corporation (NASDAQ:MSCC) last announced its quarterly earnings data on Thursday, July 27th. The semiconductor company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.18. Microsemi Corporation had a return on equity of 19.91% and a net margin of 6.90%. The company had revenue of $458.10 million during the quarter, compared to analyst estimates of $457.87 million. During the same quarter last year, the firm posted $0.73 EPS. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, equities research analysts anticipate that Microsemi Corporation will post $3.84 earnings per share for the current year.

Microsemi Corporation declared that its board has authorized a share buyback plan on Thursday, July 27th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the semiconductor company to buy up to 43% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

ILLEGAL ACTIVITY NOTICE: “Microsemi Corporation (MSCC) Stake Reduced by Wedge Capital Management L L P NC” was published by Watch List News and is owned by of Watch List News. If you are viewing this news story on another site, it was illegally copied and republished in violation of United States & international trademark & copyright laws. The original version of this news story can be viewed at https://www.watchlistnews.com/microsemi-corporation-mscc-stake-reduced-by-wedge-capital-management-l-l-p-nc/1478069.html.

Several equities analysts have commented on MSCC shares. Needham & Company LLC decreased their price objective on shares of Microsemi Corporation from $63.00 to $61.00 and set a “buy” rating on the stock in a report on Friday, April 28th. TheStreet upgraded shares of Microsemi Corporation from a “c+” rating to a “b+” rating in a report on Thursday, April 27th. Royal Bank Of Canada reiterated a “top pick” rating and issued a $64.00 price objective on shares of Microsemi Corporation in a report on Monday, May 22nd. Raymond James Financial, Inc. started coverage on shares of Microsemi Corporation in a report on Friday, June 16th. They issued a “market perform” rating on the stock. Finally, BidaskClub downgraded shares of Microsemi Corporation from a “hold” rating to a “sell” rating in a report on Saturday, June 17th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Microsemi Corporation currently has an average rating of “Buy” and a consensus price target of $58.42.

In related news, Chairman James J. Peterson sold 8,800 shares of Microsemi Corporation stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $47.93, for a total value of $421,784.00. Following the completion of the sale, the chairman now owns 175,781 shares of the company’s stock, valued at approximately $8,425,183.33. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Paul H. Pickle sold 694 shares of Microsemi Corporation stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $50.73, for a total value of $35,206.62. Following the completion of the sale, the chief operating officer now directly owns 39,679 shares of the company’s stock, valued at approximately $2,012,915.67. The disclosure for this sale can be found here. In the last three months, insiders sold 35,908 shares of company stock valued at $1,806,405. 0.57% of the stock is currently owned by insiders.

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.

Want to see what other hedge funds are holding MSCC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microsemi Corporation (NASDAQ:MSCC).

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

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.