Insider Selling: Microsemi Corp. (MSCC) COO Sells 24,968 Shares of Stock
Microsemi Corp. (NASDAQ:MSCC) COO Paul H. Pickle sold 24,968 shares of the firm’s stock in a transaction on Friday, October 7th. The stock was sold at an average price of $41.95, for a total transaction of $1,047,407.60. Following the transaction, the chief operating officer now directly owns 51,541 shares of the company’s stock, valued at approximately $2,162,144.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Shares of Microsemi Corp. (NASDAQ:MSCC) opened at 41.59 on Friday. The stock’s 50 day moving average is $40.63 and its 200-day moving average is $36.53. Microsemi Corp. has a 1-year low of $28.91 and a 1-year high of $42.64. The stock’s market cap is $4.71 billion.
Microsemi Corp. (NASDAQ:MSCC) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.01. The firm earned $431.40 million during the quarter, compared to analysts’ expectations of $430.22 million. Microsemi Corp. had a negative net margin of 3.12% and a positive return on equity of 17.32%. Microsemi Corp.’s quarterly revenue was up 36.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.68 EPS. On average, analysts predict that Microsemi Corp. will post $3.02 EPS for the current fiscal year.
A number of research analysts have weighed in on MSCC shares. Zacks Investment Research cut shares of Microsemi Corp. from a “hold” rating to a “sell” rating in a report on Tuesday. RBC Capital Markets reaffirmed a “top pick” rating and issued a $48.00 price objective on shares of Microsemi Corp. in a report on Thursday, September 15th. SunTrust Banks Inc. reaffirmed a “buy” rating on shares of Microsemi Corp. in a report on Saturday, June 25th. Drexel Hamilton cut shares of Microsemi Corp. from a “buy” rating to a “hold” rating in a report on Thursday, August 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $46.00 price objective on shares of Microsemi Corp. in a report on Wednesday, June 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twelve have issued a buy rating and three have assigned a strong buy rating to the stock. Microsemi Corp. presently has a consensus rating of “Buy” and an average price target of $46.79.
A number of hedge funds have recently modified their holdings of the company. State Street Corp boosted its stake in shares of Microsemi Corp. by 72.2% in the first quarter. State Street Corp now owns 3,787,545 shares of the company’s stock worth $145,102,000 after buying an additional 1,587,798 shares in the last quarter. Zebra Capital Management LLC boosted its stake in shares of Microsemi Corp. by 276.8% in the first quarter. Zebra Capital Management LLC now owns 34,325 shares of the company’s stock worth $1,315,000 after buying an additional 25,215 shares in the last quarter. NN Investment Partners Holdings N.V. acquired a new stake in shares of Microsemi Corp. during the first quarter worth $1,133,000. Acrospire Investment Management LLC acquired a new stake in shares of Microsemi Corp. during the first quarter worth $236,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Microsemi Corp. by 17.4% in the first quarter. JPMorgan Chase & Co. now owns 162,242 shares of the company’s stock worth $6,216,000 after buying an additional 24,054 shares in the last quarter. Hedge funds and other institutional investors own 90.57% of the company’s stock.
Microsemi Corp. Company Profile
Microsemi Corporation (Microsemi) is a designer, manufacturer and marketer of high-performance analog and mixed-signal semiconductor solutions. Microsemi’s products include high-performance and radiation-hardened analog mixed-signal integrated circuits (ICs), field programmable gate arrays (FPGAs), system on chip solutions (SoCs) and application-specific integrated circuits (ASICs); power management products; timing and synchronization devices and precise time solutions; voice processing devices; radio frequency (RF) solutions; discrete components; security technologies and scalable anti-tamper products; Power-over-Ethernet (PoE) ICs and midspans.
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