Microsemi Corp. (MSCC) Sees Large Increase in Short Interest
Microsemi Corp. (NASDAQ:MSCC) was the recipient of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 10,045,863 shares, a growth of 16.1% from the October 14th total of 8,650,174 shares. Based on an average daily volume of 1,327,323 shares, the days-to-cover ratio is currently 7.6 days. Approximately 8.9% of the company’s stock are short sold.
Shares of Microsemi Corp. (NASDAQ:MSCC) opened at 54.46 on Friday. The firm’s market capitalization is $6.12 billion. Microsemi Corp. has a 52-week low of $28.91 and a 52-week high of $54.95. The stock has a 50 day moving average of $43.31 and a 200-day moving average of $37.86.
Microsemi Corp. (NASDAQ:MSCC) last posted its quarterly earnings data on Thursday, November 10th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.90 by $0.01. Microsemi Corp. had a negative net margin of 1.46% and a positive return on equity of 17.86%. The business had revenue of $450.10 million for the quarter, compared to analyst estimates of $448.07 million. During the same quarter in the previous year, the firm posted $0.73 earnings per share. Microsemi Corp.’s quarterly revenue was up 36.9% on a year-over-year basis. Equities analysts expect that Microsemi Corp. will post $3.81 earnings per share for the current fiscal year.
In other Microsemi Corp. news, COO Paul H. Pickle sold 24,968 shares of Microsemi Corp. stock in a transaction dated Friday, October 7th. The stock was sold at an average price of $41.95, for a total value of $1,047,407.60. Following the sale, the chief operating officer now owns 51,541 shares of the company’s stock, valued at approximately $2,162,144.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP David Goren sold 14,603 shares of Microsemi Corp. stock in a transaction dated Friday, October 7th. The shares were sold at an average price of $41.89, for a total value of $611,719.67. Following the completion of the sale, the senior vice president now directly owns 30,524 shares in the company, valued at approximately $1,278,650.36. The disclosure for this sale can be found here. 0.50% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of MSCC. Price T Rowe Associates Inc. MD raised its stake in Microsemi Corp. by 18.7% in the third quarter. Price T Rowe Associates Inc. MD now owns 9,759,885 shares of the company’s stock valued at $409,720,000 after buying an additional 1,539,797 shares during the last quarter. Westfield Capital Management Co. LP boosted its position in shares of Microsemi Corp. by 109.0% in the second quarter. Westfield Capital Management Co. LP now owns 1,771,088 shares of the company’s stock valued at $57,879,000 after buying an additional 923,781 shares during the period. Peregrine Capital Management LLC purchased a new position in shares of Microsemi Corp. during the third quarter valued at about $32,331,000. Bank of Montreal Can purchased a new position in shares of Microsemi Corp. during the second quarter valued at about $19,098,000. Finally, Systematic Financial Management LP boosted its position in shares of Microsemi Corp. by 56.1% in the second quarter. Systematic Financial Management LP now owns 1,402,828 shares of the company’s stock valued at $45,844,000 after buying an additional 503,904 shares during the period.
Several equities analysts have recently weighed in on MSCC shares. Needham & Company LLC restated a “buy” rating on shares of Microsemi Corp. in a report on Friday, July 29th. BMO Capital Markets reiterated a “buy” rating and set a $50.00 price target (up previously from $45.00) on shares of Microsemi Corp. in a report on Friday, July 29th. RBC Capital Markets reiterated a “top pick” rating and set a $48.00 price target (up previously from $47.00) on shares of Microsemi Corp. in a report on Sunday, July 31st. TheStreet upgraded Microsemi Corp. from a “hold” rating to a “buy” rating in a report on Friday, July 29th. Finally, Zacks Investment Research cut Microsemi Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, August 10th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company. Microsemi Corp. currently has a consensus rating of “Buy” and a consensus price target of $49.00.
About Microsemi Corp.
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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