Great West Life Assurance Co. Can Acquires 119 Shares of Microsemi Corporation (MSCC)
Great West Life Assurance Co. Can raised its position in shares of Microsemi Corporation (NASDAQ:MSCC) by 0.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 89,410 shares of the semiconductor company’s stock after buying an additional 119 shares during the period. Great West Life Assurance Co. Can owned approximately 0.08% of Microsemi Corporation worth $4,180,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. BlackRock Inc. increased its stake 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 in the last quarter. Vanguard Group Inc. raised 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 worth $500,758,000 after buying an additional 542,772 shares during the last quarter. State Street Corp raised its position in Microsemi Corporation by 3.4% in the first quarter. State Street Corp now owns 3,816,410 shares of the semiconductor company’s stock worth $196,656,000 after buying an additional 127,094 shares during the last quarter. Bank of New York Mellon Corp raised 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 worth $155,690,000 after buying an additional 370,360 shares during the last quarter. Finally, Wells Fargo & Company MN raised 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 worth $136,496,000 after buying an additional 844,586 shares during the last quarter. 99.02% of the stock is owned by institutional investors and hedge funds.
Shares of Microsemi Corporation (NASDAQ:MSCC) opened at 50.25 on Wednesday. The firm has a market capitalization of $5.81 billion, a price-to-earnings ratio of 50.86 and a beta of 1.16. Microsemi Corporation has a 52 week low of $37.11 and a 52 week high of $57.97. The stock has a 50 day moving average of $50.55 and a 200-day moving average of $50.64.
Microsemi Corporation (NASDAQ:MSCC) last issued its earnings results on Thursday, July 27th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.18. The company had revenue of $458.10 million for 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 revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.73 EPS. Analysts expect that Microsemi Corporation will post $3.84 earnings per share for the current year.
Microsemi Corporation declared that its Board of Directors has initiated a stock 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
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MSCC has been the subject of a number of analyst reports. Royal Bank Of Canada reissued a “top pick” rating and set a $64.00 target price on shares of Microsemi Corporation in a research note on Monday, May 22nd. Needham & Company LLC reduced their target price on shares of Microsemi Corporation from $63.00 to $61.00 and set a “buy” rating for the company in a research note on Friday, April 28th. Raymond James Financial, Inc. initiated coverage on shares of Microsemi Corporation in a research note on Friday, June 16th. They set a “market perform” rating for the company. Susquehanna Bancshares Inc set a $70.00 target price on shares of Microsemi Corporation and gave the company a “buy” rating in a research note on Friday, July 28th. Finally, BidaskClub lowered shares of Microsemi Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, June 17th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Microsemi Corporation currently has a consensus rating of “Buy” and a consensus target price of $58.42.
In other news, Chairman James J. Peterson sold 8,800 shares of the firm’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $47.93, for a total value of $421,784.00. Following the transaction, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP David Goren sold 8,464 shares of the firm’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $51.36, for a total transaction of $434,711.04. Following the completion of the transaction, the senior vice president now directly owns 22,320 shares in the company, valued at approximately $1,146,355.20. The disclosure for this sale can be found here. Insiders sold a total of 27,108 shares of company stock worth $1,365,437 in the last ninety days. Insiders own 0.57% of the company’s stock.
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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