Microsemi Corporation (MSCC) Holdings Boosted by Principal Financial Group Inc.
Principal Financial Group Inc. grew its holdings in shares of Microsemi Corporation (NASDAQ:MSCC) by 4.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 494,063 shares of the semiconductor company’s stock after purchasing an additional 19,012 shares during the period. Principal Financial Group Inc. owned approximately 0.43% of Microsemi Corporation worth $23,122,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MSCC. Oppenheimer Asset Management Inc. acquired a new position in Microsemi Corporation during the 1st quarter worth approximately $113,000. Dubuque Bank & Trust Co. increased its position in Microsemi Corporation by 3.1% during the 2nd quarter. Dubuque Bank & Trust Co. now owns 3,071 shares of the semiconductor company’s stock worth $144,000 after purchasing an additional 93 shares during the period. Flinton Capital Management LLC increased its position in Microsemi Corporation by 5.3% during the 1st quarter. Flinton Capital Management LLC now owns 3,184 shares of the semiconductor company’s stock worth $164,000 after purchasing an additional 160 shares during the period. Quantitative Systematic Strategies LLC acquired a new position in Microsemi Corporation during the 2nd quarter worth approximately $219,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Microsemi Corporation by 9.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,793 shares of the semiconductor company’s stock worth $224,000 after purchasing an additional 395 shares during the period. Institutional investors own 98.58% of the company’s stock.
A number of equities research analysts recently weighed in on MSCC shares. Royal Bank Of Canada cut Microsemi Corporation from a “top pick” rating to an “outperform” rating and lowered their price target for the stock from $64.00 to $58.00 in a report on Wednesday, June 14th. Goldman Sachs Group, Inc. (The) upgraded Microsemi Corporation from a “neutral” rating to a “buy” rating and lowered their price target for the stock from $54.00 to $53.00 in a report on Wednesday, July 5th. BidaskClub cut Microsemi Corporation from a “hold” rating to a “sell” rating in a report on Saturday, June 17th. BMO Capital Markets restated a “buy” rating and issued a $62.00 price target on shares of Microsemi Corporation in a report on Thursday, July 20th. Finally, Zacks Investment Research cut Microsemi Corporation from a “buy” rating to a “hold” rating in a report on Monday, August 28th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $58.00.
In other Microsemi Corporation news, insider Dennis R. Leibel sold 3,000 shares of Microsemi Corporation stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $52.46, for a total value of $157,380.00. Following the transaction, the insider now owns 7,369 shares in the company, valued at $386,577.74. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Frederick C. Goerner sold 1,500 shares of Microsemi Corporation stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $50.12, for a total transaction of $75,180.00. Following the completion of the transaction, the vice president now owns 60,436 shares in the company, valued at approximately $3,029,052.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,650 shares of company stock worth $600,076. 0.57% of the stock is currently owned by company insiders.
Shares of Microsemi Corporation (NASDAQ:MSCC) opened at 49.45 on Tuesday. The firm has a market cap of $5.72 billion, a PE ratio of 50.05 and a beta of 1.17. The firm’s 50-day moving average price is $50.56 and its 200-day moving average price is $50.05. Microsemi Corporation has a one year low of $37.11 and a one year high of $57.97.
Microsemi Corporation (NASDAQ:MSCC) last posted its quarterly earnings results on Thursday, July 27th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.18. The firm 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 firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.73 earnings per share. Equities research analysts expect that Microsemi Corporation will post $3.84 earnings per share for the current fiscal year.
Microsemi Corporation declared that its board has authorized a stock repurchase program on Thursday, July 27th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the semiconductor company to repurchase up to 43% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
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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