Brant Point Investment Management LLC trimmed its stake in Microsemi Corporation (NASDAQ:MSCC) by 14.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 152,399 shares of the semiconductor company’s stock after selling 25,000 shares during the period. Microsemi Corporation makes up about 0.9% of Brant Point Investment Management LLC’s portfolio, making the stock its 27th biggest position. Brant Point Investment Management LLC owned about 0.13% of Microsemi Corporation worth $7,132,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the company. AlphaOne Investment Services LLC lifted its stake in shares of Microsemi Corporation by 30.0% in the 2nd quarter. AlphaOne Investment Services LLC now owns 7,850 shares of the semiconductor company’s stock valued at $368,000 after purchasing an additional 1,810 shares during the last quarter. GSA Capital Partners LLP bought a new stake in shares of Microsemi Corporation in the 2nd quarter valued at approximately $247,000. UBS Asset Management Americas Inc. lifted its stake in shares of Microsemi Corporation by 29.3% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 725,773 shares of the semiconductor company’s stock valued at $33,966,000 after purchasing an additional 164,614 shares during the last quarter. Nicholas Investment Partners LP lifted its stake in shares of Microsemi Corporation by 0.8% in the 2nd quarter. Nicholas Investment Partners LP now owns 68,341 shares of the semiconductor company’s stock valued at $3,198,000 after purchasing an additional 527 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its stake in shares of Microsemi Corporation by 9.1% in the 2nd quarter. Lazard Asset Management LLC now owns 211,149 shares of the semiconductor company’s stock valued at $9,881,000 after purchasing an additional 17,655 shares during the last quarter. 98.47% of the stock is owned by institutional investors and hedge funds.

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Several research firms have recently issued reports on MSCC. Susquehanna Bancshares Inc set a $70.00 price objective on Microsemi Corporation and gave the company a “buy” rating in a research note on Friday, July 28th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Microsemi Corporation in a research note on Thursday, July 27th. Zacks Investment Research raised Microsemi Corporation from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research note on Wednesday, August 2nd. KeyCorp began coverage on Microsemi Corporation in a research note on Monday, July 24th. They issued an “overweight” rating and a $61.00 price objective for the company. Finally, BidaskClub raised Microsemi Corporation from a “hold” rating to a “buy” rating in a research note on Monday, July 24th. One analyst has rated the stock with a sell rating, two have given a hold rating and fourteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $58.08.

In related news, Director Paul F. Folino sold 1,650 shares of the stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $52.57, for a total value of $86,740.50. Following the completion of the transaction, the director now directly owns 1,070 shares in the company, valued at $56,249.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas Robert Anderson sold 1,000 shares of the stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $51.08, for a total value of $51,080.00. Following the completion of the transaction, the director now owns 15,113 shares of the company’s stock, valued at $771,972.04. The disclosure for this sale can be found here. Insiders sold 11,650 shares of company stock valued at $600,076 over the last quarter. 0.57% of the stock is currently owned by company insiders.

Shares of Microsemi Corporation (NASDAQ MSCC) traded down 1.36% during midday trading on Wednesday, hitting $49.49. The company had a trading volume of 208,715 shares. The company has a market capitalization of $5.73 billion, a PE ratio of 50.09 and a beta of 1.17. Microsemi Corporation has a 12 month low of $37.11 and a 12 month high of $57.97. The company has a 50-day moving average of $49.96 and a 200-day moving average of $49.91.

Microsemi Corporation (NASDAQ:MSCC) last issued 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. The company had revenue of $458.10 million during the quarter, compared to analyst estimates of $457.87 million. Microsemi Corporation had a return on equity of 19.91% and a net margin of 6.90%. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.73 earnings per share. Analysts predict that Microsemi Corporation will post $3.84 earnings per share for the current year.

Microsemi Corporation declared that its Board of Directors has authorized a stock repurchase program on Thursday, July 27th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the semiconductor company to repurchase up to 43% of its stock through open market purchases. Stock repurchase programs are typically a sign 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.

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

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