Microsemi Corporation (MSCC) Holdings Trimmed by Prudential Financial Inc.
Prudential Financial Inc. reduced its holdings in shares of Microsemi Corporation (NASDAQ:MSCC) by 4.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 348,561 shares of the semiconductor company’s stock after selling 16,094 shares during the period. Prudential Financial Inc. owned 0.30% of Microsemi Corporation worth $17,944,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the business. FMR LLC grew its holdings in Microsemi Corporation by 9.1% during the 2nd quarter. FMR LLC now owns 1,978,400 shares of the semiconductor company’s stock worth $92,589,000 after acquiring an additional 165,000 shares during the period. Federated Investors Inc. PA grew its holdings in Microsemi Corporation by 4.0% during the 2nd quarter. Federated Investors Inc. PA now owns 1,849,658 shares of the semiconductor company’s stock worth $86,563,000 after acquiring an additional 71,131 shares during the period. Westfield Capital Management Co. LP grew its stake in shares of Microsemi Corporation by 85.8% in the 2nd quarter. Westfield Capital Management Co. LP now owns 1,706,865 shares of the semiconductor company’s stock valued at $79,881,000 after buying an additional 788,129 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Microsemi Corporation by 0.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,280,118 shares of the semiconductor company’s stock valued at $59,910,000 after buying an additional 4,808 shares during the period. Finally, Sumitomo Mitsui Asset Management Company LTD grew its stake in shares of Microsemi Corporation by 0.6% in the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 899,355 shares of the semiconductor company’s stock valued at $42,089,000 after buying an additional 5,100 shares during the period. Hedge funds and other institutional investors own 99.84% of the company’s stock.
Several analysts have recently commented on the company. Zacks Investment Research downgraded Microsemi Corporation from a “buy” rating to a “hold” rating in a research note on Monday, September 18th. KeyCorp assumed coverage on Microsemi Corporation in a research note on Monday, July 24th. They issued an “overweight” rating and a $61.00 target price for the company. Susquehanna Bancshares Inc set a $70.00 target price on Microsemi Corporation and gave the company a “buy” rating in a research note on Friday, July 28th. Needham & Company LLC restated a “buy” rating and issued a $61.00 target price on shares of Microsemi Corporation in a research note on Friday, November 10th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Microsemi Corporation in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $61.11.
Microsemi Corporation (MSCC) opened at $53.02 on Friday. Microsemi Corporation has a 1 year low of $46.08 and a 1 year high of $57.97. The firm has a market cap of $6,234.83, a PE ratio of 15.92, a P/E/G ratio of 1.19 and a beta of 1.16. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.92 and a quick ratio of 1.29.
Microsemi Corporation (NASDAQ:MSCC) last announced its quarterly earnings results on Thursday, November 9th. The semiconductor company reported $1.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.01. Microsemi Corporation had a net margin of 9.73% and a return on equity of 20.82%. The business had revenue of $475.30 million for the quarter, compared to analysts’ expectations of $474.97 million. During the same quarter last year, the firm earned $0.91 EPS. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. equities analysts expect that Microsemi Corporation will post 3.57 earnings per share for the current year.
Microsemi Corporation declared that its board has approved a stock buyback 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 reacquire up to 43% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In related news, CFO John W. Hohener sold 11,638 shares of the firm’s stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $52.49, for a total value of $610,878.62. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Frederick C. Goerner sold 1,500 shares of the firm’s stock in a transaction dated Thursday, August 31st. The shares were 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 directly 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 ninety days, insiders sold 235,053 shares of company stock worth $12,537,927. 0.57% of the stock is owned by insiders.
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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