Peregrine Capital Management LLC lifted its position in Microsemi Corporation (NASDAQ:MSCC) by 3.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 702,456 shares of the semiconductor company’s stock after acquiring an additional 23,938 shares during the quarter. Microsemi Corporation accounts for 0.9% of Peregrine Capital Management LLC’s portfolio, making the stock its 18th largest position. Peregrine Capital Management LLC owned about 0.61% of Microsemi Corporation worth $36,162,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. Rockefeller Financial Services Inc. increased its position in Microsemi Corporation by 3.0% during the 2nd quarter. Rockefeller Financial Services Inc. now owns 549,282 shares of the semiconductor company’s stock valued at $25,706,000 after purchasing an additional 16,126 shares during the period. BT Investment Management Ltd purchased a new position in Microsemi Corporation during the 2nd quarter valued at about $979,000. Oppenheimer Asset Management Inc. purchased a new position in Microsemi Corporation during the 1st quarter valued at about $113,000. Legal & General Group Plc increased its position in Microsemi Corporation by 23.7% during the 2nd quarter. Legal & General Group Plc now owns 95,604 shares of the semiconductor company’s stock valued at $4,474,000 after purchasing an additional 18,321 shares during the period. Finally, Teachers Advisors LLC increased its position in Microsemi Corporation by 2.5% during the 1st quarter. Teachers Advisors LLC now owns 547,301 shares of the semiconductor company’s stock valued at $28,202,000 after purchasing an additional 13,213 shares during the period. 99.84% of the stock is currently owned by institutional investors.
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A number of analysts have recently weighed in on the stock. Zacks Investment Research cut shares of Microsemi Corporation from a “buy” rating to a “hold” rating in a report on Monday, August 28th. 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. KeyCorp began coverage on shares of Microsemi Corporation in a research note on Monday, July 24th. They issued an “overweight” rating and a $61.00 target price for the company. Finally, BidaskClub upgraded shares of Microsemi Corporation from a “hold” rating to a “buy” rating in a research note on Monday, July 24th. Two analysts have rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $61.11.
In other Microsemi Corporation news, VP Frederick C. Goerner sold 1,500 shares of the business’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 sale, the vice president now directly owns 60,436 shares in the company, valued at $3,029,052.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Dennis R. Leibel sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $50.76, for a total transaction of $152,280.00. Following the sale, the insider now owns 4,369 shares in the company, valued at $221,770.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 231,467 shares of company stock worth $12,340,556. Corporate insiders own 0.57% of the company’s stock.
Microsemi Corporation (NASDAQ:MSCC) remained flat at $$52.62 during trading on Tuesday. The company’s stock had a trading volume of 824,100 shares, compared to its average volume of 993,018. 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 $6,087.30, a PE ratio of 15.80, a price-to-earnings-growth ratio of 1.16 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 consensus estimate of $1.08 by $0.01. The firm had revenue of $475.30 million for the quarter, compared to analysts’ expectations of $474.97 million. Microsemi Corporation had a net margin of 9.73% and a return on equity of 20.82%. The company’s revenue was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 EPS. sell-side analysts anticipate that Microsemi Corporation will post 3.62 earnings per share for the current fiscal year.
Microsemi Corporation declared that its Board of Directors has approved a stock buyback plan on Thursday, July 27th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 43% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
Microsemi Corporation Profile
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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