Allianz Asset Management GmbH lowered its holdings in shares of Microsemi Co. (NASDAQ:MSCC) by 21.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,049,895 shares of the semiconductor company’s stock after selling 291,486 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.91% of Microsemi worth $54,049,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of MSCC. CIBC Asset Management Inc acquired a new stake in Microsemi during the third quarter worth $203,000. BTC Capital Management Inc. purchased a new position in shares of Microsemi during the third quarter worth $214,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Microsemi by 9.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,793 shares of the semiconductor company’s stock worth $224,000 after buying an additional 395 shares during the period. Harvest Management LLC purchased a new position in shares of Microsemi during the third quarter worth $257,000. Finally, BB&T Securities LLC boosted its position in shares of Microsemi by 13.4% during the second quarter. BB&T Securities LLC now owns 5,158 shares of the semiconductor company’s stock worth $241,000 after buying an additional 610 shares during the period. Institutional investors own 97.27% of the company’s stock.
Microsemi Co. (MSCC) traded down $0.54 during mid-day trading on Friday, reaching $51.65. The company had a trading volume of 358,168 shares, compared to its average volume of 703,421. Microsemi Co. has a 12-month low of $46.08 and a 12-month high of $57.97. The company has a current ratio of 1.92, a quick ratio of 1.29 and a debt-to-equity ratio of 0.87. The stock has a market cap of $6,132.46, a price-to-earnings ratio of 34.21, a P/E/G ratio of 1.17 and a beta of 1.14.
A number of analysts have weighed in on the company. Zacks Investment Research cut Microsemi from a “hold” rating to a “sell” rating in a research note on Tuesday, November 14th. Piper Jaffray Companies initiated coverage on Microsemi in a research report on Monday, December 18th. They set an “overweight” rating and a $60.00 target price on the stock. KeyCorp reiterated a “buy” rating and set a $62.00 target price on shares of Microsemi in a research report on Friday, October 20th. BidaskClub cut Microsemi from a “hold” rating to a “sell” rating in a research report on Thursday, December 7th. Finally, Needham & Company LLC restated a “buy” rating and issued a $61.00 price target on shares of Microsemi in a research report on Friday, November 10th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $61.00.
In other Microsemi news, COO Paul H. Pickle sold 14,746 shares of the business’s stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $52.48, for a total value of $773,870.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John W. Hohener sold 11,638 shares of the company’s stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $52.49, for a total value of $610,878.62. The disclosure for this sale can be found here. Insiders sold a total of 238,521 shares of company stock valued at $12,718,259 over the last quarter. 0.57% of the stock is currently owned by insiders.
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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