Pinnacle Associates Ltd. reduced its position in Microsemi Co. (NASDAQ:MSCC) by 2.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 102,501 shares of the semiconductor company’s stock after selling 2,350 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Microsemi were worth $5,294,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of Microsemi by 6.7% in the fourth quarter. BlackRock Inc. now owns 10,817,946 shares of the semiconductor company’s stock valued at $558,748,000 after acquiring an additional 680,797 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Microsemi by 41.7% during the third quarter. Bank of New York Mellon Corp now owns 4,065,729 shares of the semiconductor company’s stock worth $209,305,000 after purchasing an additional 1,196,836 shares during the period. Boston Partners lifted its holdings in shares of Microsemi by 2.5% during the fourth quarter. Boston Partners now owns 3,074,329 shares of the semiconductor company’s stock worth $158,789,000 after purchasing an additional 73,916 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Microsemi by 3.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,321,053 shares of the semiconductor company’s stock worth $68,006,000 after purchasing an additional 40,935 shares during the period. Finally, Systematic Financial Management LP lifted its holdings in shares of Microsemi by 5.9% during the fourth quarter. Systematic Financial Management LP now owns 949,258 shares of the semiconductor company’s stock worth $49,029,000 after purchasing an additional 52,796 shares during the period. 99.94% of the stock is owned by institutional investors and hedge funds.
In other Microsemi news, Director Thomas Robert Anderson sold 1,000 shares of the stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $51.12, for a total value of $51,120.00. Following the completion of the transaction, the director now owns 14,113 shares in the company, valued at $721,456.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Frederick C. Goerner sold 3,968 shares of the firm’s stock in a transaction on Friday, December 8th. The shares were sold at an average price of $51.51, for a total value of $204,391.68. Following the completion of the transaction, the vice president now owns 57,794 shares of the company’s stock, valued at approximately $2,976,968.94. The disclosure for this sale can be found here. Corporate insiders own 0.57% of the company’s stock.
MSCC has been the subject of several recent research reports. BidaskClub downgraded Microsemi from a “hold” rating to a “sell” rating in a report on Thursday, December 7th. KeyCorp increased their price target on Microsemi to $70.00 and gave the stock an “overweight” rating in a report on Friday, January 26th. BMO Capital Markets reaffirmed a “buy” rating and set a $68.00 price target on shares of Microsemi in a report on Friday, January 26th. Piper Jaffray Companies initiated coverage on Microsemi in a report on Monday, December 18th. They set an “overweight” rating and a $60.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $70.00 price target (up from $61.00) on shares of Microsemi in a report on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $65.55.
Microsemi Co. (MSCC) opened at $62.31 on Friday. The stock has a market capitalization of $7,175.33, a price-to-earnings ratio of 35.81, a price-to-earnings-growth ratio of 1.31 and a beta of 1.33. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.36 and a quick ratio of 1.55. Microsemi Co. has a 52-week low of $46.08 and a 52-week high of $65.65.
Microsemi (NASDAQ:MSCC) last released its quarterly earnings data on Thursday, January 25th. The semiconductor company reported $1.01 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.01. The firm had revenue of $468.70 million during the quarter, compared to analysts’ expectations of $460.17 million. Microsemi had a return on equity of 21.50% and a net margin of 11.10%. Microsemi’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.86 earnings per share. equities analysts expect that Microsemi Co. will post 3.51 EPS for the current fiscal year.
Microsemi Company 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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