The Westpac Banking Corp Takes Position in Microsemi Corp. (MSCC)

The Westpac Banking Corp Takes Position in Microsemi Corp. (MSCC)

Westpac Banking Corp purchased a new position in shares of Microsemi Corp. (NASDAQ:MSCC) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 11,116 shares of the company’s stock, valued at approximately $363,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Aperio Group LLC raised its stake in shares of Microsemi Corp. by 7.6% in the first quarter. Aperio Group LLC now owns 23,452 shares of the company’s stock worth $898,000 after buying an additional 1,655 shares in the last quarter. Nisa Investment Advisors L.L.C. raised its stake in shares of Microsemi Corp. by 0.5% in the first quarter. Nisa Investment Advisors L.L.C. now owns 31,461 shares of the company’s stock worth $1,205,000 after buying an additional 161 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of Microsemi Corp. by 1.3% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 21,917 shares of the company’s stock worth $840,000 after buying an additional 275 shares in the last quarter. Ngam Advisors L.P. raised its stake in shares of Microsemi Corp. by 2.3% in the first quarter. Ngam Advisors L.P. now owns 128,696 shares of the company’s stock worth $4,930,000 after buying an additional 2,940 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its stake in shares of Microsemi Corp. by 93.9% in the first quarter. TIAA CREF Investment Management LLC now owns 878,960 shares of the company’s stock worth $33,673,000 after buying an additional 425,643 shares in the last quarter. 90.57% of the stock is currently owned by hedge funds and other institutional investors.

Microsemi Corp. (NASDAQ:MSCC) opened at 41.59 on Friday. Microsemi Corp. has a 12-month low of $28.91 and a 12-month high of $42.64. The firm’s market capitalization is $4.71 billion. The firm has a 50 day moving average of $40.63 and a 200 day moving average of $36.53.

Microsemi Corp. (NASDAQ:MSCC) last issued its earnings results on Thursday, July 28th. The company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.01. Microsemi Corp. had a positive return on equity of 17.32% and a negative net margin of 3.12%. The company had revenue of $431.40 million for the quarter, compared to analysts’ expectations of $430.22 million. During the same period last year, the business earned $0.68 EPS. Microsemi Corp.’s quarterly revenue was up 36.0% compared to the same quarter last year. On average, analysts forecast that Microsemi Corp. will post $3.02 EPS for the current fiscal year.

MSCC has been the topic of a number of research reports. Zacks Investment Research raised shares of Microsemi Corp. from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Tuesday, September 27th. TheStreet raised shares of Microsemi Corp. from a “hold” rating to a “buy” rating in a research report on Friday, July 29th. Needham & Company LLC reissued a “buy” rating on shares of Microsemi Corp. in a research report on Friday, July 29th. Mizuho boosted their price objective on shares of Microsemi Corp. from $42.00 to $46.00 and gave the stock a “buy” rating in a research report on Monday, August 22nd. Finally, SunTrust Banks Inc. reissued a “buy” rating on shares of Microsemi Corp. in a research report on Saturday, June 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twelve have issued a buy rating and three have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $46.79.

In related news, CFO John W. Hohener sold 20,403 shares of Microsemi Corp. stock in a transaction dated Friday, October 7th. The stock was sold at an average price of $41.95, for a total value of $855,905.85. Following the completion of the sale, the chief financial officer now owns 47,211 shares of the company’s stock, valued at approximately $1,980,501.45. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman James J. Peterson sold 54,717 shares of Microsemi Corp. stock in a transaction dated Friday, October 7th. The stock was sold at an average price of $41.96, for a total value of $2,295,925.32. Following the completion of the sale, the chairman now directly owns 196,551 shares of the company’s stock, valued at approximately $8,247,279.96. The disclosure for this sale can be found here. Company insiders own 0.50% of the company’s stock.

About Microsemi Corp.

Microsemi Corporation (Microsemi) is a designer, manufacturer and marketer of high-performance analog and mixed-signal semiconductor solutions. Microsemi’s products include high-performance and radiation-hardened analog mixed-signal integrated circuits (ICs), field programmable gate arrays (FPGAs), system on chip solutions (SoCs) and application-specific integrated circuits (ASICs); power management products; timing and synchronization devices and precise time solutions; voice processing devices; radio frequency (RF) solutions; discrete components; security technologies and scalable anti-tamper products; Power-over-Ethernet (PoE) ICs and midspans.

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