Microsemi to Re-Buy Shares in Open Market

Microsemi Corp. said Thursday that its board of directors authorized the company to repurchase up to 1.5 million shares, or about 12.5% of its outstanding stock, in the open market.

The Santa Ana company’s stock has been slumping. Shares hit a 52-week low of $6.13 on Sept. 1 and are off nearly 57% this year. The stock closed Thursday at $7.56, down 44 cents.

Microsemi is a supplier of power semiconductors.