Microsemi Corp. (MSCC) Stock Rating Upgraded by Zacks Investment Research
Microsemi Corp. (NASDAQ:MSCC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage presently has a $45.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 9.54% from the stock’s current price.
According to Zacks, “Microsemi Corporation is an OEM of a broad range of high-reliability and analog/mixed signal integrated circuits. We are impressed by the upbeat long-term outlook provided by management at its recent Investor Day. Moreover, we have confidence in the company’s strong fundamentals and growth prospects. Microsemi’s compelling products, scope for margin expansion and decent balance sheet are other positives. However, pockets of weakness related to product transition at medical customers, push-out of some communications spending in China and a softer oil & gas market continue to impact revenues. Also, heavy investment in R&D could impact near-term profitability.”
Several other equities research analysts also recently issued reports on MSCC. SunTrust Banks Inc. reaffirmed a “buy” rating on shares of Microsemi Corp. in a report on Saturday, June 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $46.00 price target on shares of Microsemi Corp. in a report on Wednesday, June 29th. BMO Capital Markets reiterated a “buy” rating and set a $50.00 price objective (up previously from $45.00) on shares of Microsemi Corp. in a research report on Friday, July 29th. RBC Capital Markets reiterated a “top pick” rating and set a $48.00 price objective (up previously from $47.00) on shares of Microsemi Corp. in a research report on Sunday, July 31st. Finally, TheStreet upgraded Microsemi Corp. from a “hold” rating to a “buy” rating in a research report on Friday, July 29th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $46.79.
Shares of Microsemi Corp. (NASDAQ:MSCC) opened at 41.08 on Tuesday. The firm has a 50-day moving average of $40.22 and a 200-day moving average of $36.26. Microsemi Corp. has a 1-year low of $28.91 and a 1-year high of $42.17. The firm’s market capitalization is $4.65 billion.
Microsemi Corp. (NASDAQ:MSCC) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business earned $431.40 million during the quarter, compared to the consensus estimate of $430.22 million. During the same quarter last year, the firm posted $0.68 EPS. The company’s quarterly revenue was up 36.0% on a year-over-year basis. On average, equities research analysts anticipate that Microsemi Corp. will post $3.02 EPS for the current fiscal year.
In other news, VP Frederick C. Goerner sold 4,000 shares of Microsemi Corp. stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $39.39, for a total transaction of $157,560.00. Following the sale, the vice president now directly owns 52,561 shares of the company’s stock, valued at $2,070,377.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul F. Folino sold 1,500 shares of Microsemi Corp. stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $39.80, for a total value of $59,700.00. Following the sale, the director now directly owns 1,070 shares in the company, valued at $42,586. The disclosure for this sale can be found here. 0.50% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in MSCC. Seven Eight Capital LLC raised its stake in shares of Microsemi Corp. by 119.5% in the second quarter. Seven Eight Capital LLC now owns 3,122 shares of the company’s stock worth $102,000 after buying an additional 1,700 shares during the last quarter. FTB Advisors Inc. raised its stake in shares of Microsemi Corp. by 347.6% in the second quarter. FTB Advisors Inc. now owns 4,391 shares of the company’s stock worth $143,000 after buying an additional 3,410 shares during the last quarter. BlueMountain Capital Management LLC purchased a new stake in shares of Microsemi Corp. during the second quarter worth approximately $152,000. BB&T Corp purchased a new stake in shares of Microsemi Corp. during the second quarter worth approximately $217,000. Finally, LS Investment Advisors LLC raised its stake in shares of Microsemi Corp. by 70.9% in the second quarter. LS Investment Advisors LLC now owns 6,800 shares of the company’s stock worth $222,000 after buying an additional 2,820 shares during the last quarter. 90.57% of the stock is currently owned by hedge funds and other institutional investors.
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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