Microsemi Corp. (MSCC) Downgraded by Zacks Investment Research to Sell
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.”
Other research analysts also recently issued reports about the company. Mizuho restated a buy rating and issued a $46.00 price target on shares of Microsemi Corp. in a research note on Monday, September 12th. Needham & Company LLC reaffirmed a buy rating on shares of Microsemi Corp. in a report on Friday, July 29th. Susquehanna initiated coverage on Microsemi Corp. in a report on Tuesday, September 20th. They set a positive rating and a $50.00 price objective on the stock. RBC Capital Markets reaffirmed a top pick rating and set a $48.00 price objective (up from $47.00) on shares of Microsemi Corp. in a report on Sunday, July 31st. Finally, BMO Capital Markets reaffirmed a buy rating and set a $50.00 price objective (up from $45.00) on shares of Microsemi Corp. in a report on Friday, July 29th. 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 assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $46.79.
Shares of Microsemi Corp. (NASDAQ:MSCC) opened at 41.31 on Tuesday. The company has a 50-day moving average of $40.42 and a 200-day moving average of $36.42. The stock’s market capitalization is $4.68 billion. Microsemi Corp. has a 52 week low of $28.91 and a 52 week high of $42.19.
Microsemi Corp. (NASDAQ:MSCC) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.73 earnings per share for the quarter, topping the Thomson Reuters’ 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 period in the prior year, the company posted $0.68 EPS. The firm’s revenue for the quarter was up 36.0% compared to the same quarter last year. On average, analysts anticipate that Microsemi Corp. will post $3.02 EPS for the current year.
In related news, VP Frederick C. Goerner sold 4,000 shares of the firm’s 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 owns 52,561 shares of the company’s stock, valued at $2,070,377.79. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Paul F. Folino sold 1,500 shares of the firm’s 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 approximately $42,586. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.
A number of large investors have recently modified their holdings of MSCC. Seven Eight Capital LLC increased 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. increased 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 bought a new stake in shares of Microsemi Corp. during the second quarter worth $152,000. Acrospire Investment Management LLC bought a new stake in shares of Microsemi Corp. during the first quarter worth $236,000. Finally, BB&T Corp bought a new stake in shares of Microsemi Corp. during the second quarter worth $217,000. 90.57% of the stock is currently owned by institutional investors.
Microsemi Corp. Company Profile
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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