Zacks Investment Research Upgrades Microsemi Corp. (MSCC) to Buy
Microsemi Corp. (NASDAQ:MSCC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $58.00 price target on the stock. Zacks Investment Research’s target price would suggest a potential upside of 7.51% from the stock’s previous close.
According to Zacks, “Microsemi Corporation is an OEM of a broad range of high-reliability and analog/mixed signal integrated circuits. The company’s fiscal fourth quarter results have beaten the Zacks Consensus Estimate on both earnings and sales. The company’s focus on improving product mix, operational efficiency, and consolidation are driving revenues and margins through 2016. Moreover, we have confidence in the company’s strategic positioning, strong fundamentals and growth prospects. Microsemi’s scope for margin expansion and decent balance sheet are the 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 equities research analysts have also recently issued research reports about the company. Mizuho increased their price target on Microsemi Corp. from $46.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 11th. BMO Capital Markets reissued a “buy” rating and issued a $50.00 price target (up previously from $45.00) on shares of Microsemi Corp. in a research note on Friday, July 29th. Needham & Company LLC reissued a “buy” rating and issued a $52.00 price target on shares of Microsemi Corp. in a research note on Friday, November 11th. Stephens set a $36.00 price target on Microsemi Corp. and gave the company a “buy” rating in a research note on Friday, November 11th. Finally, Susquehanna started coverage on Microsemi Corp. in a research note on Tuesday, September 20th. They issued a “positive” rating and a $50.00 price target for the company. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $49.00.
Shares of Microsemi Corp. (NASDAQ:MSCC) opened at 53.95 on Tuesday. The company has a 50-day moving average price of $42.94 and a 200-day moving average price of $37.74. The firm’s market cap is $6.06 billion. Microsemi Corp. has a 12 month low of $28.91 and a 12 month high of $54.16.
Microsemi Corp. (NASDAQ:MSCC) last issued its earnings results on Thursday, November 10th. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.01. Microsemi Corp. had a positive return on equity of 17.86% and a negative net margin of 1.46%. The business earned $450.10 million during the quarter, compared to analysts’ expectations of $448.07 million. During the same quarter in the prior year, the firm earned $0.73 EPS. The business’s revenue for the quarter was up 36.9% compared to the same quarter last year. Analysts forecast that Microsemi Corp. will post $3.81 earnings per share for the current fiscal year.
In other news, COO Paul H. Pickle sold 24,968 shares of the stock in a transaction that occurred on Friday, October 7th. The stock was sold at an average price of $41.95, for a total value of $1,047,407.60. Following the completion of the sale, the chief operating officer now directly owns 51,541 shares of the company’s stock, valued at $2,162,144.95. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP David Goren sold 3,453 shares of the stock in a transaction that occurred on Thursday, October 13th. The stock was sold at an average price of $38.51, for a total value of $132,975.03. Following the completion of the sale, the senior vice president now directly owns 25,491 shares of the company’s stock, valued at $981,658.41. The disclosure for this sale can be found here. 0.50% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the company. Capstone Asset Management Co. increased its stake in shares of Microsemi Corp. by 15.3% in the second quarter. Capstone Asset Management Co. now owns 10,774 shares of the company’s stock valued at $352,000 after buying an additional 1,430 shares during the period. BNP Paribas Arbitrage SA increased its stake in shares of Microsemi Corp. by 62,269.1% in the second quarter. BNP Paribas Arbitrage SA now owns 50,519 shares of the company’s stock valued at $1,651,000 after buying an additional 50,438 shares during the period. First Republic Investment Management Inc. acquired a new stake in shares of Microsemi Corp. during the first quarter worth approximately $1,323,000. AIMZ Investment Advisors LLC acquired a new stake in shares of Microsemi Corp. during the first quarter worth approximately $524,000. Finally, Royal Bank of Canada increased its stake in shares of Microsemi Corp. by 25.2% in the first quarter. Royal Bank of Canada now owns 1,159,791 shares of the company’s stock worth $44,431,000 after buying an additional 233,279 shares during the last quarter.
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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