Zacks Investment Research Lowers Microsemi Corporation (MSCC) to Hold
Zacks Investment Research cut shares of Microsemi Corporation (NASDAQ:MSCC) from a buy rating to a hold rating in a research report report published on Monday.
According to Zacks, “Microsemi Corporation is an OEM of a broad range of high-reliability and analog/mixed signal integrated circuits. third-quarter fiscal 2017 non-GAAP earnings beat the Zacks Consensus Estimate while revenues were in line with the same. The company's focus on improving product mix, operational efficiency, and consolidation are driving revenues and margins through 2017. 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. Over the last one year, the stock has underperformed the industry it belongs to.”
Other research analysts have also issued research reports about the company. TheStreet upgraded Microsemi Corporation from a c+ rating to a b+ rating in a research report on Thursday, April 27th. Susquehanna Bancshares Inc set a $70.00 price target on Microsemi Corporation and gave the stock a buy rating in a research report on Friday, July 28th. Royal Bank Of Canada lowered Microsemi Corporation from a top pick rating to an outperform rating and dropped their price target for the stock from $64.00 to $58.00 in a research report on Wednesday, June 14th. KeyCorp started coverage on Microsemi Corporation in a research report on Monday, July 24th. They set an overweight rating and a $61.00 target price for the company. Finally, BMO Capital Markets restated a buy rating and set a $62.00 target price on shares of Microsemi Corporation in a research report on Thursday, July 20th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $58.42.
Shares of Microsemi Corporation (NASDAQ MSCC) opened at 50.63 on Monday. The stock has a market capitalization of $5.86 billion, a PE ratio of 51.24 and a beta of 1.16. The company’s 50-day moving average price is $50.66 and its 200 day moving average price is $50.64. Microsemi Corporation has a one year low of $37.11 and a one year high of $57.97.
Microsemi Corporation (NASDAQ:MSCC) last released its quarterly earnings results on Thursday, July 27th. The semiconductor company reported $0.99 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.18. The company had revenue of $458.10 million during the quarter, compared to analyst estimates of $457.87 million. Microsemi Corporation had a return on equity of 19.91% and a net margin of 6.90%. The firm’s revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the business posted $0.73 earnings per share. Analysts anticipate that Microsemi Corporation will post $3.84 EPS for the current year.
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Microsemi Corporation announced that its Board of Directors has initiated a share repurchase plan on Thursday, July 27th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the semiconductor company to buy up to 43% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
In related news, Director Thomas Robert Anderson sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $50.56, for a total value of $101,120.00. Following the completion of the sale, the director now owns 16,113 shares in the company, valued at $814,673.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP David Goren sold 8,464 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $51.36, for a total value of $434,711.04. Following the completion of the sale, the senior vice president now owns 22,320 shares of the company’s stock, valued at approximately $1,146,355.20. The disclosure for this sale can be found here. Insiders sold 27,108 shares of company stock valued at $1,365,437 in the last quarter. 0.57% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in MSCC. BTC Capital Management Inc. purchased a new stake in shares of Microsemi Corporation during the first quarter worth about $202,000. Russell Investments Group Ltd. increased its position in shares of Microsemi Corporation by 9.5% in the first quarter. Russell Investments Group Ltd. now owns 43,244 shares of the semiconductor company’s stock worth $2,228,000 after buying an additional 3,763 shares during the period. Dubuque Bank & Trust Co. acquired a new position in shares of Microsemi Corporation during the first quarter worth approximately $153,000. Glen Harbor Capital Management LLC increased its position in shares of Microsemi Corporation by 5.3% in the first quarter. Glen Harbor Capital Management LLC now owns 5,572 shares of the semiconductor company’s stock worth $287,000 after buying an additional 280 shares during the period. Finally, Independent Portfolio Consultants Inc. increased its position in shares of Microsemi Corporation by 9.3% in the first quarter. Independent Portfolio Consultants Inc. now owns 12,915 shares of the semiconductor company’s stock worth $666,000 after buying an additional 1,100 shares during the period. Hedge funds and other institutional investors own 99.02% of the company’s stock.
Microsemi Corporation Company Profile
Microsemi Corporation is a designer, manufacturer and marketer of analog and mixed-signal semiconductor solutions differentiated by power, security, reliability and performance. The Company offers a portfolio of semiconductor and system solutions for aerospace and defense, communications, data center and industrial markets.
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