Microsemi Corporation (MSCC) Upgraded at Zacks Investment Research
Microsemi Corporation (NASDAQ:MSCC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm currently has a $55.00 price target on the semiconductor company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.07% from the company’s previous close.
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 equities research analysts also recently issued research reports about the company. Susquehanna Bancshares Inc set a $70.00 price objective on Microsemi Corporation and gave the company a “buy” rating in a research report on Friday, July 28th. Royal Bank Of Canada downgraded Microsemi Corporation from a “top pick” rating to an “outperform” rating and lowered their price objective for the company from $64.00 to $58.00 in a research report on Wednesday, June 14th. KeyCorp began coverage on Microsemi Corporation in a research report on Monday, July 24th. They issued an “overweight” rating and a $61.00 price objective for the company. BMO Capital Markets reissued a “buy” rating and set a $62.00 price target on shares of Microsemi Corporation in a research report on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Microsemi Corporation in a research report on Thursday, July 27th. One analyst has rated the stock with a sell rating, two have given a hold rating and fourteen have issued a buy rating to the company. Microsemi Corporation currently has an average rating of “Buy” and an average price target of $58.00.
Microsemi Corporation (MSCC) traded up 0.28% during trading on Wednesday, reaching $49.66. The company had a trading volume of 177,288 shares. Microsemi Corporation has a 12 month low of $37.11 and a 12 month high of $57.97. The company has a market capitalization of $5.74 billion, a P/E ratio of 50.26 and a beta of 1.17. The firm’s 50 day moving average is $50.89 and its 200-day moving average is $50.16.
Microsemi Corporation (NASDAQ:MSCC) last announced its quarterly earnings data on Thursday, July 27th. The semiconductor company reported $0.99 EPS for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.18. The business had revenue of $458.10 million during the quarter, compared to the consensus estimate of $457.87 million. Microsemi Corporation had a return on equity of 19.91% and a net margin of 6.90%. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.73 earnings per share. On average, equities analysts expect that Microsemi Corporation will post $3.84 earnings per share for the current year.
Microsemi Corporation declared that its Board of Directors has approved a share buyback program on Thursday, July 27th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to buy up to 43% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
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In other Microsemi Corporation news, Director Paul F. Folino sold 1,650 shares of the business’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $52.57, for a total transaction of $86,740.50. Following the transaction, the director now owns 1,070 shares in the company, valued at $56,249.90. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Frederick C. Goerner sold 1,500 shares of the business’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $50.12, for a total value of $75,180.00. Following the transaction, the vice president now owns 60,436 shares in the company, valued at approximately $3,029,052.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,650 shares of company stock worth $600,076. 0.57% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Oppenheimer Asset Management Inc. acquired a new position in shares of Microsemi Corporation during the first quarter worth about $113,000. Dubuque Bank & Trust Co. lifted its stake in shares of Microsemi Corporation by 3.1% during the second quarter. Dubuque Bank & Trust Co. now owns 3,071 shares of the semiconductor company’s stock worth $144,000 after purchasing an additional 93 shares in the last quarter. Flinton Capital Management LLC lifted its stake in shares of Microsemi Corporation by 5.3% during the first quarter. Flinton Capital Management LLC now owns 3,184 shares of the semiconductor company’s stock worth $164,000 after purchasing an additional 160 shares in the last quarter. Quantitative Systematic Strategies LLC acquired a new position in shares of Microsemi Corporation during the second quarter worth about $219,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Microsemi Corporation by 9.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,793 shares of the semiconductor company’s stock worth $224,000 after purchasing an additional 395 shares in the last quarter. Institutional investors own 98.58% of the company’s stock.
About Microsemi Corporation
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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