Microsemi Corporation (NASDAQ:MSCC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage presently has a $55.00 price objective on the semiconductor company’s stock. Zacks Investment Research‘s target price points to a potential upside of 11.22% 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.”

Several other analysts also recently weighed in on the company. BidaskClub downgraded Microsemi Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd. Wells Fargo & Company reaffirmed an “outperform” rating on shares of Microsemi Corporation in a research note on Monday, July 31st. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $60.00 target price (up previously from $58.00) on shares of Microsemi Corporation in a research note on Sunday, July 30th. Susquehanna Bancshares Inc set a $70.00 target price on Microsemi Corporation and gave the company a “buy” rating in a research note on Friday, July 28th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Microsemi Corporation in a research note on Thursday, July 27th. One analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Microsemi Corporation has a consensus rating of “Buy” and a consensus target price of $58.00.

Microsemi Corporation (MSCC) opened at 49.45 on Tuesday. The firm has a 50-day moving average price of $50.56 and a 200 day moving average price of $50.05. The stock has a market cap of $5.72 billion, a PE ratio of 50.05 and a beta of 1.17. Microsemi Corporation has a 52-week low of $37.11 and a 52-week high of $57.97.

Microsemi Corporation (NASDAQ:MSCC) last announced its earnings results on Thursday, July 27th. The semiconductor company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.18. The firm had revenue of $458.10 million for 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 firm’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 EPS. Equities analysts anticipate that Microsemi Corporation will post $3.84 earnings per share for the current year.

Microsemi Corporation announced that its board has approved a share buyback program on Thursday, July 27th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to reacquire up to 43% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

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In related news, VP Frederick C. Goerner sold 1,500 shares of Microsemi Corporation stock in a transaction on 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 directly owns 60,436 shares in the company, valued at approximately $3,029,052.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Dennis R. Leibel sold 3,000 shares of Microsemi Corporation stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $52.46, for a total value of $157,380.00. Following the completion of the transaction, the insider now owns 7,369 shares in the company, valued at $386,577.74. The disclosure for this sale can be found here. Insiders sold a total of 11,650 shares of company stock worth $600,076 in the last three months. Company insiders own 0.57% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of MSCC. Russell Investments Group Ltd. grew its holdings in shares of Microsemi Corporation by 9.5% in the 1st quarter. Russell Investments Group Ltd. now owns 43,244 shares of the semiconductor company’s stock worth $2,228,000 after acquiring an additional 3,763 shares during the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of Microsemi Corporation by 13.4% in the 1st quarter. Great West Life Assurance Co. Can now owns 89,291 shares of the semiconductor company’s stock worth $4,601,000 after acquiring an additional 10,558 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Microsemi Corporation by 23.2% in the 1st quarter. First Trust Advisors LP now owns 155,797 shares of the semiconductor company’s stock worth $8,028,000 after acquiring an additional 29,289 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Microsemi Corporation by 4.8% in the 1st quarter. American Century Companies Inc. now owns 229,036 shares of the semiconductor company’s stock worth $11,802,000 after acquiring an additional 10,438 shares during the last quarter. Finally, Flinton Capital Management LLC grew its holdings in shares of Microsemi Corporation by 5.3% in the 1st quarter. Flinton Capital Management LLC now owns 3,184 shares of the semiconductor company’s stock worth $164,000 after acquiring an additional 160 shares during the last quarter. Institutional investors and hedge funds own 98.58% 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.

Analyst Recommendations for Microsemi Corporation (NASDAQ:MSCC)

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