Microsemi Corporation (MSCC) Lowered to “Hold” at Zacks Investment Research
Microsemi Corporation (NASDAQ:MSCC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors 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. Year to date, the stock has underperformed the industry it belongs to.”
Several other brokerages have also recently commented on MSCC. Royal Bank Of Canada lowered shares of Microsemi Corporation from a “top pick” rating to an “outperform” rating and dropped their target price for the company from $64.00 to $58.00 in a research report on Wednesday, June 14th. Susquehanna Bancshares Inc set a $70.00 target price on shares of Microsemi Corporation and gave the stock a “buy” rating in a research report on Friday, July 28th. KeyCorp assumed coverage on Microsemi Corporation in a research note on Monday, July 24th. They issued an “overweight” rating and a $61.00 target price for the company. BMO Capital Markets reiterated a “buy” rating and issued a $62.00 price objective on shares of Microsemi Corporation in a research report on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Microsemi Corporation in a report on Thursday, July 27th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $58.00.
Microsemi Corporation (MSCC) traded up 1.641% during mid-day trading on Monday, hitting $52.325. 351,231 shares of the company were exchanged. Microsemi Corporation has a 12-month low of $37.11 and a 12-month high of $57.97. The company has a market cap of $6.05 billion, a price-to-earnings ratio of 52.961 and a beta of 1.18. The stock’s 50 day moving average is $49.96 and its 200-day moving average is $49.91.
Microsemi Corporation (NASDAQ:MSCC) last announced its quarterly earnings data on Thursday, July 27th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.18. The firm 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%. During the same quarter in the prior year, the company earned $0.73 EPS. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities research analysts predict that Microsemi Corporation will post $3.84 EPS for the current year.
Microsemi Corporation declared that its Board of Directors has initiated a stock buyback program on Thursday, July 27th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the semiconductor company to repurchase up to 43% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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In other Microsemi Corporation news, Director Thomas Robert Anderson sold 1,000 shares of the business’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $51.08, for a total transaction of $51,080.00. Following the sale, the director now owns 15,113 shares in the company, valued at approximately $771,972.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Dennis R. Leibel sold 3,000 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were 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 directly 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 over the last quarter. Company insiders own 0.57% of the company’s stock.
A number of hedge funds have recently made changes to their positions in MSCC. Oppenheimer Asset Management Inc. purchased a new stake in shares of Microsemi Corporation during the first quarter worth about $113,000. Dubuque Bank & Trust Co. boosted its stake in 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 buying an additional 93 shares during the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in Microsemi Corporation in the 2nd quarter valued at $219,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Microsemi Corporation by 9.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,793 shares of the semiconductor company’s stock valued at $224,000 after buying an additional 395 shares in the last quarter. Finally, BB&T Securities LLC grew its holdings in Microsemi Corporation by 13.4% in the 2nd quarter. BB&T Securities LLC now owns 5,158 shares of the semiconductor company’s stock valued at $241,000 after buying an additional 610 shares in the last quarter. Institutional investors own 98.47% 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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