$474.87 Million in Sales Expected for Microsemi Corporation (MSCC) This Quarter
Equities research analysts expect Microsemi Corporation (NASDAQ:MSCC) to post sales of $474.87 million for the current quarter, Zacks reports. Seven analysts have made estimates for Microsemi Corporation’s earnings, with the highest sales estimate coming in at $475.10 million and the lowest estimate coming in at $474.00 million. Microsemi Corporation posted sales of $450.10 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 5.5%. The firm is scheduled to issue its next quarterly earnings report on Thursday, November 9th.
According to Zacks, analysts expect that Microsemi Corporation will report full-year sales of $474.87 million for the current financial year. For the next fiscal year, analysts forecast that the company will report sales of $1.90 billion per share, with estimates ranging from $1.89 billion to $1.94 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Microsemi Corporation.
Microsemi Corporation (NASDAQ:MSCC) last released its quarterly earnings results on Thursday, July 27th. The semiconductor company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.81 by $0.18. Microsemi Corporation had a net margin of 6.90% and a return on equity of 19.91%. The firm had revenue of $458.10 million during the quarter, compared to the consensus estimate of $457.87 million. During the same quarter in the prior year, the firm earned $0.73 EPS. Microsemi Corporation’s revenue for the quarter was up 6.2% on a year-over-year basis.
A number of analysts have recently weighed in on the stock. Goldman Sachs Group, Inc. (The) raised shares of Microsemi Corporation from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $54.00 to $53.00 in a research report on Wednesday, July 5th. Zacks Investment Research upgraded Microsemi Corporation from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research note on Tuesday, September 12th. KeyCorp assumed coverage on Microsemi Corporation in a research note on Monday, July 24th. They set an “overweight” rating and a $61.00 price objective on the stock. BidaskClub upgraded Microsemi Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, July 8th. Finally, Wells Fargo & Company restated an “outperform” rating on shares of Microsemi Corporation in a research note on Monday, July 31st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. Microsemi Corporation has an average rating of “Buy” and a consensus target price of $58.00.
In other Microsemi Corporation news, insider Dennis R. Leibel sold 3,000 shares of the firm’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $50.76, for a total value of $152,280.00. Following the sale, the insider now directly owns 4,369 shares in the company, valued at $221,770.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Frederick C. Goerner sold 1,500 shares of the firm’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $50.12, for a total value of $75,180.00. Following the completion of the sale, the vice president now owns 60,436 shares in the company, valued at $3,029,052.32. The disclosure for this sale can be found here. Insiders sold 11,650 shares of company stock worth $600,076 over the last quarter. 0.57% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of MSCC. Russell Investments Group Ltd. lifted its stake in Microsemi Corporation by 9.5% in the first quarter. Russell Investments Group Ltd. now owns 43,244 shares of the semiconductor company’s stock valued at $2,228,000 after buying an additional 3,763 shares during the last quarter. UBS Asset Management Americas Inc. lifted its stake in Microsemi Corporation by 1,319.0% in the first quarter. UBS Asset Management Americas Inc. now owns 561,159 shares of the semiconductor company’s stock valued at $28,917,000 after buying an additional 521,612 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Microsemi Corporation by 1.8% in the first quarter. JPMorgan Chase & Co. now owns 96,507 shares of the semiconductor company’s stock valued at $4,973,000 after buying an additional 1,670 shares during the last quarter. Prudential Financial Inc. lifted its stake in Microsemi Corporation by 0.3% in the first quarter. Prudential Financial Inc. now owns 76,840 shares of the semiconductor company’s stock valued at $3,960,000 after buying an additional 225 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new stake in Microsemi Corporation in the first quarter valued at $360,000. Institutional investors own 98.47% of the company’s stock.
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Shares of Microsemi Corporation (MSCC) opened at 52.60 on Friday. The stock has a market cap of $6.08 billion, a P/E ratio of 53.24 and a beta of 1.18. The company has a 50-day moving average of $50.00 and a 200 day moving average of $49.83. Microsemi Corporation has a 52-week low of $37.11 and a 52-week high of $57.97.
Microsemi Corporation announced that its board has initiated a share repurchase plan on Thursday, July 27th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 43% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
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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