Microsemi Corporation (MSCC) Downgraded to Sell at Zacks Investment Research
Zacks Investment Research downgraded shares of Microsemi Corporation (NASDAQ:MSCC) from a hold rating to a sell rating in a report published on Tuesday.
According to Zacks, “Microsemi Corporation is an OEM of a broad range of high-reliability and analog/mixed signal integrated circuits. Fourth-quarter fiscal 2017 non-GAAP earnings beat the Zacks Consensus Estimate. 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 analysts also recently issued reports on MSCC. Needham & Company LLC reiterated a buy rating and set a $61.00 price target on shares of Microsemi Corporation in a research note on Friday, November 10th. Oppenheimer Holdings, Inc. reiterated a hold rating on shares of Microsemi Corporation in a research note on Friday, November 10th. BidaskClub downgraded Microsemi Corporation from a buy rating to a hold rating in a research note on Wednesday, August 2nd. Susquehanna Bancshares Inc set a $70.00 price target on Microsemi Corporation and gave the stock a buy rating in a research note on Friday, July 28th. Finally, Wells Fargo & Company reiterated an outperform rating on shares of Microsemi Corporation in a research note on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $61.11.
Microsemi Corporation (NASDAQ MSCC) traded up $0.29 on Tuesday, hitting $52.91. The stock had a trading volume of 540,800 shares, compared to its average volume of 990,963. The company has a market cap of $6,120.00, a P/E ratio of 15.80, a PEG ratio of 1.19 and a beta of 1.16. Microsemi Corporation has a 52 week low of $46.08 and a 52 week high of $57.97. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.29 and a current ratio of 1.92.
Microsemi Corporation (NASDAQ:MSCC) last released its quarterly earnings results on Thursday, November 9th. The semiconductor company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.01. The company had revenue of $475.30 million during the quarter, compared to the consensus estimate of $474.97 million. Microsemi Corporation had a return on equity of 20.82% and a net margin of 9.73%. The firm’s revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.91 EPS. research analysts predict that Microsemi Corporation will post 3.54 EPS for the current year.
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Microsemi Corporation declared that its board has authorized a stock repurchase program on Thursday, July 27th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the semiconductor company to reacquire up to 43% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
In related news, 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 transaction of $75,180.00. Following the completion of the transaction, the vice president now owns 60,436 shares of the company’s stock, valued at approximately $3,029,052.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Frederick C. Goerner sold 5,000 shares of the business’s stock in a transaction dated Tuesday, October 10th. The stock was sold at an average price of $52.33, for a total value of $261,650.00. The disclosure for this sale can be found here. Insiders have sold a total of 228,467 shares of company stock valued at $12,188,276 in the last three months. 0.57% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of the business. Trexquant Investment LP raised its holdings in Microsemi Corporation by 0.4% in the 2nd quarter. Trexquant Investment LP now owns 7,800 shares of the semiconductor company’s stock valued at $365,000 after acquiring an additional 34 shares in the last quarter. Dubuque Bank & Trust Co. raised its holdings in Microsemi Corporation by 3.1% in the 2nd quarter. Dubuque Bank & Trust Co. now owns 3,071 shares of the semiconductor company’s stock valued at $144,000 after acquiring an additional 93 shares in the last quarter. Pacer Advisors Inc. raised its holdings in Microsemi Corporation by 1.0% in the 2nd quarter. Pacer Advisors Inc. now owns 14,718 shares of the semiconductor company’s stock valued at $689,000 after acquiring an additional 141 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in Microsemi Corporation by 1.6% in the 2nd quarter. Teacher Retirement System of Texas now owns 9,184 shares of the semiconductor company’s stock valued at $430,000 after acquiring an additional 145 shares in the last quarter. Finally, Campbell Newman Asset Management Inc. raised its holdings in Microsemi Corporation by 4.7% in the 2nd quarter. Campbell Newman Asset Management Inc. now owns 6,234 shares of the semiconductor company’s stock valued at $292,000 after acquiring an additional 281 shares in the last quarter. 99.84% of the stock is owned by hedge funds and other institutional investors.
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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