Microsemi Corporation (MSCC) Rating Increased to Hold at Zacks Investment Research
Microsemi Corporation (NASDAQ:MSCC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
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.”
A number of other analysts have also weighed in on MSCC. Goldman Sachs Group, Inc. (The) raised Microsemi Corporation from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $54.00 to $53.00 in a research report on Wednesday, July 5th. BidaskClub upgraded shares of Microsemi Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, July 8th. BMO Capital Markets reiterated a “buy” rating and set a $62.00 target price on shares of Microsemi Corporation in a research note on Thursday, July 20th. KeyCorp started coverage on shares of Microsemi Corporation in a research note on Monday, July 24th. They set an “overweight” rating and a $61.00 target price for the company. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Microsemi Corporation in a research note on Thursday, July 27th. One research 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’s stock. Microsemi Corporation has a consensus rating of “Buy” and an average price target of $58.08.
Shares of Microsemi Corporation (NASDAQ MSCC) traded up 0.94% during mid-day trading on Tuesday, reaching $52.53. The company’s stock had a trading volume of 201,748 shares. The stock has a market cap of $6.08 billion, a P/E ratio of 53.17 and a beta of 1.18. Microsemi Corporation has a one year low of $39.99 and a one year high of $57.97. The stock has a 50 day moving average of $50.82 and a 200-day moving average of $49.89.
Microsemi Corporation (NASDAQ:MSCC) last posted its quarterly earnings data on Thursday, July 27th. The semiconductor company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.18. Microsemi Corporation had a return on equity of 19.91% and a net margin of 6.90%. The business had revenue of $458.10 million for the quarter, compared to analyst estimates of $457.87 million. During the same quarter in the prior year, the company earned $0.73 earnings per share. The company’s revenue was up 6.2% on a year-over-year basis. On average, equities research analysts expect that Microsemi Corporation will post $3.84 EPS for the current fiscal year.
Microsemi Corporation announced that its Board of Directors has approved a share repurchase plan on Thursday, July 27th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the semiconductor company to repurchase up to 43% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.
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In other news, Director Paul F. Folino sold 1,650 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $52.57, for a total value of $86,740.50. Following the completion of the sale, the director now directly owns 1,070 shares of the company’s stock, valued at $56,249.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO John W. Hohener sold 4,822 shares of the company’s stock in a transaction dated Thursday, October 12th. The shares were sold at an average price of $52.11, for a total transaction of $251,274.42. The disclosure for this sale can be found here. Insiders sold 65,540 shares of company stock valued at $3,423,302 over the last ninety days. Corporate insiders own 0.57% of the company’s stock.
Large investors have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. purchased a new stake in shares of Microsemi Corporation in the first quarter valued at about $113,000. Dubuque Bank & Trust Co. raised its holdings in shares of Microsemi Corporation by 3.1% in the second quarter. Dubuque Bank & Trust Co. now owns 3,071 shares of the semiconductor company’s stock valued at $144,000 after buying an additional 93 shares during the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in shares of Microsemi Corporation in the second quarter valued at about $219,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Microsemi Corporation by 9.0% in the second 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 during the last quarter. Finally, BB&T Securities LLC raised its holdings in shares of Microsemi Corporation by 13.4% in the second 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 during the last quarter. 98.53% of the stock is owned by institutional investors and hedge funds.
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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