Microsemi Corp. (MSCC) Sets New 12-Month High at $39.77
Microsemi Corp. (NASDAQ:MSCC) shares hit a new 52-week high on Thursday . The company traded as high as $39.77 and last traded at $39.51, with a volume of 382,041 shares changing hands. The stock had previously closed at $39.13.
MSCC has been the subject of a number of research analyst reports. SunTrust Banks Inc. restated a “buy” rating on shares of Microsemi Corp. in a research report on Saturday, June 25th. TheStreet lowered Microsemi Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, May 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $46.00 price target on shares of Microsemi Corp. in a report on Wednesday, June 29th. Zacks Investment Research raised shares of Microsemi Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, June 28th. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $50.00 price target (up previously from $45.00) on shares of Microsemi Corp. in a report on Friday, July 29th. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and three have issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $44.50.
The firm’s 50 day moving average is $35.25 and its 200-day moving average is $34.51. The company’s market capitalization is $4.50 billion.
Microsemi Corp. (NASDAQ:MSCC) last released its earnings results on Thursday, July 28th. The company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.01. The company had revenue of $431.40 million for the quarter, compared to analysts’ expectations of $430.22 million. The firm’s revenue for the quarter was up 36.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.68 EPS. On average, analysts expect that Microsemi Corp. will post $3.02 EPS for the current fiscal year.
In other news, VP Frederick C. Goerner sold 4,000 shares of the business’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $39.39, for a total transaction of $157,560.00. Following the completion of the sale, the vice president now owns 52,561 shares of the company’s stock, valued at $2,070,377.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Steven G. Litchfield bought 15,750 shares of the business’s stock in a transaction dated Monday, May 16th. The shares were bought at an average cost of $31.91 per share, with a total value of $502,582.50. Following the purchase, the executive vice president now directly owns 64,132 shares of the company’s stock, valued at $2,046,452.12. The disclosure for this purchase can be found here.
Several hedge funds recently added to or reduced their stakes in the company. Pear Tree Advisors Inc. bought a new stake in Microsemi Corp. during the fourth quarter worth approximately $1,132,000. US Bancorp DE boosted its stake in shares of Microsemi Corp. by 25.3% in the fourth quarter. US Bancorp DE now owns 40,660 shares of the company’s stock valued at $1,324,000 after buying an additional 8,215 shares in the last quarter. I.G. Investment Management LTD. boosted its stake in shares of Microsemi Corp. by 0.6% in the fourth quarter. I.G. Investment Management LTD. now owns 53,368 shares of the company’s stock valued at $1,739,000 after buying an additional 329 shares in the last quarter. State of Tennessee Treasury Department acquired a new stake in shares of Microsemi Corp. during the fourth quarter valued at about $2,412,000. Finally, Foresters Investment Management Company Inc. boosted its stake in shares of Microsemi Corp. by 1.1% in the fourth quarter. Foresters Investment Management Company Inc. now owns 185,900 shares of the company’s stock valued at $6,058,000 after buying an additional 2,000 shares in the last quarter.
Microsemi Corporation (Microsemi) is a designer, manufacturer and marketer of high-performance analog and mixed-signal semiconductor solutions. Microsemi’s products include high-performance and radiation-hardened analog mixed-signal integrated circuits (ICs), field programmable gate arrays (FPGAs), system on chip solutions (SoCs) and application-specific integrated circuits (ASICs); power management products; timing and synchronization devices and precise time solutions; voice processing devices; radio frequency (RF) solutions; discrete components; security technologies and scalable anti-tamper products; Power-over-Ethernet (PoE) ICs and midspans.
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