Microsemi Corp. (MSCC) Reaches New 52-Week High at $39.77
Microsemi Corp. (NASDAQ:MSCC) reached 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.
A number of research firms recently weighed in on MSCC. Needham & Company LLC restated a “buy” rating on shares of Microsemi Corp. in a research note on Saturday, April 30th. Topeka Capital Markets increased their price target on Microsemi Corp. from $40.00 to $46.00 and gave the company a “buy” rating in a research note on Friday, April 29th. BMO Capital Markets restated a “buy” rating and issued a $50.00 price target (up previously from $45.00) on shares of Microsemi Corp. in a research note on Friday, July 29th. Zacks Investment Research cut Microsemi Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, May 3rd. Finally, Oppenheimer Holdings Inc. reiterated a “hold” rating on shares of Microsemi Corp. in a research report on Friday, April 29th. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have assigned a strong buy rating to the stock. Microsemi Corp. has an average rating of “Buy” and a consensus target price of $44.50.
The company’s market cap is $4.50 billion. The stock has a 50 day moving average of $34.91 and a 200-day moving average of $34.41.
Microsemi Corp. (NASDAQ:MSCC) last announced its earnings results on Thursday, July 28th. The company reported $0.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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 quarterly revenue was up 36.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.68 EPS. On average, equities research analysts anticipate that Microsemi Corp. will post $3.02 earnings per share for the current year.
In other Microsemi Corp. news, EVP Steven G. Litchfield acquired 15,750 shares of the business’s stock in a transaction on Monday, May 16th. The shares were acquired at an average price of $31.91 per share, with a total value of $502,582.50. Following the completion of the transaction, the executive vice president now owns 64,132 shares in the company, valued at $2,046,452.12. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website.
Other hedge funds have recently modified their holdings of the company. Pear Tree Advisors Inc. purchased a new stake in shares of Microsemi Corp. during the fourth quarter valued at about $1,132,000. US Bancorp DE raised 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 during the last quarter. I.G. Investment Management LTD. raised 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 during the last quarter. State of Tennessee Treasury Department purchased a new stake in shares of Microsemi Corp. during the fourth quarter valued at about $2,412,000. Finally, Foresters Investment Management Company Inc. raised 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 during 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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