Microsemi Corporation (MSCC) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Microsemi Corporation (NASDAQ:MSCC) from a hold rating to a buy rating in a research report sent to investors on Tuesday. Zacks Investment Research currently has $55.00 price target on the semiconductor company’s stock.
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. Over the last one year, the stock has underperformed the industry it belongs to.”
A number of other analysts have also weighed in on the stock. BidaskClub lowered shares of Microsemi Corporation from a hold rating to a sell rating in a research note on Tuesday, August 22nd. Wells Fargo & Company reaffirmed an outperform rating on shares of Microsemi Corporation in a research note on Monday, July 31st. Royal Bank Of Canada reaffirmed an outperform rating and issued a $60.00 price target (up from $58.00) on shares of Microsemi Corporation in a research note on Sunday, July 30th. Susquehanna Bancshares Inc set a $70.00 price target on shares of Microsemi Corporation and gave the stock a buy rating in a research note on Friday, July 28th. Finally, Oppenheimer Holdings, Inc. reaffirmed 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, two have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $58.00.
Shares of Microsemi Corporation (NASDAQ MSCC) traded up 0.79% on Tuesday, reaching $49.80. 254,382 shares of the company’s stock were exchanged. Microsemi Corporation has a 1-year low of $37.11 and a 1-year high of $57.97. The company has a market capitalization of $5.76 billion, a P/E ratio of 50.40 and a beta of 1.17. The stock’s 50-day moving average price is $50.20 and its 200-day moving average price is $50.01.
Microsemi Corporation (NASDAQ:MSCC) last issued its quarterly earnings results 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. The company had revenue of $458.10 million during the quarter, compared to analyst estimates of $457.87 million. Microsemi Corporation had a net margin of 6.90% and a return on equity of 19.91%. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.73 EPS. Analysts anticipate that Microsemi Corporation will post $3.84 EPS for the current fiscal year.
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Microsemi Corporation announced that its board has initiated a share buyback plan on Thursday, July 27th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the semiconductor company to reacquire up to 43% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, Director Paul F. Folino sold 1,650 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $52.57, for a total transaction of $86,740.50. Following the sale, the director now owns 1,070 shares in the company, valued at $56,249.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas Robert Anderson sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $51.08, for a total transaction of $51,080.00. Following the sale, the director now owns 15,113 shares in the company, valued at approximately $771,972.04. The disclosure for this sale can be found here. Insiders have sold 11,650 shares of company stock worth $600,076 in the last 90 days. 0.57% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Microsemi Corporation by 24,626.0% during the first quarter. BlackRock Inc. now owns 12,207,460 shares of the semiconductor company’s stock valued at $629,050,000 after acquiring an additional 12,158,089 shares during the period. Vanguard Group Inc. increased its stake in Microsemi Corporation by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 9,717,771 shares of the semiconductor company’s stock valued at $500,758,000 after buying an additional 542,772 shares during the period. State Street Corp increased its stake in Microsemi Corporation by 3.4% in the 1st quarter. State Street Corp now owns 3,816,410 shares of the semiconductor company’s stock valued at $196,656,000 after buying an additional 127,094 shares during the period. FMR LLC increased its stake in Microsemi Corporation by 9.1% in the 2nd quarter. FMR LLC now owns 1,978,400 shares of the semiconductor company’s stock valued at $92,589,000 after buying an additional 165,000 shares during the period. Finally, Federated Investors Inc. PA increased its stake in Microsemi Corporation by 4.0% in the 2nd quarter. Federated Investors Inc. PA now owns 1,849,658 shares of the semiconductor company’s stock valued at $86,563,000 after buying an additional 71,131 shares during the period. Institutional investors and hedge funds own 98.58% of the company’s stock.
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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