Brokerages Set Microsemi Corporation (MSCC) PT at $58.00
Microsemi Corporation (NASDAQ:MSCC) has earned an average rating of “Buy” from the eighteen brokerages that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and fourteen have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $58.00.
A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Microsemi Corporation from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research report on Wednesday, August 2nd. BidaskClub downgraded shares of Microsemi Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. Susquehanna Bancshares Inc set a $70.00 price target on shares of Microsemi Corporation and gave the company a “buy” rating in a research report on Friday, July 28th. Wells Fargo & Company reiterated an “outperform” rating on shares of Microsemi Corporation in a research report on Monday, July 31st. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $60.00 price target (up from $58.00) on shares of Microsemi Corporation in a research report on Sunday, July 30th.
Microsemi Corporation (MSCC) traded down 0.02% during midday trading on Wednesday, reaching $49.40. The company’s stock had a trading volume of 1,574,884 shares. The firm has a market capitalization of $5.71 billion, a P/E ratio of 50.00 and a beta of 1.17. The company’s 50-day moving average is $50.08 and its 200 day moving average is $49.98. Microsemi Corporation has a 52 week low of $37.11 and a 52 week high of $57.97.
Microsemi Corporation (NASDAQ:MSCC) last posted its quarterly earnings results on Thursday, July 27th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.18. Microsemi Corporation had a net margin of 6.90% and a return on equity of 19.91%. The company had revenue of $458.10 million during the quarter, compared to the consensus estimate of $457.87 million. During the same period last year, the firm earned $0.73 EPS. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. Analysts expect that Microsemi Corporation will post $3.84 earnings per share for the current fiscal year.
Microsemi Corporation announced that its board has approved a stock buyback program on Thursday, July 27th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the semiconductor company to repurchase up to 43% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
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In other Microsemi Corporation news, insider Dennis R. Leibel sold 3,000 shares of Microsemi Corporation stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $50.76, for a total value of $152,280.00. Following the completion of the sale, the insider now directly owns 4,369 shares of the company’s stock, valued at approximately $221,770.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Frederick C. Goerner sold 1,500 shares of Microsemi Corporation stock in a transaction that occurred on 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 sale, the vice president now directly owns 60,436 shares of the company’s stock, valued at $3,029,052.32. The disclosure for this sale can be found here. Insiders sold a total of 11,650 shares of company stock valued at $600,076 over the last ninety days. 0.57% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its stake in Microsemi Corporation by 24,626.0% in the 1st quarter. BlackRock Inc. now owns 12,207,460 shares of the semiconductor company’s stock worth $629,050,000 after acquiring an additional 12,158,089 shares during the period. Vanguard Group Inc. grew its stake in shares of Microsemi Corporation by 5.9% during 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 grew its stake in shares of Microsemi Corporation by 3.4% during 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 grew its stake in shares of Microsemi Corporation by 9.1% during 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 grew its stake in shares of Microsemi Corporation by 4.0% during 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. 98.58% of the stock is owned by hedge funds and other institutional investors.
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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