Microsemi Corporation (MSCC) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of Microsemi Corporation (NASDAQ:MSCC) from a buy rating to a hold rating in a report published on Monday.
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.”
Other equities analysts have also issued research reports about the company. Susquehanna Bancshares Inc set a $70.00 price objective on Microsemi Corporation and gave the stock a buy rating in a research note on Friday, July 28th. Royal Bank Of Canada lowered Microsemi Corporation from a top pick rating to an outperform rating and lowered their price objective for the stock from $64.00 to $58.00 in a research note on Wednesday, June 14th. KeyCorp assumed coverage on Microsemi Corporation in a research note on Monday, July 24th. They set an overweight rating and a $61.00 price objective on the stock. BMO Capital Markets reissued a buy rating and set a $62.00 price objective on shares of Microsemi Corporation in a research note on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. reissued a hold rating on shares of Microsemi Corporation in a research note on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the stock. Microsemi Corporation has a consensus rating of Buy and a consensus price target of $58.00.
Shares of Microsemi Corporation (NASDAQ:MSCC) opened at 50.24 on Monday. The company has a 50-day moving average price of $50.01 and a 200-day moving average price of $49.92. The company has a market capitalization of $5.81 billion, a P/E ratio of 50.85 and a beta of 1.17. Microsemi Corporation has a 12 month low of $37.11 and a 12 month high of $57.97.
Microsemi Corporation (NASDAQ:MSCC) last issued its quarterly earnings results on Thursday, July 27th. The semiconductor company reported $0.99 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.18. The firm had revenue of $458.10 million during the quarter, compared to analysts’ expectations of $457.87 million. Microsemi Corporation had a return on equity of 19.91% and a net margin of 6.90%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.73 earnings per share. On average, analysts forecast that Microsemi Corporation will post $3.84 EPS for the current fiscal year.
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Microsemi Corporation declared that its Board of Directors has approved a stock buyback plan on Thursday, July 27th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 43% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.
In other news, insider Dennis R. Leibel sold 3,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $52.46, for a total value of $157,380.00. Following the transaction, the insider now owns 7,369 shares of the company’s stock, valued at approximately $386,577.74. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Paul F. Folino sold 1,650 shares of the company’s stock in a transaction on 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 transaction, the director now directly owns 1,070 shares in the company, valued at approximately $56,249.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,650 shares of company stock worth $600,076. Corporate insiders own 0.57% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Trexquant Investment LP lifted its stake in Microsemi Corporation by 0.4% during the 2nd quarter. Trexquant Investment LP now owns 7,800 shares of the semiconductor company’s stock worth $365,000 after acquiring an additional 34 shares in the last quarter. Somerset Trust Co lifted its stake in Microsemi Corporation by 0.4% during the 2nd quarter. Somerset Trust Co now owns 11,343 shares of the semiconductor company’s stock worth $531,000 after acquiring an additional 47 shares in the last quarter. Dubuque Bank & Trust Co. lifted its stake in Microsemi Corporation by 3.1% during the 2nd quarter. Dubuque Bank & Trust Co. now owns 3,071 shares of the semiconductor company’s stock worth $144,000 after acquiring an additional 93 shares in the last quarter. Pacer Advisors Inc. lifted its stake in Microsemi Corporation by 1.0% during the 2nd quarter. Pacer Advisors Inc. now owns 14,718 shares of the semiconductor company’s stock worth $689,000 after acquiring an additional 141 shares in the last quarter. Finally, Teacher Retirement System of Texas lifted its stake in Microsemi Corporation by 1.6% during the 2nd quarter. Teacher Retirement System of Texas now owns 9,184 shares of the semiconductor company’s stock worth $430,000 after acquiring an additional 145 shares in the last quarter. 98.47% of the stock is currently 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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