Zacks Investment Research upgraded shares of Microsemi Corp. (NASDAQ:MSCC) from a hold rating to a buy rating in a report released on Tuesday morning. They currently have $45.00 target price on the stock.
According to Zacks, “Microsemi Corporation is an OEM of a broad range of high-reliability and analog/mixed signal integrated circuits. We are impressed by the upbeat long-term outlook provided by management at its recent Investor Day. Moreover, we have confidence in the company’s strong fundamentals and growth prospects. Microsemi’s compelling products, scope for margin expansion and decent balance sheet are 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. Also, heavy investment in R&D could impact near-term profitability.”
Several other equities research analysts have also commented on the stock. Macquarie restated a positive rating on shares of Microsemi Corp. in a research report on Thursday, September 22nd. Susquehanna initiated coverage on shares of Microsemi Corp. in a research report on Tuesday, September 20th. They set a positive rating and a $50.00 target price on the stock. RBC Capital Markets restated a top pick rating and set a $48.00 target price on shares of Microsemi Corp. in a research report on Thursday, September 15th. Mizuho restated a buy rating and set a $46.00 target price on shares of Microsemi Corp. in a research report on Monday, September 12th. Finally, Stifel Nicolaus boosted their target price on shares of Microsemi Corp. from $48.00 to $50.00 and gave the stock a buy rating in a research report on Friday, September 9th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the company. Microsemi Corp. presently has a consensus rating of Buy and a consensus price target of $46.79.
Shares of Microsemi Corp. (NASDAQ:MSCC) opened at 40.87 on Tuesday. The stock’s market cap is $4.63 billion. The firm’s 50-day moving average is $40.27 and its 200 day moving average is $36.29. Microsemi Corp. has a 52-week low of $28.91 and a 52-week high of $42.17.
Microsemi Corp. (NASDAQ:MSCC) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.01. Microsemi Corp. had a negative net margin of 3.12% and a positive return on equity of 17.32%. The firm had revenue of $431.40 million for the quarter, compared to analyst estimates of $430.22 million. During the same period last year, the firm posted $0.68 EPS. Microsemi Corp.’s quarterly revenue was up 36.0% on a year-over-year basis. Analysts forecast that Microsemi Corp. will post $3.02 earnings per share for the current fiscal year.
In other Microsemi Corp. news, Director Paul F. Folino sold 1,500 shares of Microsemi Corp. stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $39.80, for a total value of $59,700.00. Following the completion of the sale, the director now owns 1,070 shares in the company, valued at approximately $42,586. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Frederick C. Goerner sold 4,000 shares of Microsemi Corp. stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $39.39, for a total value 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 approximately $2,070,377.79. The disclosure for this sale can be found here. 0.50% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the stock. Texas Permanent School Fund boosted its stake in Microsemi Corp. by 13.1% in the first quarter. Texas Permanent School Fund now owns 89,613 shares of the company’s stock valued at $3,433,000 after buying an additional 10,345 shares during the period. Aperio Group LLC boosted its stake in Microsemi Corp. by 7.6% in the first quarter. Aperio Group LLC now owns 23,452 shares of the company’s stock valued at $898,000 after buying an additional 1,655 shares during the period. Nisa Investment Advisors L.L.C. boosted its stake in Microsemi Corp. by 0.5% in the first quarter. Nisa Investment Advisors L.L.C. now owns 31,461 shares of the company’s stock valued at $1,205,000 after buying an additional 161 shares during the period. Icon Advisers Inc. Co. boosted its stake in Microsemi Corp. by 332.1% in the first quarter. Icon Advisers Inc. Co. now owns 180,200 shares of the company’s stock valued at $6,903,000 after buying an additional 138,500 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its stake in Microsemi Corp. by 1.3% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 21,917 shares of the company’s stock valued at $840,000 after buying an additional 275 shares during the period. Institutional investors own 90.57% of the company’s stock.
About Microsemi Corp.
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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