BMO Capital Markets reaffirmed their buy rating on shares of Microsemi Corporation (NASDAQ:MSCC) in a research note published on Thursday, July 20th. The brokerage currently has a $62.00 target price on the semiconductor company’s stock.
Other equities analysts have also issued research reports about the stock. TheStreet upgraded shares of Microsemi Corporation from a c+ rating to a b+ rating in a report on Thursday, April 27th. Royal Bank Of Canada lowered shares of Microsemi Corporation from a top pick rating to an outperform rating and decreased their price target for the company from $64.00 to $58.00 in a report on Wednesday, June 14th. Needham & Company LLC reduced their target price on shares of Microsemi Corporation from $63.00 to $61.00 and set a buy rating on the stock in a report on Friday, April 28th. BidaskClub upgraded shares of Microsemi Corporation from a sell rating to a hold rating in a report on Saturday, July 8th. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of Microsemi Corporation from a neutral rating to a buy rating and reduced their target price for the company from $54.00 to $53.00 in a report on Wednesday, July 5th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Microsemi Corporation currently has an average rating of Buy and an average target price of $58.42.
Microsemi Corporation (NASDAQ MSCC) traded up 2.27% during trading on Thursday, hitting $50.38. The stock had a trading volume of 1,117,559 shares. The company has a market cap of $5.83 billion, a price-to-earnings ratio of 50.99 and a beta of 1.16. The firm’s 50-day moving average price is $50.49 and its 200-day moving average price is $50.68. Microsemi Corporation has a 52-week low of $37.11 and a 52-week high of $57.97.
Microsemi Corporation (NASDAQ:MSCC) last announced its quarterly earnings results on Thursday, July 27th. The semiconductor company reported $0.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.18. The company had revenue of $458.10 million for 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%. Microsemi Corporation’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter last year, the business earned $0.73 EPS. Analysts predict that Microsemi Corporation will post $3.84 EPS for the current fiscal year.
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Microsemi Corporation declared that its board has initiated a share repurchase plan on Thursday, July 27th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the semiconductor company to purchase up to 43% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other news, Director Paul F. Folino sold 1,650 shares of the company’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 value of $86,740.50. Following the completion of the sale, the director now directly owns 1,070 shares of the company’s stock, valued at approximately $56,249.90. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas Robert Anderson sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $51.08, for a total transaction of $51,080.00. Following the completion of the sale, the director now directly owns 15,113 shares of the company’s stock, valued at $771,972.04. The disclosure for this sale can be found here. Insiders have sold a total of 35,908 shares of company stock valued at $1,806,405 over the last three months. 0.57% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. purchased a new stake in Microsemi Corporation during the first quarter worth about $113,000. Dubuque Bank & Trust Co. raised its stake in Microsemi Corporation by 3.1% in the second quarter. Dubuque Bank & Trust Co. now owns 3,071 shares of the semiconductor company’s stock worth $144,000 after buying an additional 93 shares in the last quarter. Flinton Capital Management LLC raised its position in Microsemi Corporation by 5.3% in the first quarter. Flinton Capital Management LLC now owns 3,184 shares of the semiconductor company’s stock valued at $164,000 after buying an additional 160 shares in the last quarter. BTC Capital Management Inc. bought a new position in Microsemi Corporation during the first quarter valued at $202,000. Finally, Quotient Investors LLC bought a new position in Microsemi Corporation during the first quarter valued at $206,000. Institutional investors and hedge funds own 99.02% of the company’s stock.
Microsemi Corporation Company Profile
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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