Royal Bank of Canada reiterated their outperform rating on shares of Microsemi Corporation (NASDAQ:MSCC) in a research note published on Sunday morning. The firm currently has a $60.00 target price on the semiconductor company’s stock, up from their previous target price of $58.00.
MSCC has been the topic of a number of other research reports. Goldman Sachs Group, Inc. (The) upgraded Microsemi Corporation from a neutral rating to a buy rating and cut their target price for the stock from $54.00 to $53.00 in a research note on Wednesday, July 5th. KeyCorp began coverage on shares of Microsemi Corporation in a report on Monday, July 24th. They issued an overweight rating and a $61.00 price target on the stock. BidaskClub raised shares of Microsemi Corporation from a sell rating to a hold rating in a report on Saturday, July 8th. TheStreet raised shares of Microsemi Corporation from a c+ rating to a b+ rating in a report on Thursday, April 27th. Finally, Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of Microsemi Corporation in a report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company. Microsemi Corporation currently has an average rating of Buy and a consensus price target of $58.25.
Microsemi Corporation (NASDAQ:MSCC) opened at 53.55 on Friday. Microsemi Corporation has a 52 week low of $37.11 and a 52 week high of $57.97. The company has a market cap of $6.16 billion, a price-to-earnings ratio of 54.20 and a beta of 1.15. The stock’s 50 day moving average price is $49.80 and its 200-day moving average price is $50.95.
Microsemi Corporation (NASDAQ:MSCC) last announced its 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. Microsemi Corporation had a return on equity of 19.91% and a net margin of 6.90%. The firm had revenue of $458.10 million for the quarter, compared to the consensus estimate of $457.87 million. During the same quarter in the previous year, the business earned $0.73 EPS. The company’s revenue was up 6.2% compared to the same quarter last year. On average, equities research analysts forecast that Microsemi Corporation will post $3.82 earnings per share for the current fiscal year.
ILLEGAL ACTIVITY WARNING: This piece was reported by StockNewsTimes and is owned by of StockNewsTimes. If you are reading this piece on another publication, it was stolen and republished in violation of US & international trademark & copyright laws. The correct version of this piece can be viewed at https://stocknewstimes.com/2017/08/02/microsemi-corporations-nasdaqmscc-outperform-rating-reiterated-at-royal-bank-of-canada.html.
Microsemi Corporation announced that its Board of Directors has initiated a share repurchase plan on Thursday, July 27th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 43% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other Microsemi Corporation news, Chairman James J. Peterson sold 8,800 shares of the business’s stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $48.79, for a total transaction of $429,352.00. Following the sale, the chairman now owns 192,111 shares of the company’s stock, valued at approximately $9,373,095.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas Robert Anderson sold 2,000 shares of the business’s stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $50.56, for a total transaction of $101,120.00. Following the sale, the director now directly owns 16,113 shares in the company, valued at approximately $814,673.28. The disclosure for this sale can be found here. Insiders have sold a total of 37,558 shares of company stock worth $1,863,142 in the last three months. Insiders own 0.57% of the company’s stock.
A number of large investors have recently modified their holdings of MSCC. BlackRock Inc. boosted its stake in shares of Microsemi Corporation by 24,626.0% in the first quarter. BlackRock Inc. now owns 12,207,460 shares of the semiconductor company’s stock worth $629,050,000 after buying an additional 12,158,089 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of Microsemi Corporation by 46.8% in the first quarter. Wells Fargo & Company MN now owns 2,648,870 shares of the semiconductor company’s stock worth $136,496,000 after buying an additional 844,586 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Microsemi Corporation by 5.9% in the first quarter. Vanguard Group Inc. now owns 9,717,771 shares of the semiconductor company’s stock worth $500,758,000 after buying an additional 542,772 shares during the last quarter. UBS Asset Management Americas Inc. boosted its stake in shares of Microsemi Corporation by 1,319.0% in the first quarter. UBS Asset Management Americas Inc. now owns 561,159 shares of the semiconductor company’s stock worth $28,917,000 after buying an additional 521,612 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Microsemi Corporation by 14.0% in the first quarter. Bank of New York Mellon Corp now owns 3,021,324 shares of the semiconductor company’s stock worth $155,690,000 after buying an additional 370,360 shares during the last quarter.
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.
Receive News & Ratings for Microsemi Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microsemi Corporation and related companies with MarketBeat.com's FREE daily email newsletter.
