BMO Capital Markets reiterated their buy rating on shares of Microsemi Corporation (NASDAQ:MSCC) in a research note released on Thursday, July 20th. BMO Capital Markets currently has a $62.00 price objective on the semiconductor company’s stock.
A number of other brokerages have also recently weighed in on MSCC. Royal Bank Of Canada reissued a top pick rating and set a $64.00 price objective on shares of Microsemi Corporation in a research note on Monday, May 22nd. Needham & Company LLC lowered their price objective on shares of Microsemi Corporation from $63.00 to $61.00 and set a buy rating for the company in a research note on Friday, April 28th. Raymond James Financial, Inc. initiated coverage on shares of Microsemi Corporation in a research note on Friday, June 16th. They set a market perform rating for the company. BidaskClub cut shares of Microsemi Corporation from a hold rating to a sell rating in a research note on Saturday, June 17th. Finally, TheStreet upgraded shares of Microsemi Corporation from a c+ rating to a b+ rating in a report on Thursday, April 27th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company has an average rating of Buy and an average target price of $58.42.
Shares of Microsemi Corporation (NASDAQ:MSCC) opened at 51.78 on Thursday. Microsemi Corporation has a 1-year low of $37.11 and a 1-year high of $57.97. The stock has a 50 day moving average price of $49.80 and a 200 day moving average price of $50.95. The company has a market capitalization of $5.99 billion, a price-to-earnings ratio of 52.41 and a beta of 1.16.
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. On average, equities analysts anticipate that Microsemi Corporation will post $3.84 EPS for the current fiscal year.
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Microsemi Corporation announced that its board has approved a stock repurchase plan on Thursday, July 27th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the semiconductor company to purchase up to 43% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
In related news, VP Frederick C. Goerner sold 1,500 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $51.61, for a total transaction of $77,415.00. Following the completion of the sale, the vice president now directly owns 61,936 shares of the company’s stock, valued at $3,196,516.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman James J. Peterson sold 8,800 shares of the company’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $47.93, for a total transaction of $421,784.00. Following the completion of the sale, the chairman now owns 175,781 shares of the company’s stock, valued at approximately $8,425,183.33. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,708 shares of company stock valued at $2,184,677. Company insiders own 0.57% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Microsemi Corporation by 24,626.0% in the first quarter. BlackRock Inc. now owns 12,207,460 shares of the semiconductor company’s stock valued at $629,050,000 after buying an additional 12,158,089 shares in the last quarter. Vanguard Group Inc. raised its position in Microsemi Corporation by 5.9% in the first 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 in the last quarter. State Street Corp raised its position in Microsemi Corporation by 3.4% in the first 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 in the last quarter. Bank of New York Mellon Corp raised its position 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 valued at $155,690,000 after buying an additional 370,360 shares during the period. Finally, Wells Fargo & Company MN raised its position 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 valued at $136,496,000 after buying an additional 844,586 shares during the period. Hedge funds and other institutional investors own 99.82% 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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