Microsemi Corporation (MSCC) Given Buy Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Microsemi Corporation (NASDAQ:MSCC) in a research note published on Friday. The firm currently has a $61.00 price target on the semiconductor company’s stock.

“MSCC reported in-line F4Q17 results and in-line F1Q18 guidance. More importantly, the company exceeded its $400MM FCF target post PMC acquisition close, generating $420MM in FCF in FY17. The company also beat its gross leverage target of 3.0x by the end of FY17, with gross leverage coming in at 2.9x. Further, MSCC achieved record profitability in F4Q17, with NG GM and NG OM both hitting new highs. We feel strongly the company remains on track to hit its 35% NG OM target. Lastly, management expressed confidence in its long-term 6-8% Y/Y organic growth target, driven by several product cycles. Given management’s solid execution on margins, cash flow generation and deleveraging, combined with demonstrable organic revenue growth, we reiterate our Buy rating and $61 price target.”,” the firm’s analyst wrote.

A number of other research firms have also recently weighed in on MSCC. Zacks Investment Research upgraded shares of Microsemi Corporation from a hold rating to a buy rating and set a $55.00 price objective for the company in a research report on Tuesday, September 26th. BidaskClub cut shares of Microsemi Corporation from a hold rating to a sell rating in a research report on Tuesday, August 22nd. Susquehanna Bancshares Inc set a $70.00 price objective on shares of Microsemi Corporation and gave the stock a buy rating in a research report on Friday, July 28th. BMO Capital Markets restated a buy rating and set a $62.00 price objective on shares of Microsemi Corporation in a research report on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of Microsemi Corporation in a report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. Microsemi Corporation has an average rating of Buy and a consensus target price of $58.60.

Microsemi Corporation (NASDAQ MSCC) traded down $0.22 during trading hours on Friday, reaching $52.62. 1,538,800 shares of the company’s stock were exchanged, compared to its average volume of 993,793. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.26 and a quick ratio of 1.53. The firm has a market capitalization of $6,112.75, a PE ratio of 15.87, a PEG ratio of 1.17 and a beta of 1.16. Microsemi Corporation has a 52 week low of $46.08 and a 52 week high of $57.97.

Microsemi Corporation (NASDAQ:MSCC) last posted its quarterly earnings data on Thursday, November 9th. The semiconductor company reported $1.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.01. The company had revenue of $475.30 million during the quarter, compared to analysts’ expectations of $474.97 million. Microsemi Corporation had a net margin of 9.73% and a return on equity of 21.31%. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.91 earnings per share. equities research analysts predict that Microsemi Corporation will post 3.62 earnings per share for the current year.

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Microsemi Corporation announced that its Board of Directors has initiated a share buyback plan on Thursday, July 27th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the semiconductor company to buy up to 43% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

In related news, COO Paul H. Pickle sold 14,746 shares of the company’s stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $52.48, for a total value of $773,870.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Frederick C. Goerner sold 1,500 shares of the company’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $50.12, for a total transaction of $75,180.00. Following the completion of the sale, the vice president now directly owns 60,436 shares of the company’s stock, valued at approximately $3,029,052.32. The disclosure for this sale can be found here. Insiders sold 231,467 shares of company stock valued at $12,340,556 in the last three months. 0.57% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Oppenheimer Asset Management Inc. purchased a new stake in shares of Microsemi Corporation in the first quarter valued at about $113,000. Dubuque Bank & Trust Co. grew its holdings in shares of Microsemi Corporation by 3.1% in the second quarter. Dubuque Bank & Trust Co. now owns 3,071 shares of the semiconductor company’s stock valued at $144,000 after purchasing an additional 93 shares during the period. CIBC Asset Management Inc purchased a new stake in shares of Microsemi Corporation in the third quarter valued at about $203,000. BTC Capital Management Inc. purchased a new stake in shares of Microsemi Corporation in the third quarter valued at about $214,000. Finally, Quantitative Systematic Strategies LLC purchased a new stake in shares of Microsemi Corporation in the second quarter valued at about $219,000. 98.37% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Microsemi Corporation (NASDAQ:MSCC)

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