Microsemi Corp. (MSCC) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Microsemi Corp. (NASDAQ:MSCC) announced its earnings results on Thursday. The company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.01. The business had revenue of $431.40 million for the quarter, compared to the consensus estimate of $430.22 million. Microsemi Corp.’s revenue for the quarter was up 36.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.68 EPS. Microsemi Corp. updated its Q4 guidance to $0.83-0.97 EPS.

Shares of Microsemi Corp. (NASDAQ:MSCC) traded up 0.25% during trading on Thursday, hitting $36.20. The stock had a trading volume of 1,651,872 shares. The stock’s market capitalization is $4.09 billion. Microsemi Corp. has a 12-month low of $28.24 and a 12-month high of $39.56. The stock’s 50-day moving average is $33.56 and its 200-day moving average is $33.88.

In other Microsemi Corp. news, EVP Steven G. Litchfield purchased 15,750 shares of the stock in a transaction on Monday, May 16th. The shares were purchased at an average price of $31.91 per share, with a total value of $502,582.50. Following the completion of the transaction, the executive vice president now directly owns 64,132 shares in the company, valued at $2,046,452.12. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.

Several brokerages recently weighed in on MSCC. Zacks Investment Research upgraded Microsemi Corp. from a “sell” rating to a “hold” rating in a research note on Monday, April 25th. Oppenheimer Holdings Inc. restated a “hold” rating on shares of Microsemi Corp. in a research note on Friday, April 29th. Topeka Capital Markets increased their target price on Microsemi Corp. from $40.00 to $46.00 and gave the company a “buy” rating in a research note on Friday, April 29th. SunTrust Banks Inc. reiterated a “buy” rating on shares of Microsemi Corp. in a research report on Saturday, June 25th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $46.00 price objective on shares of Microsemi Corp. in a research report on Wednesday, June 29th. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $43.60.

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.