BMO Capital Markets reissued their buy rating on shares of Microsemi Corporation (NASDAQ:MSCC) in a report published on Thursday, July 20th. The firm currently has a $62.00 price target on the semiconductor company’s stock.
A number of other brokerages also recently issued reports on MSCC. Zacks Investment Research downgraded Microsemi Corporation from a hold rating to a sell rating in a research report on Tuesday, March 28th. Needham & Company LLC lowered their price target on Microsemi Corporation from $63.00 to $61.00 and set a buy rating for the company in a research report on Friday, April 28th. Royal Bank Of Canada downgraded Microsemi Corporation from a top pick rating to an outperform rating and lowered their price target for the stock from $64.00 to $58.00 in a research report on Wednesday, June 14th. BidaskClub upgraded Microsemi Corporation from a sell rating to a hold rating in a research report on Saturday, July 8th. Finally, Raymond James Financial, Inc. assumed coverage on Microsemi Corporation in a research report on Friday, June 16th. They issued a market perform rating for the company. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $58.42.
Microsemi Corporation (NASDAQ:MSCC) traded up 0.76% during midday trading on Thursday, reaching $50.63. 797,681 shares of the company were exchanged. Microsemi Corporation has a 52 week low of $37.11 and a 52 week high of $57.97. The firm has a market capitalization of $5.86 billion, a PE ratio of 51.24 and a beta of 1.16. The company has a 50-day moving average of $50.55 and a 200 day moving average of $50.64.
Microsemi Corporation (NASDAQ:MSCC) last issued its quarterly earnings results on Thursday, July 27th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.18. The company had revenue of $458.10 million during the quarter, compared to the consensus estimate of $457.87 million. Microsemi Corporation had a return on equity of 19.91% and a net margin of 6.90%. Microsemi Corporation’s revenue was up 6.2% on a year-over-year basis. During the same period last year, the company earned $0.73 earnings per share. Equities analysts predict that Microsemi Corporation will post $3.84 earnings per share for the current year.
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Microsemi Corporation declared that its Board of Directors has approved a stock repurchase plan on Thursday, July 27th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the semiconductor company to reacquire up to 43% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, Chairman James J. Peterson sold 8,800 shares of the firm’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $47.93, for a total transaction of $421,784.00. Following the transaction, the chairman now owns 175,781 shares in the company, valued at $8,425,183.33. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Paul H. Pickle sold 694 shares of the firm’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $50.73, for a total value of $35,206.62. Following the transaction, the chief operating officer now owns 39,679 shares in the company, valued at approximately $2,012,915.67. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,108 shares of company stock worth $1,365,437. Insiders own 0.57% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Oppenheimer Asset Management Inc. bought a new position in Microsemi Corporation during the first quarter valued at about $113,000. Dubuque Bank & Trust Co. raised its position 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 valued at $144,000 after buying an additional 93 shares during the period. 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 during the period. BTC Capital Management Inc. bought a new position in Microsemi Corporation during the first quarter valued at about $202,000. Finally, Quotient Investors LLC bought a new position in Microsemi Corporation during the first quarter valued at about $206,000. Hedge funds and other institutional investors 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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