Microsemi Corporation (MSCC) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research lowered shares of Microsemi Corporation (NASDAQ:MSCC) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.

According to Zacks, “Microsemi Corporation is an OEM of a broad range of high-reliability and analog/mixed signal integrated circuits. Fourth-quarter fiscal 2017 non-GAAP earnings beat the Zacks Consensus Estimate. The company's focus on improving product mix, operational efficiency, and consolidation are driving revenues and margins through 2017. Moreover, we have confidence in the company's strategic positioning, strong fundamentals and growth prospects. Microsemi's scope for margin expansion and decent balance sheet are the other positives. However, pockets of weakness related to product transition at medical customers, push-out of some communications spending in China and a softer oil & gas market continue to impact revenues. Year to date, the stock has underperformed the industry it belongs to.”

MSCC has been the topic of a number of other research reports. KeyCorp assumed coverage on Microsemi Corporation in a report on Monday, July 24th. They issued an overweight rating and a $61.00 target price on the stock. BidaskClub lowered Microsemi Corporation from a buy rating to a hold rating in a report on Wednesday, August 2nd. Wells Fargo & Company restated an outperform rating on shares of Microsemi Corporation in a report on Monday, July 31st. Needham & Company LLC restated a buy rating and issued a $61.00 target price on shares of Microsemi Corporation in a report on Friday, November 10th. Finally, Royal Bank Of Canada restated an outperform rating and issued a $60.00 target price (up previously from $58.00) on shares of Microsemi Corporation in a report on Sunday, July 30th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $61.11.

Microsemi Corporation (NASDAQ:MSCC) opened at $53.02 on Tuesday. Microsemi Corporation has a fifty-two week low of $46.08 and a fifty-two week high of $57.97. The company has a quick ratio of 1.29, a current ratio of 1.92 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $6,250.00, a P/E ratio of 15.89, a PEG ratio of 1.18 and a beta of 1.16.

Microsemi Corporation (NASDAQ:MSCC) last posted its earnings results on Thursday, November 9th. The semiconductor company reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.01. Microsemi Corporation had a return on equity of 20.82% and a net margin of 9.73%. The company had revenue of $475.30 million for the quarter, compared to analyst estimates of $474.97 million. During the same quarter last year, the company earned $0.91 earnings per share. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. sell-side analysts forecast that Microsemi Corporation will post 3.58 EPS for the current fiscal year.

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

In other Microsemi Corporation news, SVP David Goren sold 8,329 shares of the firm’s stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $52.54, for a total value of $437,605.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Paul H. Pickle sold 6,586 shares of the firm’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $53.09, for a total value of $349,650.74. Following the completion of the sale, the chief operating officer now directly owns 25,616 shares of the company’s stock, valued at $1,359,953.44. The disclosure for this sale can be found here. Insiders have sold 235,053 shares of company stock valued at $12,537,927 over the last ninety days. 0.57% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the business. Coldstream Capital Management Inc. purchased a new stake in Microsemi Corporation in the third quarter worth $211,000. Highbridge Capital Management LLC purchased a new stake in Microsemi Corporation in the third quarter worth $296,000. Crestline Management LP purchased a new stake in Microsemi Corporation in the third quarter worth $3,549,000. Janus Henderson Group PLC purchased a new stake in Microsemi Corporation in the third quarter worth $7,064,000. Finally, Caxton Associates LP purchased a new position in shares of Microsemi Corporation in the third quarter valued at $268,000. 99.84% of the stock is owned by institutional investors and hedge funds.

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.

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