Microsemi Corp. (NASDAQ:MSCC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Microsemi Corporation is an OEM of a broad range of high-reliability and analog/mixed signal integrated circuits. We are impressed by the upbeat long-term outlook provided by management at its recent Investor Day. Moreover, we have confidence in the company’s strong fundamentals and growth prospects. Microsemi’s compelling products, scope for margin expansion and decent balance sheet are 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. Also, heavy investment in R&D could impact near-term profitability.”
A number of other analysts have also issued reports on MSCC. TheStreet raised shares of Microsemi Corp. from a “hold” rating to a “buy” rating in a research report on Friday, July 29th. Needham & Company LLC reaffirmed a “buy” rating on shares of Microsemi Corp. in a research report on Friday, July 29th. Mizuho raised their price objective on shares of Microsemi Corp. from $42.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, August 22nd. SunTrust Banks Inc. reissued a “buy” rating on shares of Microsemi Corp. in a research report on Saturday, June 25th. Finally, Stifel Nicolaus lifted their price target on shares of Microsemi Corp. from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, September 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twelve have given a buy rating and three have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $46.79.
Shares of Microsemi Corp. (NASDAQ:MSCC) opened at 41.91 on Tuesday. The firm’s 50-day moving average is $40.49 and its 200 day moving average is $36.46. Microsemi Corp. has a 1-year low of $28.91 and a 1-year high of $42.19. The stock’s market capitalization is $4.74 billion.
Microsemi Corp. (NASDAQ:MSCC) last announced its earnings results on Thursday, July 28th. The company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.72 by $0.01. Microsemi Corp. had a negative net margin of 3.12% and a positive return on equity of 17.32%. The company earned $431.40 million during the quarter, compared to analysts’ expectations of $430.22 million. During the same period last year, the company posted $0.68 earnings per share. The business’s revenue for the quarter was up 36.0% on a year-over-year basis. On average, analysts expect that Microsemi Corp. will post $3.02 EPS for the current fiscal year.
In other news, Director Paul F. Folino sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $39.80, for a total transaction of $59,700.00. Following the sale, the director now owns 1,070 shares in the company, valued at approximately $42,586. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Frederick C. Goerner sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $39.39, for a total value of $157,560.00. Following the sale, the vice president now owns 52,561 shares in the company, valued at approximately $2,070,377.79. The disclosure for this sale can be found here. Insiders own 0.50% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Texas Permanent School Fund boosted its stake in Microsemi Corp. by 13.1% in the first quarter. Texas Permanent School Fund now owns 89,613 shares of the company’s stock worth $3,433,000 after buying an additional 10,345 shares during the period. Aperio Group LLC raised its position in shares of Microsemi Corp. by 7.6% in the first quarter. Aperio Group LLC now owns 23,452 shares of the company’s stock worth $898,000 after buying an additional 1,655 shares in the last quarter. Nisa Investment Advisors L.L.C. raised its position in shares of Microsemi Corp. by 0.5% in the first quarter. Nisa Investment Advisors L.L.C. now owns 31,461 shares of the company’s stock worth $1,205,000 after buying an additional 161 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its position in shares of Microsemi Corp. by 1.3% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 21,917 shares of the company’s stock worth $840,000 after buying an additional 275 shares in the last quarter. Finally, Ngam Advisors L.P. raised its position in shares of Microsemi Corp. by 2.3% in the first quarter. Ngam Advisors L.P. now owns 128,696 shares of the company’s stock worth $4,930,000 after buying an additional 2,940 shares in the last quarter. Institutional investors own 90.57% of the company’s stock.
About Microsemi Corp.
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.
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