Microsemi Corporation (NASDAQ:MSCC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

According to Zacks, “Microsemi Corporation is an OEM of a broad range of high-reliability and analog/mixed signal integrated circuits. Third-quarter fiscal 2017 non-GAAP earnings beat the Zacks Consensus Estimate while revenues were in line with the same. 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. Over the last one year, the stock has underperformed the industry it belongs to.”

MSCC has been the subject of a number of other reports. Goldman Sachs Group, Inc. (The) raised Microsemi Corporation from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $54.00 to $53.00 in a research note on Wednesday, July 5th. KeyCorp assumed coverage on Microsemi Corporation in a research note on Monday, July 24th. They set an “overweight” rating and a $61.00 price target for the company. BidaskClub raised Microsemi Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, July 8th. Wells Fargo & Company reissued an “outperform” rating on shares of Microsemi Corporation in a research note on Monday, July 31st. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $60.00 price target (up from $58.00) on shares of Microsemi Corporation in a research note on Sunday, July 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the stock. Microsemi Corporation has a consensus rating of “Buy” and a consensus price target of $58.00.

Shares of Microsemi Corporation (NASDAQ MSCC) traded down 2.73% during mid-day trading on Tuesday, reaching $49.20. The company’s stock had a trading volume of 278,377 shares. Microsemi Corporation has a 52-week low of $37.11 and a 52-week high of $57.97. The company has a market cap of $5.69 billion, a PE ratio of 49.80 and a beta of 1.17. The company has a 50-day moving average price of $50.92 and a 200 day moving average price of $50.27.

Microsemi Corporation (NASDAQ:MSCC) last posted its quarterly earnings data on Thursday, July 27th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.18. The business had revenue of $458.10 million during the quarter, compared to analyst estimates of $457.87 million. Microsemi Corporation had a return on equity of 19.91% and a net margin of 6.90%. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period last year, the company earned $0.73 EPS. Equities analysts expect that Microsemi Corporation will post $3.84 earnings per share for the current year.

Microsemi Corporation declared that its board has approved a stock repurchase program on Thursday, July 27th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the semiconductor company to purchase up to 43% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

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In other Microsemi Corporation news, VP Frederick C. Goerner sold 1,500 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $51.61, for a total transaction of $77,415.00. Following the transaction, the vice president now directly owns 61,936 shares in the company, valued at approximately $3,196,516.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas Robert Anderson sold 2,000 shares of the firm’s stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $50.56, for a total value of $101,120.00. Following the transaction, the director now owns 16,113 shares in the company, valued at $814,673.28. The disclosure for this sale can be found here. Insiders have sold a total of 13,650 shares of company stock worth $701,196 over the last 90 days. 0.57% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in Microsemi Corporation by 24,626.0% during the 1st quarter. BlackRock Inc. now owns 12,207,460 shares of the semiconductor company’s stock worth $629,050,000 after purchasing an additional 12,158,089 shares during the period. Vanguard Group Inc. increased its holdings in Microsemi Corporation by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 9,717,771 shares of the semiconductor company’s stock worth $500,758,000 after purchasing an additional 542,772 shares during the period. State Street Corp increased its holdings in Microsemi Corporation by 3.4% during the 1st quarter. State Street Corp now owns 3,816,410 shares of the semiconductor company’s stock worth $196,656,000 after purchasing an additional 127,094 shares during the period. FMR LLC increased its holdings in Microsemi Corporation by 9.1% during the 2nd quarter. FMR LLC now owns 1,978,400 shares of the semiconductor company’s stock worth $92,589,000 after purchasing an additional 165,000 shares during the period. Finally, Federated Investors Inc. PA increased its holdings in Microsemi Corporation by 4.0% during the 2nd quarter. Federated Investors Inc. PA now owns 1,849,658 shares of the semiconductor company’s stock worth $86,563,000 after purchasing an additional 71,131 shares during the period. Institutional investors own 98.58% of the company’s stock.

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.

Analyst Recommendations for Microsemi Corporation (NASDAQ:MSCC)

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