Needham & Company LLC restated their buy rating on shares of Microsemi Corporation (NASDAQ:MSCC) in a research report released on Friday. The brokerage currently has a $61.00 price objective on the semiconductor company’s stock.
“MSCC reported in-line F4Q17 results and in-line F1Q18 guidance. More importantly, the company exceeded its $400MM FCF target post PMC acquisition close, generating $420MM in FCF in FY17. The company also beat its gross leverage target of 3.0x by the end of FY17, with gross leverage coming in at 2.9x. Further, MSCC achieved record profitability in F4Q17, with NG GM and NG OM both hitting new highs. We feel strongly the company remains on track to hit its 35% NG OM target. Lastly, management expressed confidence in its long-term 6-8% Y/Y organic growth target, driven by several product cycles. Given management’s solid execution on margins, cash flow generation and deleveraging, combined with demonstrable organic revenue growth, we reiterate our Buy rating and $61 price target.”,” the firm’s analyst wrote.
MSCC has been the topic of a number of other research reports. Zacks Investment Research cut Microsemi Corporation from a buy rating to a hold rating in a report on Monday, August 28th. BidaskClub cut Microsemi Corporation from a hold rating to a sell rating in a report on Tuesday, August 22nd. Royal Bank Of Canada reissued an outperform rating and set a $60.00 price objective (up previously from $58.00) on shares of Microsemi Corporation in a report on Sunday, July 30th. Finally, KeyCorp reissued a buy rating and set a $62.00 price objective on shares of Microsemi Corporation in a report on Friday, October 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $61.11.
Shares of Microsemi Corporation (NASDAQ:MSCC) traded down $0.22 on Friday, reaching $52.62. The company had a trading volume of 1,538,800 shares, compared to its average volume of 993,793. The stock has a market cap of $6,040.00, a PE ratio of 15.80, a price-to-earnings-growth ratio of 1.16 and a beta of 1.16. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.92 and a quick ratio of 1.29. Microsemi Corporation has a twelve month low of $46.08 and a twelve month high of $57.97.
Microsemi Corporation (NASDAQ:MSCC) last issued its quarterly earnings data on Thursday, November 9th. The semiconductor company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.01. The business had revenue of $475.30 million for the quarter, compared to analysts’ expectations of $474.97 million. Microsemi Corporation had a return on equity of 20.82% and a net margin of 9.73%. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.91 EPS. research analysts predict that Microsemi Corporation will post 3.62 earnings per share for the current year.
Microsemi Corporation declared that its Board of Directors has authorized a share repurchase program on Thursday, July 27th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to purchase up to 43% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
In other news, VP Frederick C. Goerner sold 1,500 shares of the stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $50.12, for a total transaction of $75,180.00. Following the transaction, the vice president now directly owns 60,436 shares in the company, valued at approximately $3,029,052.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Frederick C. Goerner sold 5,000 shares of the stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $52.33, for a total value of $261,650.00. The disclosure for this sale can be found here. Insiders sold a total of 231,467 shares of company stock worth $12,340,556 over the last 90 days. Corporate insiders own 0.57% of the company’s stock.
Several institutional investors have recently made changes to their positions in MSCC. Oppenheimer Asset Management Inc. bought a new position in shares of Microsemi Corporation during the 1st quarter valued at about $113,000. AQR Capital Management LLC increased its position in shares of Microsemi Corporation by 42.7% during the 1st quarter. AQR Capital Management LLC now owns 86,352 shares of the semiconductor company’s stock valued at $4,450,000 after purchasing an additional 25,860 shares during the last quarter. Capstone Asset Management Co. increased its position in shares of Microsemi Corporation by 11.2% during the 2nd quarter. Capstone Asset Management Co. now owns 11,514 shares of the semiconductor company’s stock valued at $539,000 after purchasing an additional 1,160 shares during the last quarter. Bank of Montreal Can increased its position in shares of Microsemi Corporation by 0.8% during the 2nd quarter. Bank of Montreal Can now owns 225,717 shares of the semiconductor company’s stock valued at $10,563,000 after purchasing an additional 1,843 shares during the last quarter. Finally, Somerset Trust Co increased its position in shares of Microsemi Corporation by 0.4% during the 2nd quarter. Somerset Trust Co now owns 11,343 shares of the semiconductor company’s stock valued at $531,000 after purchasing an additional 47 shares during the last quarter. Hedge funds and other institutional investors own 99.84% 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.
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