Microsemi Corporation (MSCC) Announces Quarterly Earnings Results
Microsemi Corporation (NASDAQ:MSCC) posted its earnings results on Thursday. The semiconductor company reported $1.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.01, Bloomberg Earnings reports. The business had revenue of $475.30 million for the quarter, compared to analysts’ expectations of $474.97 million. Microsemi Corporation had a net margin of 9.73% and a return on equity of 21.31%. The business’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 EPS. Microsemi Corporation updated its Q1 guidance to $0.95-1.07 EPS.
Microsemi Corporation (NASDAQ MSCC) opened at $52.62 on Friday. Microsemi Corporation has a one year low of $46.08 and a one year high of $57.97. The firm has a market cap of $6,112.75, a P/E ratio of 15.87, a PEG ratio of 1.17 and a beta of 1.16. The company has a quick ratio of 1.53, a current ratio of 2.26 and a debt-to-equity ratio of 1.03.
Microsemi Corporation declared that its Board of Directors has authorized a stock buyback 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 buy up to 43% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.
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In other Microsemi Corporation news, VP Frederick C. Goerner sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $55.00, for a total transaction of $165,000.00. Following the sale, the vice president now owns 57,602 shares in the company, valued at approximately $3,168,110. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Paul H. Pickle sold 69,482 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $53.71, for a total transaction of $3,731,878.22. Following the sale, the chief operating officer now owns 88,512 shares in the company, valued at approximately $4,753,979.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 231,467 shares of company stock worth $12,340,556. 0.57% of the stock is owned by company insiders.
Several equities analysts have issued reports on MSCC shares. Zacks Investment Research upgraded shares of Microsemi Corporation from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Tuesday, September 26th. BidaskClub cut shares of Microsemi Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd. Susquehanna Bancshares Inc set a $70.00 target price on shares of Microsemi Corporation and gave the company a “buy” rating in a research note on Friday, July 28th. BMO Capital Markets restated a “buy” rating and set a $62.00 target price on shares of Microsemi Corporation in a research note on Thursday, July 20th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Microsemi Corporation in a research note on Thursday, July 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $58.60.
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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