Zacks: Brokerages Expect Microsemi Corporation (MSCC) Will Post Quarterly Sales of $474.87 Million
Wall Street brokerages expect that Microsemi Corporation (NASDAQ:MSCC) will post sales of $474.87 million for the current quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Microsemi Corporation’s earnings. The highest sales estimate is $475.10 million and the lowest is $474.00 million. Microsemi Corporation reported sales of $450.10 million in the same quarter last year, which indicates a positive year-over-year growth rate of 5.5%. The firm is scheduled to issue its next earnings results on Thursday, November 9th.
On average, analysts expect that Microsemi Corporation will report full year sales of $474.87 million for the current financial year. For the next fiscal year, analysts expect that the business will post sales of $1.90 billion per share, with estimates ranging from $1.89 billion to $1.94 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Microsemi Corporation.
Microsemi Corporation (NASDAQ:MSCC) last announced its quarterly earnings data on Thursday, July 27th. The semiconductor company reported $0.99 EPS for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.18. The company had revenue of $458.10 million during the quarter, compared to the consensus estimate of $457.87 million. Microsemi Corporation had a net margin of 6.90% and a return on equity of 19.91%. Microsemi Corporation’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.73 EPS.
A number of equities research analysts recently weighed in on MSCC shares. Needham & Company LLC cut their price objective on shares of Microsemi Corporation from $63.00 to $61.00 and set a “buy” rating on the stock in a research note on Friday, April 28th. TheStreet upgraded shares of Microsemi Corporation from a “c+” rating to a “b+” rating in a research note on Thursday, April 27th. Royal Bank Of Canada restated a “top pick” rating and set a $64.00 price objective on shares of Microsemi Corporation in a research note on Monday, May 22nd. Raymond James Financial, Inc. started coverage on shares of Microsemi Corporation in a research note on Friday, June 16th. They set a “market perform” rating on the stock. Finally, BidaskClub cut shares of Microsemi Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, June 17th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Microsemi Corporation has an average rating of “Buy” and an average price target of $58.42.
In related news, VP Frederick C. Goerner sold 1,500 shares of Microsemi Corporation stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $51.61, for a total value of $77,415.00. Following the transaction, the vice president now owns 61,936 shares of the company’s stock, valued at approximately $3,196,516.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman James J. Peterson sold 8,800 shares of Microsemi Corporation stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $50.11, for a total value of $440,968.00. Following the completion of the transaction, the chairman now directly owns 183,311 shares in the company, valued at approximately $9,185,714.21. The disclosure for this sale can be found here. Insiders sold a total of 35,908 shares of company stock worth $1,806,405 in the last three months. 0.57% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Microsemi Corporation by 24,626.0% in the first quarter. BlackRock Inc. now owns 12,207,460 shares of the semiconductor company’s stock valued at $629,050,000 after buying an additional 12,158,089 shares during the period. Wells Fargo & Company MN boosted its position in Microsemi Corporation by 46.8% in the first quarter. Wells Fargo & Company MN now owns 2,648,870 shares of the semiconductor company’s stock valued at $136,496,000 after buying an additional 844,586 shares during the period. Westfield Capital Management Co. LP boosted its position in Microsemi Corporation by 85.8% in the second quarter. Westfield Capital Management Co. LP now owns 1,706,865 shares of the semiconductor company’s stock valued at $79,881,000 after buying an additional 788,129 shares during the period. Vanguard Group Inc. boosted its position in Microsemi Corporation by 5.9% in the first quarter. Vanguard Group Inc. now owns 9,717,771 shares of the semiconductor company’s stock valued at $500,758,000 after buying an additional 542,772 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its position in Microsemi Corporation by 1,319.0% in the first quarter. UBS Asset Management Americas Inc. now owns 561,159 shares of the semiconductor company’s stock valued at $28,917,000 after buying an additional 521,612 shares during the period. 99.82% of the stock is currently owned by institutional investors.
Microsemi Corporation (MSCC) opened at 49.26 on Friday. The stock’s 50 day moving average is $50.43 and its 200-day moving average is $50.80. Microsemi Corporation has a 1-year low of $37.11 and a 1-year high of $57.97. The firm has a market capitalization of $5.70 billion, a PE ratio of 49.86 and a beta of 1.16.
Microsemi Corporation announced that its Board of Directors has approved a stock 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 repurchase up to 43% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
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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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