Sensata's (ST) strong record as a supplier of sensors and controls to multiple markets (but primarily auto OEMs) didn't really protect the shares when growth started to slow in 2015 and 2016, and investors began to worry that newer entrants like Amphenol (APH) and TE Connectivity (TEL) were pushing the company aside. While the 2015-2017 period was not a great one for the company, it looks like the prophets of doom went a little overboard, as Sensata's growth has been recovering and with it the share price as well.

I liked Sensata shares back in May of 2017 when they traded below $40, but it's harder for me to argue that there's substantial undervaluation now. What's more, light vehicle production isn't looking so strong outside of China, and we're in the later part of the semiconductor cycle. I like the prospects for Sensata to continue growing content and diversifying beyond autos, but I don't see the shares as particularly undervalued anymore.

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Sensata Back To A More Reasonable Level

Seeking Alpha: Microsemi Puts Cash To Work In M&A And Buybacks

Back on July 25, I predicted that Microsemi (NASDAQ:MSCC) would likely stay active in the M&A arena and less than two months later the company has delivered - announcing the acquisition of Centellax. Microsemi also took the opportunity to introduce a new share buyback program and to confirm its fourth quarter growth guidance. Although none of these announcements meaningfully change the near-term picture for Microsemi, they're the sort of incremental positive moves that I've come to expect from this company and the Centellax deal could follow in the footsteps of past deals like Actel that add meaningful value down the road.

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Microsemi Puts Cash To Work In M&A And Buybacks