Microchip Technology (NASDAQ:MCHP) was downgraded by BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Tuesday.
MCHP has been the subject of a number of other research reports. Goldman Sachs Group upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and increased their price objective for the company from $95.57 to $108.00 in a research note on Thursday, March 8th. SunTrust Banks increased their price objective on shares of Microchip Technology from $115.00 to $117.00 and gave the company a “buy” rating in a research note on Wednesday, May 30th. Mizuho upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and increased their price objective for the company from $92.00 to $110.00 in a research note on Monday, March 5th. KeyCorp upgraded shares of Microchip Technology from a “sector weight” rating to an “overweight” rating in a research note on Friday, March 2nd. Finally, Zacks Investment Research cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, May 9th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $112.85.
Shares of Microchip Technology opened at $90.30 on Tuesday, MarketBeat.com reports. The company has a quick ratio of 1.43, a current ratio of 1.66 and a debt-to-equity ratio of 0.54. Microchip Technology has a fifty-two week low of $75.80 and a fifty-two week high of $104.20. The firm has a market capitalization of $21.89 billion, a price-to-earnings ratio of 17.74, a P/E/G ratio of 1.08 and a beta of 1.13.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, May 8th. The semiconductor company reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.13. Microchip Technology had a net margin of 6.41% and a return on equity of 38.62%. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $984.80 million. During the same period in the prior year, the firm earned $1.16 EPS. The business’s revenue was up 11.0% on a year-over-year basis. equities research analysts expect that Microchip Technology will post 6.18 earnings per share for the current fiscal year.
In related news, CFO James Eric Bjornholt sold 2,308 shares of the stock in a transaction dated Tuesday, May 22nd. The shares were sold at an average price of $93.55, for a total transaction of $215,913.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Stephen V. Drehobl sold 4,696 shares of the stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total transaction of $439,310.80. Following the sale, the vice president now owns 19,711 shares of the company’s stock, valued at approximately $1,843,964.05. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.
Several institutional investors have recently made changes to their positions in MCHP. Signaturefd LLC acquired a new stake in shares of Microchip Technology during the 1st quarter worth about $131,000. Summit Trail Advisors LLC increased its position in shares of Microchip Technology by 9,097.1% during the 1st quarter. Summit Trail Advisors LLC now owns 138,325 shares of the semiconductor company’s stock worth $138,000 after purchasing an additional 136,821 shares in the last quarter. Hyman Charles D acquired a new stake in shares of Microchip Technology during the 1st quarter worth about $201,000. Parametrica Management Ltd acquired a new stake in Microchip Technology in the 1st quarter valued at about $226,000. Finally, Laurel Wealth Advisors Inc. acquired a new stake in Microchip Technology in the 4th quarter valued at about $228,000.
About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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