Investors Sell Microchip Technology Incorporated (MCHP) on Strength (MCHP)
Traders sold shares of Microchip Technology Incorporated (NASDAQ:MCHP) on strength during trading on Monday. $29.68 million flowed into the stock on the tick-up and $46.38 million flowed out of the stock on the tick-down, for a money net flow of $16.70 million out of the stock. Of all companies tracked, Microchip Technology had the 23rd highest net out-flow for the day. Microchip Technology traded up $0.49 for the day and closed at $95.21
A number of brokerages have recently weighed in on MCHP. Zacks Investment Research downgraded Microchip Technology from a “buy” rating to a “hold” rating in a report on Monday, October 23rd. Jefferies Group LLC reiterated a “buy” rating and issued a $106.00 price target on shares of Microchip Technology in a report on Thursday, October 19th. SunTrust Banks, Inc. reiterated a “hold” rating and issued a $90.00 price target on shares of Microchip Technology in a report on Thursday, October 12th. Argus began coverage on Microchip Technology in a report on Friday, October 6th. They issued a “buy” rating and a $106.00 price target for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $120.00 price target on shares of Microchip Technology in a report on Tuesday, September 19th. Seven investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Microchip Technology currently has a consensus rating of “Buy” and a consensus price target of $91.59.
The company has a 50-day moving average price of $90.93 and a 200 day moving average price of $83.45. The company has a market capitalization of $22.16 billion, a PE ratio of 51.30 and a beta of 1.07.
Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.17. The business had revenue of $972.10 million during the quarter, compared to the consensus estimate of $944.87 million. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. Microchip Technology’s revenue was up 21.6% on a year-over-year basis. During the same quarter last year, the company earned $0.84 EPS. Analysts anticipate that Microchip Technology Incorporated will post $5.28 earnings per share for the current year.
In related news, Director Wade F. Meyercord sold 1,300 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $83.95, for a total transaction of $109,135.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,453 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $200,876.17. The disclosure for this sale can be found here. Insiders have sold a total of 6,829 shares of company stock valued at $561,905 in the last 90 days. 2.13% of the stock is owned by corporate insiders.
Institutional investors have recently bought and sold shares of the stock. Grove Bank & Trust lifted its position in shares of Microchip Technology by 15.8% during the 2nd quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock worth $107,000 after buying an additional 190 shares during the period. Trust Co. of Vermont lifted its position in shares of Microchip Technology by 9.2% during the 2nd quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock worth $125,000 after buying an additional 136 shares during the period. Smithfield Trust Co. lifted its position in shares of Microchip Technology by 0.4% during the 2nd quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock worth $126,000 after buying an additional 7 shares during the period. Commonwealth Bank of Australia lifted its position in shares of Microchip Technology by 1.4% during the 2nd quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock worth $163,000 after buying an additional 29 shares during the period. Finally, Harbour Capital Advisors LLC bought a new position in shares of Microchip Technology during the 1st quarter worth approximately $173,000.
About Microchip Technology
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.
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