ValuEngine Lowers Microchip Technology Incorporated (MCHP) to Hold
Microchip Technology Incorporated (NASDAQ:MCHP) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
Several other equities analysts have also commented on MCHP. B. Riley reissued a “buy” rating and set a $120.00 price objective on shares of Microchip Technology in a research report on Wednesday, August 9th. J P Morgan Chase & Co reissued an “overweight” rating and set a $120.00 price objective on shares of Microchip Technology in a research report on Tuesday, November 7th. Mizuho reissued a “neutral” rating and set a $84.00 price objective (up previously from $80.00) on shares of Microchip Technology in a research report on Wednesday, August 9th. BidaskClub raised Microchip Technology from a “hold” rating to a “buy” rating in a research report on Wednesday, August 9th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $94.00 price objective (up previously from $92.00) on shares of Microchip Technology in a research report on Friday, August 4th. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $99.41.
Shares of Microchip Technology (NASDAQ MCHP) traded down $0.01 during mid-day trading on Wednesday, reaching $91.01. The company had a trading volume of 1,509,200 shares, compared to its average volume of 2,552,748. Microchip Technology has a 12 month low of $60.77 and a 12 month high of $95.92. The stock has a market capitalization of $20,960.00, a price-to-earnings ratio of 19.28, a price-to-earnings-growth ratio of 1.46 and a beta of 1.05. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.33 and a quick ratio of 2.71.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Monday, November 6th. The semiconductor company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.14. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Microchip Technology had a return on equity of 35.48% and a net margin of 16.23%. The firm’s revenue was up 16.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 earnings per share. research analysts predict that Microchip Technology will post 5.12 EPS for the current year.
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In related news, VP Stephen V. Drehobl sold 3,076 shares of Microchip Technology stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $251,893.64. Following the completion of the sale, the vice president now directly owns 14,263 shares in the company, valued at approximately $1,167,997.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO James Eric Bjornholt sold 2,453 shares of Microchip Technology stock in a transaction dated 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. 2.13% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Zions Bancorporation increased its holdings in Microchip Technology by 215.5% in the 3rd quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock worth $110,000 after buying an additional 836 shares in the last quarter. Amica Retiree Medical Trust bought a new stake in Microchip Technology in the 3rd quarter worth about $121,000. Grove Bank & Trust increased its holdings in Microchip Technology by 15.8% in 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 in the last quarter. Valeo Financial Advisors LLC bought a new stake in Microchip Technology in the 3rd quarter worth about $146,000. Finally, Smithfield Trust Co. increased its holdings in Microchip Technology by 0.4% in 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 in the last quarter.
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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