Microchip Technology Incorporated (NASDAQ:MCHP) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, August 9th.
A number of other research firms also recently issued reports on MCHP. Mizuho reissued a “neutral” rating and issued a $80.00 price target (up from $75.00) on shares of Microchip Technology in a research note on Wednesday, June 7th. Credit Suisse Group reissued an “outperform” rating and issued a $90.00 price target on shares of Microchip Technology in a research note on Wednesday, June 7th. Rosenblatt Securities reissued a “buy” rating and issued a $102.00 price target (up from $100.00) on shares of Microchip Technology in a research note on Tuesday, June 6th. Stifel Nicolaus increased their price target on shares of Microchip Technology from $88.00 to $89.00 and gave the stock a “buy” rating in a research note on Tuesday, June 6th. Finally, B. Riley restated a “buy” rating and issued a $115.00 price objective on shares of Microchip Technology in a report on Tuesday, June 6th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Microchip Technology currently has an average rating of “Buy” and an average target price of $88.80.
Shares of Microchip Technology (MCHP) traded down 0.09% during mid-day trading on Wednesday, reaching $81.58. The company’s stock had a trading volume of 1,349,171 shares. The firm has a market cap of $18.99 billion, a price-to-earnings ratio of 43.95 and a beta of 1.06. The company’s 50-day moving average is $81.03 and its 200 day moving average is $77.35. Microchip Technology has a 12 month low of $57.52 and a 12 month high of $87.49.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The company had revenue of $972.10 million during the quarter, compared to the consensus estimate of $944.87 million. During the same period in the prior year, the firm earned $0.84 earnings per share. Microchip Technology’s revenue was up 21.6% on a year-over-year basis. On average, equities analysts anticipate that Microchip Technology will post $5.27 EPS for the current year.
ILLEGAL ACTIVITY WARNING: This article was first published by Community Financial News and is the sole property of of Community Financial News. If you are viewing this article on another domain, it was stolen and reposted in violation of United States & international copyright and trademark law. The original version of this article can be read at https://www.com-unik.info/2017/08/19/microchip-technology-incorporated-mchp-upgraded-at-bidaskclub-updated.html.
In other news, Director Wade F. Meyercord sold 1,300 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total transaction of $109,135.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Stephen V. Drehobl sold 3,974 shares of the stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $319,072.46. Following the sale, the vice president now owns 14,263 shares in the company, valued at approximately $1,145,176.27. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,784 shares of company stock worth $629,735. Corporate insiders own 2.13% of the company’s stock.
A number of large investors have recently modified their holdings of MCHP. Grove Bank & Trust boosted its stake in shares of Microchip Technology by 15.8% in the second quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after buying an additional 190 shares in the last quarter. Duncker Streett & Co. Inc. boosted its stake in shares of Microchip Technology by 42.2% in the first quarter. Duncker Streett & Co. Inc. now owns 1,696 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 503 shares in the last quarter. Trust Co. of Vermont boosted its stake in shares of Microchip Technology by 9.2% in the second quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 136 shares in the last quarter. Smithfield Trust Co. boosted its stake in shares of Microchip Technology by 0.4% in the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after buying an additional 7 shares in the last quarter. Finally, Advisory Services Network LLC bought a new stake in shares of Microchip Technology during the first quarter valued at about $135,000. Institutional investors own 98.67% of the company’s stock.
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.
What are top analysts saying about Microchip Technology Incorporated? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Microchip Technology Incorporated and related companies.