Microchip Technology Inc. (MCHP) Stock Price Up 1.8%
Microchip Technology Inc. (NASDAQ:MCHP) rose 1.8% on Thursday . The company traded as high as $52.03 and last traded at $50.39, with a volume of 1,105,239 shares trading hands. The stock had previously closed at $49.49.
MCHP has been the subject of a number of recent analyst reports. Citigroup Inc. reiterated a “buy” rating on shares of Microchip Technology in a research report on Tuesday, April 19th. Zacks Investment Research cut shares of Microchip Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 7th. Goldman Sachs Group Inc. restated a “sell” rating and issued a $43.00 price objective (up previously from $38.00) on shares of Microchip Technology in a report on Tuesday, April 5th. Credit Suisse Group AG restated a “buy” rating and issued a $52.00 price objective on shares of Microchip Technology in a report on Monday, April 18th. Finally, Credit Agricole SA initiated coverage on shares of Microchip Technology in a report on Monday, May 16th. They issued a “buy” rating and a $58.00 price objective for the company. One analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $53.35.
The company’s 50 day moving average is $51.09 and its 200-day moving average is $47.35. The firm has a market capitalization of $11.14 billion and a PE ratio of 34.81.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Wednesday, May 4th. The company reported $0.70 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.02. The business earned $568.44 million during the quarter, compared to analysts’ expectations of $564.86 million. During the same quarter in the previous year, the business posted $0.68 EPS. The company’s quarterly revenue was up 3.9% on a year-over-year basis. Analysts forecast that Microchip Technology Inc. will post $3.16 earnings per share for the current year.
In related news, COO Ganesh Moorthy sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 1st. The shares were sold at an average price of $51.69, for a total value of $516,900.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Stephen V. Drehobl sold 3,916 shares of the firm’s stock in a transaction that occurred on Monday, May 23rd. The shares were sold at an average price of $48.71, for a total transaction of $190,748.36. Following the completion of the transaction, the vice president now owns 13,622 shares in the company, valued at approximately $663,527.62. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have bought and sold shares of the stock. Principal Financial Group Inc. raised its position in Microchip Technology by 0.5% in the fourth quarter. Principal Financial Group Inc. now owns 4,337,627 shares of the company’s stock valued at $201,873,000 after buying an additional 23,274 shares during the last quarter. Coho Partners Ltd. raised its position in Microchip Technology by 1.7% in the fourth quarter. Coho Partners Ltd. now owns 2,074,335 shares of the company’s stock valued at $96,540,000 after buying an additional 34,004 shares during the last quarter. Victory Capital Management Inc. raised its position in Microchip Technology by 0.6% in the fourth quarter. Victory Capital Management Inc. now owns 1,908,847 shares of the company’s stock valued at $88,838,000 after buying an additional 10,549 shares during the last quarter. Winton Capital Group Ltd raised its position in Microchip Technology by 118.2% in the fourth quarter. Winton Capital Group Ltd now owns 890,076 shares of the company’s stock valued at $41,424,000 after buying an additional 482,210 shares during the last quarter. Finally, Bank of Montreal Can raised its position in Microchip Technology by 21.3% in the fourth quarter. Bank of Montreal Can now owns 495,263 shares of the company’s stock valued at $23,050,000 after buying an additional 87,033 shares during the last quarter.
Microchip Technology Incorporated develops, manufactures and sells specialized semiconductor products for a range of embedded control applications. The Company operates in segments, including semiconductor products and technology licensing. The Company’s product portfolio consists of general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; linear, mixed-signal, power management; thermal management; Radio-frequency (RF), safety, security, wired connectivity and wireless connectivity devices, as well as serial EEPROMs, Serial Flash memories, Parallel Flash memories and serial Static Random Access Memory (SRAM).
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