Microchip Technology Inc. (MCHP) Sees Unusually-High Trading Volume
Microchip Technology Inc. (NASDAQ:MCHP) saw unusually-strong trading volume on Friday . Approximately 8,141,821 shares changed hands during mid-day trading, an increase of 230% from the previous session’s volume of 2,470,662 shares.The stock last traded at $53.77 and had previously closed at $53.61.
Several research analysts have recently commented on MCHP shares. Citigroup Inc. reiterated a “buy” rating on shares of Microchip Technology in a report on Tuesday, April 19th. Zacks Investment Research downgraded Microchip Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 7th. Goldman Sachs Group Inc. reiterated 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 reissued a “buy” rating and issued a $52.00 target price on shares of Microchip Technology in a research note on Monday, April 18th. Finally, Credit Agricole SA began coverage on Microchip Technology in a research note on Monday, May 16th. They issued a “buy” rating and a $58.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Microchip Technology currently has an average rating of “Buy” and an average target price of $53.35.
The company has a market cap of $11.55 billion and a PE ratio of 36.09. The company has a 50 day moving average price of $51.61 and a 200 day moving average price of $47.56.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Wednesday, May 4th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.02. The business had revenue of $568.44 million for the quarter, compared to the consensus estimate of $564.86 million. Microchip Technology’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.68 earnings per share. Equities analysts predict that Microchip Technology Inc. will post $3.16 earnings per share for the current year.
In other news, CEO Steve Sanghi sold 76,647 shares of the stock in a transaction that occurred on Friday, May 20th. The shares were sold at an average price of $48.75, for a total transaction of $3,736,541.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 3,916 shares of the 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 transaction, the vice president now owns 13,622 shares in the company, valued at $663,527.62. The disclosure for this sale can be found here.
Several institutional investors have added to or reduced their stakes in MCHP. Roosevelt Investment Group Inc. increased its position in Microchip Technology by 9.6% in the fourth quarter. Roosevelt Investment Group Inc. now owns 467,576 shares of the company’s stock worth $21,761,000 after buying an additional 40,895 shares in the last quarter. Stephens Inc. AR increased its position in Microchip Technology by 1.5% in the fourth quarter. Stephens Inc. AR now owns 56,000 shares of the company’s stock worth $2,606,000 after buying an additional 851 shares in the last quarter. Coho Partners Ltd. increased 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 worth $96,540,000 after buying an additional 34,004 shares in the last quarter. J. Goldman & Co LP acquired a new position in Microchip Technology during the fourth quarter worth about $2,215,000. Finally, Victory Capital Management Inc. increased 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 worth $88,838,000 after buying an additional 10,549 shares in 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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