Microchip Technology Inc. (MCHP) Hits New 52-Week High at $54.67
Microchip Technology Inc. (NASDAQ:MCHP) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $54.67 and last traded at $53.95, with a volume of 699,025 shares trading hands. The stock had previously closed at $53.77.
A number of research firms have recently issued reports on MCHP. Jefferies Group reiterated a “buy” rating and issued a $56.00 target price (up previously from $53.00) on shares of Microchip Technology in a research note on Saturday, May 7th. Credit Suisse Group AG reiterated a “buy” rating and issued a $52.00 target price on shares of Microchip Technology in a research note on Monday, April 18th. Zacks Investment Research lowered Microchip Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 7th. Goldman Sachs Group Inc. reiterated a “sell” rating and issued a $43.00 target price (up previously from $38.00) on shares of Microchip Technology in a research note on Tuesday, April 5th. Finally, Credit Agricole SA began coverage on Microchip Technology in a report on Monday, May 16th. They issued a “buy” rating and a $58.00 price target for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Microchip Technology has a consensus rating of “Buy” and an average price target of $53.35.
The stock has a 50 day moving average of $51.61 and a 200 day moving average of $47.56. The company has a market cap of $11.59 billion and a price-to-earnings ratio of 36.2038.
Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Wednesday, May 4th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.02. The firm earned $568.44 million during the quarter, compared to analyst estimates of $564.86 million. During the same quarter last year, the business posted $0.68 earnings per share. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. On average, analysts forecast that Microchip Technology Inc. will post $3.16 earnings per share for the current year.
In other Microchip Technology news, COO Ganesh Moorthy sold 10,000 shares of the stock in a transaction dated 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 legal filing with the SEC, which is available through this link. Also, CEO Steve Sanghi sold 76,647 shares of the stock in a transaction dated Friday, May 20th. The shares were sold at an average price of $48.75, for a total transaction of $3,736,541.25. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors recently added to or reduced their stakes in the stock. Roosevelt Investment Group Inc. boosted 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 valued at $21,761,000 after buying an additional 40,895 shares in the last quarter. Winton Capital Group Ltd boosted 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 in the last quarter. Victory Capital Management Inc. boosted 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 in the last quarter. Tributary Capital Management LLC boosted its position in Microchip Technology by 47.4% in the fourth quarter. Tributary Capital Management LLC now owns 43,200 shares of the company’s stock valued at $2,011,000 after buying an additional 13,900 shares in the last quarter. Finally, Quantitative Investment Management LLC bought a new position in Microchip Technology during the fourth quarter valued at $1,484,000.
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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