Microchip Technology Inc. (MCHP) Stock Price Up 1.8%
Microchip Technology Inc. (NASDAQ:MCHP)’s share price rose 1.8% during trading on Thursday . The company traded as high as $52.03 and last traded at $50.39, with a volume of 1,105,239 shares traded. The stock had previously closed at $49.49.
MCHP has been the subject of a number of recent research reports. Zacks Investment Research cut Microchip Technology from a “buy” rating to a “hold” rating in a report on Tuesday, March 22nd. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $52.00 target price on shares of Microchip Technology in a report on Wednesday, April 6th. Jefferies Group reaffirmed a “buy” rating and issued a $56.00 target price (up previously from $53.00) on shares of Microchip Technology in a report on Saturday, May 7th. Goldman Sachs Group Inc. reaffirmed a “sell” rating and issued a $43.00 target price (up previously from $38.00) on shares of Microchip Technology in a report on Tuesday, April 5th. Finally, Credit Agricole SA initiated coverage on Microchip Technology in a report on Monday, May 16th. They issued a “buy” rating and a $58.00 target price for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $53.35.
The stock has a 50-day moving average of $50.97 and a 200 day moving average of $47.31. The stock has a market cap of $10.83 billion and a price-to-earnings ratio of 33.83.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Wednesday, May 4th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.02. During the same period last year, the firm earned $0.68 EPS. The firm had revenue of $568.44 million for the quarter, compared to the consensus estimate of $564.86 million. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities research analysts expect that Microchip Technology Inc. will post $3.16 EPS for the current year.
In other Microchip Technology news, COO Ganesh Moorthy sold 10,000 shares of Microchip Technology stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $51.69, for a total transaction of $516,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Sanghi sold 76,647 shares of Microchip Technology stock in a transaction dated Friday, May 20th. The stock was sold at an average price of $48.75, for a total value of $3,736,541.25. The disclosure for this sale can be found here.
Other hedge funds and institutional investors recently added to or reduced their stakes in the company. Boltwood Capital Management increased its position in Microchip Technology by 2.4% in the fourth quarter. Boltwood Capital Management now owns 22,080 shares of the company’s stock valued at $1,023,000 after buying an additional 525 shares in the last quarter. Korea Investment CORP bought a new position in Microchip Technology during the fourth quarter valued at approximately $1,317,000. Mitsubishi UFJ Kokusai Asset Management CO. LTD. increased its position in Microchip Technology by 4.7% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 28,676 shares of the company’s stock valued at $1,335,000 after buying an additional 1,297 shares in the last quarter. Cadence Capital Management LLC increased its position in Microchip Technology by 0.4% in the fourth quarter. Cadence Capital Management LLC now owns 28,760 shares of the company’s stock valued at $1,338,000 after buying an additional 104 shares in the last quarter. Finally, Quantitative Investment Management LLC bought a new position in Microchip Technology during the fourth quarter valued at approximately $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).