Microchip Technology Inc. (MCHP) Hits New 1-Year High at $54.67
Microchip Technology Inc. (NASDAQ:MCHP)’s share price hit a new 52-week high on Monday . The company traded as high as $54.67 and last traded at $53.95, with a volume of 699,025 shares changing hands. The stock had previously closed at $53.77.
MCHP has been the topic of a number of research reports. B. Riley reiterated a “buy” rating and issued a $62.50 target price on shares of Microchip Technology in a report on Tuesday, May 10th. 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 report on Saturday, May 7th. Morgan Stanley reiterated a “buy” rating and issued a $54.00 target price on shares of Microchip Technology in a report on Thursday, May 5th. Stifel Nicolaus increased their price objective on Microchip Technology from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, May 5th. Finally, Citigroup Inc. restated a “buy” rating on shares of Microchip Technology in a report on Tuesday, April 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $53.35.
The firm’s 50 day moving average is $51.76 and its 200-day moving average is $47.66. The firm has a market capitalization of $11.54 billion and a P/E ratio of 36.05.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Wednesday, May 4th. The company reported $0.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.02. During the same quarter last year, the firm earned $0.68 EPS. The business 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 analysts anticipate that Microchip Technology Inc. will post $3.16 EPS for the current fiscal year.
In other Microchip Technology news, COO Ganesh Moorthy sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 1st. The stock was 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 at this hyperlink. Also, VP Stephen V. Drehobl sold 3,916 shares of the business’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 value of $190,748.36. Following the completion of the sale, 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.
Other hedge funds and institutional investors recently bought and sold shares of the company. L & S Advisors Inc bought a new position in Microchip Technology during the fourth quarter valued at $7,035,000. 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 period. Tredje AP fonden bought a new position in Microchip Technology during the fourth quarter valued at $2,327,000. J. Goldman & Co LP bought a new position in Microchip Technology during the fourth quarter valued at $2,215,000. Finally, Roosevelt Investment Group Inc. raised 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 during the period.
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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