Microchip Technology Inc. (MCHP) Reaches New 1-Year High at $55.90
Microchip Technology Inc. (NASDAQ:MCHP) hit a new 52-week high on Tuesday . The stock traded as high as $55.90 and last traded at $55.82, with a volume of 1,517,870 shares. The stock had previously closed at $54.27.
MCHP has been the subject of several recent research reports. Citigroup Inc. reaffirmed 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. reaffirmed a “sell” rating and set a $43.00 price target (up from $38.00) on shares of Microchip Technology in a report on Tuesday, April 5th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $52.00 price target on shares of Microchip Technology in a report on Monday, April 18th. Finally, Credit Agricole SA initiated coverage on Microchip Technology in a report on Monday, May 16th. They set a “buy” rating and a $58.00 price target for the company. One 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. The stock has a consensus rating of “Buy” and an average target price of $53.31.
The firm has a market capitalization of $12.54 billion and a PE ratio of 39.17. The stock has a 50-day moving average of $52.03 and a 200-day moving average of $47.93.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Wednesday, May 4th. The company reported $0.70 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.02. During the same quarter in the previous year, the business posted $0.68 earnings per share. The firm earned $568.44 million during the quarter, compared to the consensus estimate of $564.86 million. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. On average, equities analysts expect 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 stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $51.69, for a total value of $516,900.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Sanghi sold 76,647 shares of the stock in a transaction on Friday, May 20th. The shares were 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.
A number of hedge funds and institutional investors have recently made changes to their positions in the stock. Mitsubishi UFJ Kokusai Asset Management CO. LTD. raised its position in shares of 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 worth $1,335,000 after buying an additional 1,297 shares during the last quarter. Quantitative Investment Management LLC purchased a new position in shares of Microchip Technology during the fourth quarter worth approximately $1,484,000. Legacy Capital Partners Inc. raised its position in shares of Microchip Technology by 1.1% in the fourth quarter. Legacy Capital Partners Inc. now owns 32,090 shares of the company’s stock worth $1,494,000 after buying an additional 350 shares during the last quarter. Sawtooth Asset Management Inc. raised its position in shares of Microchip Technology by 252.7% in the fourth quarter. Sawtooth Asset Management Inc. now owns 34,940 shares of the company’s stock worth $1,626,000 after buying an additional 25,033 shares during the last quarter. Finally, Utah Retirement Systems raised its position in shares of Microchip Technology by 0.3% in the fourth quarter. Utah Retirement Systems now owns 37,469 shares of the company’s stock worth $1,744,000 after buying an additional 100 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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