Microchip Technology (NASDAQ:MCHP) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
A number of other brokerages also recently commented on MCHP. SunTrust Banks upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 2nd. Needham & Company LLC restated a “buy” rating and set a $130.00 price objective on shares of Microchip Technology in a research report on Friday, March 2nd. Bank of America cut their price objective on shares of Microchip Technology from $120.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday, February 7th. Stifel Nicolaus restated an “average” rating and set a $112.00 price objective on shares of Microchip Technology in a research report on Tuesday, March 6th. Finally, Zacks Investment Research downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, January 3rd. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Microchip Technology has an average rating of “Buy” and a consensus target price of $103.99.
Shares of Microchip Technology stock opened at $89.07 on Wednesday. The firm has a market cap of $20,207.41, a price-to-earnings ratio of 24.47, a PEG ratio of 1.07 and a beta of 1.06. The company has a quick ratio of 2.33, a current ratio of 2.98 and a debt-to-equity ratio of 0.95. Microchip Technology has a one year low of $72.56 and a one year high of $101.48.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $1.36 EPS for the quarter, topping the Zacks’ consensus estimate of $1.35 by $0.01. The company had revenue of $994.10 million during the quarter, compared to the consensus estimate of $992.10 million. Microchip Technology had a net margin of 6.33% and a return on equity of 36.54%. Microchip Technology’s quarterly revenue was up 19.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.05 EPS. equities research analysts forecast that Microchip Technology will post 5.13 earnings per share for the current year.
In other news, Director Esther Johnson sold 2,275 shares of the company’s stock in a transaction on Wednesday, March 14th. The shares were sold at an average price of $97.90, for a total transaction of $222,722.50. Following the transaction, the director now directly owns 6,081 shares of the company’s stock, valued at approximately $595,329.90. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Steve Sanghi sold 20,124 shares of the company’s stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $94.80, for a total transaction of $1,907,755.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,667 shares of company stock worth $3,132,552. Corporate insiders own 2.13% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Rehmann Capital Advisory Group acquired a new position in shares of Microchip Technology during the 4th quarter worth $243,000. Xact Kapitalforvaltning AB grew its stake in Microchip Technology by 8.2% in the 4th quarter. Xact Kapitalforvaltning AB now owns 43,650 shares of the semiconductor company’s stock valued at $3,836,000 after acquiring an additional 3,305 shares during the last quarter. Handelsbanken Fonder AB grew its stake in Microchip Technology by 2.7% in the 4th quarter. Handelsbanken Fonder AB now owns 99,000 shares of the semiconductor company’s stock valued at $8,700,000 after acquiring an additional 2,600 shares during the last quarter. CNB Bank acquired a new stake in Microchip Technology in the 4th quarter valued at about $433,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Microchip Technology by 2.7% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 133,711 shares of the semiconductor company’s stock valued at $11,751,000 after acquiring an additional 3,462 shares during the last quarter.
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About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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