Microchip Technology Incorporated (MCHP) Receives New Coverage from Analysts at Argus
Research analysts at Argus assumed coverage on shares of Microchip Technology Incorporated (NASDAQ:MCHP) in a note issued to investors on Friday, The Fly reports. The brokerage set a “buy” rating on the semiconductor company’s stock.
Other analysts have also issued reports about the stock. B. Riley reiterated a “buy” rating and set a $115.00 target price on shares of Microchip Technology in a research report on Sunday, June 11th. BidaskClub upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a research report on Wednesday, August 9th. Jefferies Group LLC restated a “buy” rating and issued a $94.00 price target (up from $92.00) on shares of Microchip Technology in a research report on Friday, August 4th. ValuEngine lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Saturday, September 30th. Finally, Raymond James Financial, Inc. initiated coverage on shares of Microchip Technology in a research report on Friday, June 16th. They issued an “outperform” rating and a $95.00 price target on the stock. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $89.93.
Shares of Microchip Technology (MCHP) opened at 91.30 on Friday. The firm has a market cap of $21.25 billion, a price-to-earnings ratio of 49.19 and a beta of 1.07. The firm has a 50 day moving average of $87.16 and a 200 day moving average of $80.96. Microchip Technology has a 52 week low of $57.52 and a 52 week high of $91.83.
Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The business had revenue of $972.10 million for the quarter, compared to analyst estimates of $944.87 million. During the same period in the previous year, the business earned $0.84 EPS. The firm’s revenue was up 21.6% on a year-over-year basis. Equities analysts predict that Microchip Technology will post $5.27 earnings per share for the current fiscal year.
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In other Microchip Technology news, CFO James Eric Bjornholt sold 2,453 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total value of $200,876.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Stephen V. Drehobl sold 3,076 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total transaction of $251,893.64. Following the completion of the transaction, the vice president now directly owns 14,263 shares of the company’s stock, valued at $1,167,997.07. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,829 shares of company stock valued at $561,905. Insiders own 2.13% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Grove Bank & Trust raised its stake in shares of Microchip Technology by 15.8% during the second quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock worth $107,000 after buying an additional 190 shares during the last quarter. Trust Co. of Vermont raised its stake in shares of Microchip Technology by 9.2% during the second quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock worth $125,000 after buying an additional 136 shares during the last quarter. Smithfield Trust Co. raised its stake in shares of Microchip Technology by 0.4% during the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock worth $126,000 after buying an additional 7 shares during the last quarter. Commonwealth Bank of Australia raised its stake in shares of Microchip Technology by 1.4% during the second quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock worth $163,000 after buying an additional 29 shares during the last quarter. Finally, Harbour Capital Advisors LLC bought a new stake in shares of Microchip Technology during the first quarter worth approximately $173,000. 98.68% of the stock is owned by institutional investors and hedge funds.
About Microchip Technology
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.
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