Microchip Technology (MCHP) Downgraded by ValuEngine

Microchip Technology (NASDAQ:MCHP) was downgraded by ValuEngine from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

A number of other research analysts also recently issued reports on the company. Piper Jaffray Companies lifted their price target on Microchip Technology from $110.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, July 27th. B. Riley lifted their price target on Microchip Technology from $123.00 to $135.00 and gave the company a “buy” rating in a report on Friday, June 1st. SunTrust Banks lifted their price target on Microchip Technology from $115.00 to $117.00 and gave the company a “buy” rating in a report on Wednesday, May 30th. JPMorgan Chase & Co. initiated coverage on Microchip Technology in a report on Tuesday, June 5th. They issued an “overweight” rating and a $125.00 price target on the stock. Finally, BidaskClub cut Microchip Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, April 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $115.76.

Shares of NASDAQ:MCHP traded down $2.95 on Tuesday, reaching $84.08. The company had a trading volume of 7,233,800 shares, compared to its average volume of 2,811,940. Microchip Technology has a 52-week low of $78.33 and a 52-week high of $104.20. The company has a market capitalization of $20.59 billion, a PE ratio of 16.20, a P/E/G ratio of 1.01 and a beta of 1.13. The company has a current ratio of 1.32, a quick ratio of 0.80 and a debt-to-equity ratio of 1.96.



Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.48 by $0.13. Microchip Technology had a return on equity of 36.33% and a net margin of 2.85%. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same period last year, the business posted $1.31 EPS. The business’s revenue was up 24.7% compared to the same quarter last year. research analysts predict that Microchip Technology will post 6.18 EPS for the current year.

In other Microchip Technology news, COO Ganesh Moorthy acquired 12,000 shares of the stock in a transaction dated Tuesday, August 14th. The stock was purchased at an average price of $84.10 per share, with a total value of $1,009,200.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, VP Stephen V. Drehobl sold 4,696 shares of the firm’s stock in a transaction on Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total value of $439,310.80. Following the completion of the sale, the vice president now directly owns 19,711 shares of the company’s stock, valued at approximately $1,843,964.05. The disclosure for this sale can be found here. 2.13% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Assetmark Inc. lifted its position in Microchip Technology by 12.8% during the 2nd quarter. Assetmark Inc. now owns 5,742 shares of the semiconductor company’s stock worth $522,000 after acquiring an additional 650 shares during the period. Knights of Columbus Asset Advisors LLC acquired a new stake in Microchip Technology during the 1st quarter worth about $512,000. M. Kraus & Co acquired a new stake in Microchip Technology during the 2nd quarter worth about $2,350,000. Westpac Banking Corp lifted its position in Microchip Technology by 58.1% during the 2nd quarter. Westpac Banking Corp now owns 146,533 shares of the semiconductor company’s stock worth $13,327,000 after acquiring an additional 53,850 shares during the period. Finally, BKD Wealth Advisors LLC lifted its position in Microchip Technology by 28.3% during the 2nd quarter. BKD Wealth Advisors LLC now owns 43,935 shares of the semiconductor company’s stock worth $3,996,000 after acquiring an additional 9,689 shares during the period.

Microchip Technology Company Profile

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; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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