Microchip Technology (MCHP) Lowered to “Hold” at BidaskClub

BidaskClub downgraded shares of Microchip Technology (NASDAQ:MCHP) from a buy rating to a hold rating in a research report report published on Wednesday morning.

Several other equities analysts have also weighed in on MCHP. Zacks Investment Research lowered Microchip Technology from a buy rating to a hold rating in a report on Thursday, April 5th. Stifel Nicolaus restated an average rating and set a $112.00 target price on shares of Microchip Technology in a report on Tuesday, March 6th. Argus restated a buy rating and set a $90.00 target price (up from $79.90) on shares of Microchip Technology in a report on Friday, February 9th. Rosenblatt Securities restated a buy rating on shares of Microchip Technology in a report on Tuesday, March 6th. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $130.00 price target on shares of Microchip Technology in a research report on Friday, March 2nd. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $103.99.

How to Become a New Pot Stock Millionaire

NASDAQ MCHP opened at $88.00 on Wednesday. Microchip Technology has a fifty-two week low of $73.87 and a fifty-two week high of $101.48. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.33 and a current ratio of 2.98. The stock has a market cap of $20,872.94, a price-to-earnings ratio of 17.74, a P/E/G ratio of 1.11 and a beta of 1.06.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.35 by $0.01. Microchip Technology had a return on equity of 36.54% and a net margin of 6.33%. The company had revenue of $994.10 million for the quarter, compared to analyst estimates of $992.10 million. During the same period last year, the company earned $1.05 earnings per share. The business’s revenue was up 19.1% compared to the same quarter last year. analysts anticipate that Microchip Technology will post 5.13 earnings per share for the current fiscal year.

In related news, Director Esther Johnson sold 2,275 shares of Microchip Technology stock in a transaction dated Wednesday, March 14th. The stock was sold at an average price of $97.90, for a total transaction of $222,722.50. Following the sale, the director now directly owns 6,081 shares of the company’s stock, valued at $595,329.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Mitchell R. Little sold 4,159 shares of Microchip Technology stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $84.14, for a total value of $349,938.26. Following the sale, the vice president now directly owns 15,767 shares in the company, valued at $1,326,635.38. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,667 shares of company stock worth $3,132,552. 2.13% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Squar Milner Financial Services LLC acquired a new stake in Microchip Technology during the fourth quarter worth about $205,000. Twin Tree Management LP grew its position in Microchip Technology by 126.2% during the fourth quarter. Twin Tree Management LP now owns 2,210 shares of the semiconductor company’s stock worth $194,000 after buying an additional 10,646 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new stake in Microchip Technology during the fourth quarter valued at approximately $198,000. Gillespie Robinson & Grimm Inc. acquired a new stake in Microchip Technology during the fourth quarter valued at approximately $202,000. Finally, Laurel Wealth Advisors Inc. acquired a new stake in Microchip Technology during the fourth quarter valued at approximately $228,000.

COPYRIGHT VIOLATION NOTICE: This piece of content was published by Week Herald and is the sole property of of Week Herald. If you are accessing this piece of content on another site, it was illegally copied and republished in violation of U.S. and international trademark & copyright laws. The original version of this piece of content can be accessed at https://weekherald.com/2018/04/19/microchip-technology-mchp-lowered-to-hold-at-bidaskclub.html.

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.

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply