SunTrust Banks Raises Microchip Technology (NASDAQ:MCHP) Price Target to $119.00

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Microchip Technology (NASDAQ:MCHP) had its price target boosted by SunTrust Banks from $113.00 to $119.00 in a research report sent to investors on Tuesday, AnalystRatings.com reports. They currently have a positive rating on the semiconductor company’s stock. SunTrust Banks also issued estimates for Microchip Technology’s Q3 2020 earnings at $1.14 EPS, Q4 2020 earnings at $1.34 EPS, FY2020 earnings at $5.00 EPS, Q1 2021 earnings at $1.50 EPS, Q2 2021 earnings at $1.62 EPS, Q3 2021 earnings at $1.63 EPS, Q4 2021 earnings at $1.62 EPS, FY2021 earnings at $6.37 EPS, Q1 2022 earnings at $1.74 EPS, Q2 2022 earnings at $1.81 EPS, Q3 2022 earnings at $1.77 EPS and FY2022 earnings at $7.07 EPS.

A number of other equities research analysts have also recently weighed in on the company. ValuEngine upgraded Microchip Technology from a sell rating to a hold rating in a report on Monday, November 4th. Rosenblatt Securities restated a buy rating and issued a $115.00 price target on shares of Microchip Technology in a report on Wednesday, November 6th. Wells Fargo & Co restated a buy rating and issued a $120.00 price target (up previously from $115.00) on shares of Microchip Technology in a report on Tuesday. Morgan Stanley upped their price target on Microchip Technology from $90.00 to $102.00 and gave the stock an equal weight rating in a report on Wednesday, December 18th. Finally, Cowen lowered their price target on Microchip Technology from $90.00 to $89.00 and set a market perform rating on the stock in a report on Wednesday, November 6th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $110.88.

NASDAQ MCHP traded up $0.56 on Tuesday, hitting $110.88. 151,732 shares of the company’s stock were exchanged, compared to its average volume of 2,483,067. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.90 and a quick ratio of 0.60. The firm’s 50-day moving average price is $100.89 and its two-hundred day moving average price is $93.93. Microchip Technology has a fifty-two week low of $73.25 and a fifty-two week high of $110.80. The firm has a market cap of $26.12 billion, a price-to-earnings ratio of 18.23, a P/E/G ratio of 1.89 and a beta of 1.43.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $1.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.13. Microchip Technology had a return on equity of 25.60% and a net margin of 7.15%. The company had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the previous year, the firm posted $1.81 EPS. The firm’s quarterly revenue was down 6.6% on a year-over-year basis. On average, research analysts predict that Microchip Technology will post 4.89 earnings per share for the current fiscal year.

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,958 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $91.15, for a total transaction of $178,471.70. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Richard J. Simoncic sold 3,536 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $91.15, for a total value of $322,306.40. Following the sale, the vice president now owns 18,452 shares in the company, valued at approximately $1,681,899.80. The disclosure for this sale can be found here. 2.21% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Microchip Technology by 16.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 46,992 shares of the semiconductor company’s stock valued at $4,074,000 after buying an additional 6,480 shares during the last quarter. Motco grew its holdings in Microchip Technology by 1.3% during the 3rd quarter. Motco now owns 63,665 shares of the semiconductor company’s stock valued at $5,915,000 after buying an additional 806 shares during the last quarter. Bremer Bank National Association grew its holdings in Microchip Technology by 8.8% during the 3rd quarter. Bremer Bank National Association now owns 14,674 shares of the semiconductor company’s stock valued at $1,363,000 after buying an additional 1,189 shares during the last quarter. Cibc World Markets Corp lifted its stake in shares of Microchip Technology by 20.5% during the 2nd quarter. Cibc World Markets Corp now owns 69,199 shares of the semiconductor company’s stock worth $6,000,000 after purchasing an additional 11,760 shares during the period. Finally, Canada Pension Plan Investment Board lifted its stake in shares of Microchip Technology by 1,411.8% during the 2nd quarter. Canada Pension Plan Investment Board now owns 51,400 shares of the semiconductor company’s stock worth $4,456,000 after purchasing an additional 48,000 shares during the period.

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; 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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