Microchip Technology (NASDAQ:MCHP) Downgraded to Hold at ValuEngine

ValuEngine lowered shares of Microchip Technology (NASDAQ:MCHP) from a buy rating to a hold rating in a report released on Thursday morning, ValuEngine reports.

Several other equities analysts also recently weighed in on the stock. Longbow Research began coverage on shares of Microchip Technology in a report on Tuesday, July 9th. They set a neutral rating and a $87.93 target price for the company. Mizuho raised their target price on shares of Microchip Technology from $95.00 to $100.00 and gave the company a buy rating in a report on Thursday, May 9th. BMO Capital Markets dropped their target price on shares of Microchip Technology from $118.00 to $110.00 and set an outperform rating for the company in a report on Thursday, May 9th. Rosenblatt Securities restated a buy rating and set a $115.00 target price on shares of Microchip Technology in a report on Monday, May 6th. Finally, B. Riley raised their target price on shares of Microchip Technology from $105.00 to $125.00 and gave the company a buy rating in a report on Monday, May 6th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $103.89.

Shares of NASDAQ MCHP traded down $3.54 during midday trading on Thursday, hitting $88.06. The company had a trading volume of 3,506,929 shares, compared to its average volume of 1,676,555. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.93 and a quick ratio of 0.63. Microchip Technology has a twelve month low of $60.70 and a twelve month high of $101.35. The firm has a 50-day simple moving average of $90.07. The firm has a market cap of $22.48 billion, a price-to-earnings ratio of 14.48, a price-to-earnings-growth ratio of 1.27 and a beta of 1.40.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, May 7th. The semiconductor company reported $1.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.08. Microchip Technology had a net margin of 6.65% and a return on equity of 29.27%. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter last year, the business earned $1.40 earnings per share. The business’s revenue for the quarter was up 32.6% compared to the same quarter last year. Research analysts forecast that Microchip Technology will post 5.56 earnings per share for the current fiscal year.

In other news, VP James Eric Bjornholt sold 2,188 shares of Microchip Technology stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $80.99, for a total transaction of $177,206.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.21% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of MCHP. Oakworth Capital Inc. purchased a new stake in Microchip Technology in the second quarter valued at approximately $40,000. Rudd International Inc. purchased a new stake in Microchip Technology in the second quarter valued at approximately $4,844,000. Markel Corp grew its holdings in Microchip Technology by 5.3% in the second quarter. Markel Corp now owns 159,000 shares of the semiconductor company’s stock valued at $13,785,000 after purchasing an additional 8,000 shares during the period. Qube Research & Technologies Ltd purchased a new stake in Microchip Technology in the second quarter valued at approximately $1,760,000. Finally, Spectrum Management Group Inc. grew its holdings in Microchip Technology by 127.1% in the second quarter. Spectrum Management Group Inc. now owns 452 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 253 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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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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