Microchip Technology Incorporated (MCHP) Stock Rating Reaffirmed by SunTrust Banks, Inc.

Microchip Technology Incorporated (NASDAQ:MCHP)‘s stock had its “hold” rating reissued by analysts at SunTrust Banks, Inc. in a research report issued to clients and investors on Thursday. They presently have a $90.00 price target on the semiconductor company’s stock. SunTrust Banks, Inc.’s price target would suggest a potential downside of 2.10% from the stock’s previous close.

Other research analysts also recently issued reports about the company. B. Riley reissued a “buy” rating and issued a $120.00 price objective on shares of Microchip Technology in a research note on Wednesday, August 9th. BidaskClub downgraded Microchip Technology from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Jefferies Group LLC reissued a “buy” rating on shares of Microchip Technology in a research note on Monday, July 10th. Credit Suisse Group reissued a “buy” rating on shares of Microchip Technology in a research note on Friday, August 4th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $120.00 price objective (up from $100.00) on shares of Microchip Technology in a research note on Friday, August 4th. Seven equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $90.88.

Microchip Technology (NASDAQ:MCHP) traded down 0.17% during trading on Thursday, reaching $91.77. The company’s stock had a trading volume of 940,435 shares. The stock’s 50-day moving average is $88.28 and its 200 day moving average is $81.55. Microchip Technology has a 52-week low of $57.52 and a 52-week high of $92.40. The firm has a market capitalization of $21.36 billion, a price-to-earnings ratio of 49.45 and a beta of 1.07.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.17. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The business had revenue of $972.10 million for the quarter, compared to the consensus estimate of $944.87 million. During the same period last year, the business earned $0.84 EPS. The firm’s revenue was up 21.6% compared to the same quarter last year. On average, analysts predict that Microchip Technology will post $5.28 EPS for the current fiscal year.

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In other Microchip Technology news, VP Stephen V. Drehobl sold 3,076 shares of Microchip Technology stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $251,893.64. Following the completion of the transaction, the vice president now owns 14,263 shares in the company, valued at approximately $1,167,997.07. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,453 shares of Microchip Technology stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total value of $200,876.17. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,829 shares of company stock worth $561,905. 2.13% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of MCHP. Grove Bank & Trust raised its position in Microchip Technology by 15.8% in the 2nd quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after purchasing an additional 190 shares during the last quarter. Trust Co. of Vermont raised its position 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 acquiring an additional 136 shares during the last quarter. Smithfield Trust Co. raised its position 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 acquiring an additional 7 shares during the last quarter. Commonwealth Bank of Australia raised its position 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 acquiring 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 $173,000.

Microchip Technology Company Profile

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.

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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