Microchip Technology (MCHP) Now Covered by Analysts at JPMorgan Chase & Co.

Share on StockTwits

Research analysts at JPMorgan Chase & Co. began coverage on shares of Microchip Technology (NASDAQ:MCHP) in a research report issued to clients and investors on Tuesday, June 5th, MarketBeat Ratings reports. The brokerage set an “overweight” rating and a $125.00 price target on the semiconductor company’s stock. JPMorgan Chase & Co.’s price objective would suggest a potential upside of 28.97% from the company’s current price.

Other equities research analysts have also issued research reports about the company. Stifel Nicolaus restated an “average” rating and issued a $112.00 price objective on shares of Microchip Technology in a research report on Tuesday, March 6th. Bank of America lowered their price objective on Microchip Technology from $120.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday, February 7th. BidaskClub lowered Microchip Technology from a “strong-buy” rating to a “buy” rating in a research report on Friday, March 30th. Goldman Sachs Group upgraded Microchip Technology from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $95.57 to $108.00 in a research report on Thursday, March 8th. Finally, Rosenblatt Securities restated a “buy” rating on shares of Microchip Technology in a research report on Tuesday, March 6th. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $111.19.

Shares of Microchip Technology opened at $96.92 on Tuesday, MarketBeat Ratings reports. Microchip Technology has a twelve month low of $75.80 and a twelve month high of $104.20. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.43 and a current ratio of 1.66. The company has a market capitalization of $23.20 billion, a P/E ratio of 18.80, a price-to-earnings-growth ratio of 1.14 and a beta of 1.13.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, May 8th. The semiconductor company reported $1.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.13. Microchip Technology had a net margin of 6.41% and a return on equity of 38.62%. The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $984.80 million. During the same quarter in the prior year, the company earned $1.16 EPS. Microchip Technology’s quarterly revenue was up 11.0% on a year-over-year basis. analysts forecast that Microchip Technology will post 6.18 earnings per share for the current year.

In other Microchip Technology news, 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 transaction, the vice president now owns 19,711 shares in the company, valued at approximately $1,843,964.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,308 shares of the firm’s stock in a transaction on Tuesday, May 22nd. The shares were sold at an average price of $93.55, for a total value of $215,913.40. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.

A number of hedge funds have recently made changes to their positions in MCHP. Northwestern Mutual Wealth Management Co. increased its stake in shares of Microchip Technology by 8.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 8,799 shares of the semiconductor company’s stock worth $773,000 after acquiring an additional 701 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Microchip Technology by 23.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 63,921 shares of the semiconductor company’s stock worth $5,617,000 after acquiring an additional 11,940 shares during the last quarter. CIBC World Markets Inc. acquired a new stake in shares of Microchip Technology in the 4th quarter worth $1,196,000. Aperio Group LLC increased its stake in shares of Microchip Technology by 7.5% in the 4th quarter. Aperio Group LLC now owns 112,515 shares of the semiconductor company’s stock worth $9,888,000 after acquiring an additional 7,897 shares during the last quarter. Finally, SeaCrest Wealth Management LLC acquired a new stake in shares of Microchip Technology in the 4th quarter worth $198,000.

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.

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