JPMorgan Chase & Co. Lowers Microchip Technology (MCHP) Price Target to $113.00

Microchip Technology (NASDAQ:MCHP) had its price target decreased by investment analysts at JPMorgan Chase & Co. from $125.00 to $113.00 in a report issued on Friday. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.’s price objective would suggest a potential upside of 29.28% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the company. KeyCorp dropped their price objective on Microchip Technology from $116.00 to $111.00 and set an “overweight” rating on the stock in a research note on Friday. BidaskClub upgraded Microchip Technology from a “hold” rating to a “buy” rating in a research note on Friday. Zacks Investment Research cut Microchip Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 1st. Piper Jaffray Companies upped their price objective on Microchip Technology from $110.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, July 27th. Finally, Nomura assumed coverage on Microchip Technology in a research note on Wednesday, July 18th. They set a “buy” rating and a $110.00 price objective on the stock. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Microchip Technology has a consensus rating of “Buy” and an average price target of $116.35.

Microchip Technology traded down $10.67, hitting $87.41, during trading on Friday, according to MarketBeat Ratings. The stock had a trading volume of 19,237,055 shares, compared to its average volume of 1,872,547. The stock has a market capitalization of $23.09 billion, a price-to-earnings ratio of 16.84, a PEG ratio of 1.13 and a beta of 1.13. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.43 and a current ratio of 1.66. Microchip Technology has a 12 month low of $78.33 and a 12 month high of $104.20.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 9th. The semiconductor company reported $1.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.48 by $0.13. Microchip Technology had a return on equity of 41.19% and a net margin of 2.85%. The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the previous year, the business posted $1.31 EPS. The business’s quarterly revenue was up 24.7% compared to the same quarter last year. equities research analysts forecast that Microchip Technology will post 6.18 EPS for the current year.

In related news, CFO James Eric Bjornholt sold 2,308 shares of the stock in a transaction on Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total value of $215,913.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Stephen V. Drehobl sold 4,696 shares of the stock in a transaction on Tuesday, May 22nd. The shares were sold at an average price of $93.55, for a total value of $439,310.80. Following the completion of the sale, the vice president now owns 19,711 shares in the company, valued at approximately $1,843,964.05. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. raised its stake in Microchip Technology by 17.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 89,977 shares of the semiconductor company’s stock valued at $8,181,000 after acquiring an additional 13,598 shares during the period. Stephens Inc. AR raised its stake in Microchip Technology by 3.3% in the 2nd quarter. Stephens Inc. AR now owns 18,796 shares of the semiconductor company’s stock valued at $1,710,000 after acquiring an additional 600 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in Microchip Technology by 736.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 75,503 shares of the semiconductor company’s stock valued at $6,866,000 after acquiring an additional 66,472 shares during the period. Stephens Investment Management Group LLC raised its stake in Microchip Technology by 0.9% in the 2nd quarter. Stephens Investment Management Group LLC now owns 432,467 shares of the semiconductor company’s stock valued at $39,114,000 after acquiring an additional 4,060 shares during the period. Finally, Richard Bernstein Advisors LLC raised its stake in Microchip Technology by 47.6% in the 2nd quarter. Richard Bernstein Advisors LLC now owns 6,800 shares of the semiconductor company’s stock valued at $618,000 after acquiring an additional 2,193 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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