Microchip Technology (MCHP) Cut to “Market Perform” at Raymond James

Microchip Technology (NASDAQ:MCHP) was downgraded by research analysts at Raymond James from an “outperform” rating to a “market perform” rating in a note issued to investors on Tuesday, The Fly reports.

Other equities analysts have also issued reports about the stock. Argus boosted their price objective on shares of Microchip Technology to $115.00 and gave the stock an “average” rating in a report on Monday, June 25th. They noted that the move was a valuation call. Nomura initiated coverage on shares of Microchip Technology in a report on Wednesday, July 18th. They issued a “buy” rating and a $110.00 price objective for the company. BidaskClub lowered shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 26th. Zacks Investment Research upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating and set a $114.00 price objective for the company in a report on Wednesday, June 6th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $125.00 price objective on shares of Microchip Technology in a report on Wednesday, June 6th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $114.61.

Shares of NASDAQ MCHP opened at $82.30 on Tuesday. Microchip Technology has a twelve month low of $78.33 and a twelve month high of $104.20. The company has a market capitalization of $19.49 billion, a P/E ratio of 15.86, a PEG ratio of 0.87 and a beta of 1.10. The company has a quick ratio of 0.80, a current ratio of 1.32 and a debt-to-equity ratio of 1.96.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.48 by $0.13. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same period in the previous year, the business earned $1.31 EPS. The firm’s revenue for the quarter was up 24.7% on a year-over-year basis. sell-side analysts expect that Microchip Technology will post 6.51 earnings per share for the current fiscal year.

In related news, COO Ganesh Moorthy bought 12,000 shares of the firm’s stock in a transaction on Tuesday, August 14th. The stock was acquired at an average cost of $84.10 per share, for a total transaction of $1,009,200.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Stephen V. Drehobl sold 3,998 shares of the business’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total transaction of $337,151.34. Following the sale, the vice president now owns 16,931 shares of the company’s stock, valued at $1,427,791.23. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Tredje AP fonden purchased a new stake in Microchip Technology during the 2nd quarter valued at $2,321,000. Assetmark Inc. grew its position in shares of Microchip Technology by 12.8% during the 2nd quarter. Assetmark Inc. now owns 5,742 shares of the semiconductor company’s stock valued at $522,000 after acquiring an additional 650 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Microchip Technology during the 2nd quarter valued at $34,037,000. Sunbelt Securities Inc. grew its position in shares of Microchip Technology by 31.6% during the 2nd quarter. Sunbelt Securities Inc. now owns 4,302 shares of the semiconductor company’s stock valued at $391,000 after acquiring an additional 1,034 shares during the period. Finally, Segall Bryant & Hamill LLC grew its position in shares of Microchip Technology by 15.5% during the 2nd quarter. Segall Bryant & Hamill LLC now owns 720,062 shares of the semiconductor company’s stock valued at $65,490,000 after acquiring an additional 96,445 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.

Further Reading: Book Value Per Share – BVPS

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