The stock of Microchip Technology Inc. (NASDAQ:MCHP) hit a new 52-week high and has $70.62 target or 7.00% above today’s $66.00 share price. The 6 months bullish chart indicates low risk for the $14.34B company. The 1-year high was reported on Nov, 23 by Barchart.com. If the $70.62 price target is reached, the company will be worth $1.00B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 767,371 shares traded hands. Microchip Technology Inc. (NASDAQ:MCHP) has risen 32.65% since April 21, 2016 and is uptrending. It has outperformed by 27.32% the S&P500.
Analysts await Microchip Technology Inc. (NASDAQ:MCHP) to report earnings on February, 1. They expect $0.81 earnings per share, up 32.79% or $0.20 from last year’s $0.61 per share. MCHP’s profit will be $175.99 million for 20.37 P/E if the $0.81 EPS becomes a reality. After $0.90 actual earnings per share reported by Microchip Technology Inc. for the previous quarter, Wall Street now forecasts -10.00% negative EPS growth.
Microchip Technology Inc. (NASDAQ:MCHP) Ratings Coverage
Out of 12 analysts covering Microchip Technology (NASDAQ:MCHP), 10 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 83% are positive. Microchip Technology has been the topic of 22 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The rating was maintained by Goldman Sachs with “Sell” on Tuesday, April 5. On Monday, August 24 the stock rating was downgraded by Drexel Hamilton to “Buy”. The rating was initiated by Mizuho with “Neutral” on Friday, September 30. The stock of Microchip Technology Inc. (NASDAQ:MCHP) earned “Buy” rating by Jefferies on Saturday, August 8. The stock of Microchip Technology Inc. (NASDAQ:MCHP) has “Overweight” rating given on Tuesday, January 19 by Morgan Stanley. The rating was upgraded by JP Morgan to “Overweight” on Tuesday, September 8. Citigroup maintained Microchip Technology Inc. (NASDAQ:MCHP) rating on Tuesday, August 9. Citigroup has “Buy” rating and $64 price target. The stock of Microchip Technology Inc. (NASDAQ:MCHP) has “Buy” rating given on Tuesday, November 8 by Needham. The firm has “Buy” rating given on Tuesday, August 9 by Jefferies. The firm earned “Buy” rating on Friday, January 15 by Needham.
According to Zacks Investment Research, “Microchip Technology, Inc. develops and manufactures specialized semiconductor products used by its customers for a wide variety of embedded control applications. Its product portfolio comprises microcontrollers; application-specific standard products; and related mixed-signal and memory products. The company markets its products to the consumer, automotive, office automation, communications and industrial markets.”
Insitutional Activity: The institutional sentiment decreased to 0.93 in 2016 Q2. Its down 0.64, from 1.57 in 2016Q1. The ratio dived, as 30 funds sold all Microchip Technology Inc. shares owned while 163 reduced positions. 67 funds bought stakes while 236 increased positions. They now own 214.90 million shares or 2.05% more from 210.57 million shares in 2016Q1.
Cap Investment Advsrs Limited Com reported 7,745 shares or 0.04% of all its holdings. Gerstein Fisher last reported 11,636 shares in the company. Private Advisor Grp Incorporated Ltd has 14,012 shares for 0.03% of their US portfolio. Gru One Trading Limited Partnership has 0% invested in the company for 3,149 shares. First Corporation In has 985 shares for 0.03% of their US portfolio. Checchi Advisers Lc holds 0.01% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP) for 1,588 shares. The New York-based Gideon Capital Advsrs has invested 0.37% in Microchip Technology Inc. (NASDAQ:MCHP). Jane Street Gp Lc has 0% invested in the company for 13,199 shares. Windsor Llc reported 10,181 shares or 0.3% of all its holdings. Cullinan Assocs holds 0.09% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP) for 21,150 shares. Neuberger Berman Gru Limited Liability Company last reported 0% of its portfolio in the stock. Northern Trust Corp last reported 0.05% of its portfolio in the stock. Bessemer last reported 0.01% of its portfolio in the stock. Morgan Dempsey Capital Mgmt Lc, a Wisconsin-based fund reported 35,054 shares. State Board Of Administration Of Florida Retirement Systems, a Florida-based fund reported 297,035 shares.
Insider Transactions: Since May 25, 2016, the stock had 0 buys, and 12 selling transactions for $13.89 million net activity. $516,905 worth of Microchip Technology Inc. (NASDAQ:MCHP) shares were sold by MOORTHY GANESH. 3,048 shares were sold by SIMONCIC RICHARD J, worth $185,776. 2,461 shares were sold by Bjornholt James Eric, worth $149,998. SANGHI STEVE also sold $1.69M worth of Microchip Technology Inc. (NASDAQ:MCHP) on Wednesday, November 9. LITTLE MITCHELL R also sold $185,227 worth of Microchip Technology Inc. (NASDAQ:MCHP) shares. On Friday, August 12 MEYERCORD WADE F sold $90,751 worth of the stock or 1,500 shares. $271,471 worth of shares were sold by DREHOBL STEPHEN V on Monday, August 22.
Another recent and important Microchip Technology Inc. (NASDAQ:MCHP) news was published by Forbes.com which published an article titled: “Ex-Dividend Reminder: Microchip Technology, Ryder System and Moody’s” on November 15, 2016.
MCHP Company Profile
Microchip Technology Incorporated, incorporated on February 14, 1989, is engaged in developing, manufacturing and selling specialized semiconductor products used by its clients for a range of embedded control applications. The Firm operates through two divisions: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, makes and markets microcontrollers, development tools and analog, interface, mixed signal and timing products. The Company’s functional activities include sales, marketing, manufacturing, information technology, human resources, legal and finance.
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