Morgan Stanley Cuts Microchip Technology (MCHP) Price Target to $75.00

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Microchip Technology (NASDAQ:MCHP) had its price target cut by Morgan Stanley from $95.00 to $75.00 in a research note released on Wednesday morning, The Fly reports. They currently have an equal weight rating on the semiconductor company’s stock.

Several other research firms have also recently weighed in on MCHP. BidaskClub cut Microchip Technology from a strong-buy rating to a buy rating in a research report on Tuesday, June 26th. Argus boosted their price objective on Microchip Technology to $115.00 and gave the stock an average rating in a research report on Monday, June 25th. They noted that the move was a valuation call. Zacks Investment Research cut Microchip Technology from a buy rating to a hold rating in a research report on Tuesday. Nomura cut their price objective on Microchip Technology from $110.00 to $105.00 and set a buy rating for the company in a research report on Friday, August 10th. Finally, KeyCorp cut their price objective on Microchip Technology from $116.00 to $111.00 and set an overweight rating for the company in a research report on Friday, August 10th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $111.05.

Shares of NASDAQ:MCHP traded up $0.56 on Wednesday, reaching $68.26. The company had a trading volume of 5,407,325 shares, compared to its average volume of 3,087,909. Microchip Technology has a twelve month low of $65.13 and a twelve month high of $104.20. The stock has a market capitalization of $18.59 billion, a P/E ratio of 13.15, a P/E/G ratio of 0.83 and a beta of 1.10. The company has a debt-to-equity ratio of 1.96, a current ratio of 1.32 and a quick ratio of 0.80.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results 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 return on equity of 36.33% and a net margin of 2.85%. The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the previous year, the firm earned $1.31 earnings per share. The business’s quarterly revenue was up 24.7% compared to the same quarter last year. As a group, research analysts expect that Microchip Technology will post 6.51 EPS for the current fiscal year.

In related news, VP Stephen V. Drehobl sold 3,998 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total transaction of $337,151.34. Following the transaction, the vice president now directly owns 16,931 shares in the company, valued at $1,427,791.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Ganesh Moorthy purchased 12,000 shares of the stock in a transaction that occurred on Tuesday, August 14th. The shares were purchased at an average price of $84.10 per share, for a total transaction of $1,009,200.00. The disclosure for this purchase can be found here. Insiders own 2.13% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Artisan Partners Limited Partnership bought a new stake in shares of Microchip Technology in the 2nd quarter valued at approximately $96,187,000. OppenheimerFunds Inc. grew its stake in shares of Microchip Technology by 114.5% in the 2nd quarter. OppenheimerFunds Inc. now owns 1,753,557 shares of the semiconductor company’s stock valued at $159,486,000 after purchasing an additional 935,884 shares during the period. Millennium Management LLC grew its stake in shares of Microchip Technology by 1,900.4% in the 2nd quarter. Millennium Management LLC now owns 705,152 shares of the semiconductor company’s stock valued at $64,134,000 after purchasing an additional 669,901 shares during the period. Janus Henderson Group PLC grew its stake in shares of Microchip Technology by 4.7% in the 2nd quarter. Janus Henderson Group PLC now owns 12,919,605 shares of the semiconductor company’s stock valued at $1,175,042,000 after purchasing an additional 582,965 shares during the period. Finally, Platinum Investment Management Ltd. grew its stake in shares of Microchip Technology by 138.7% in the 1st quarter. Platinum Investment Management Ltd. now owns 651,200 shares of the semiconductor company’s stock valued at $59,493,000 after purchasing an additional 378,400 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.

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