KeyCorp initiated coverage on shares of Microchip Technology (NASDAQ:MCHP) in a research report issued on Tuesday, The Fly reports. The brokerage set a “sector weight” rating on the semiconductor company’s stock.

A number of other brokerages also recently issued reports on MCHP. Zacks Investment Research raised Microchip Technology from a “hold” rating to a “buy” rating and set a $114.00 price objective on the stock in a research note on Wednesday, June 6th. Rosenblatt Securities reissued a “buy” rating and issued a $125.00 price objective on shares of Microchip Technology in a research note on Wednesday, June 6th. JPMorgan Chase & Co. began coverage on Microchip Technology in a research note on Tuesday, June 5th. They issued an “overweight” rating and a $125.00 price objective on the stock. Morgan Stanley boosted their price objective on Microchip Technology from $97.00 to $103.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 5th. Finally, SunTrust Banks boosted their price objective on Microchip Technology from $115.00 to $117.00 and gave the company a “buy” rating in a research note on Wednesday, May 30th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Microchip Technology presently has a consensus rating of “Buy” and an average price target of $114.61.

Shares of NASDAQ:MCHP opened at $82.30 on Tuesday. The stock has a market capitalization of $19.49 billion, a PE ratio of 15.86, a price-to-earnings-growth ratio of 0.87 and a beta of 1.10. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.80 and a current ratio of 1.32. Microchip Technology has a 1 year low of $78.33 and a 1 year high of $104.20.

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

In related news, CFO James Eric Bjornholt sold 1,887 shares of the company’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total transaction of $159,130.71. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Stephen V. Drehobl sold 3,998 shares of the company’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total value 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 disclosure for this sale can be found here. 2.13% of the stock is currently owned by corporate insiders.

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

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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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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