Rating Change: Microchip (NASDAQ:MCHP) Buy Rating Reiterated by Stifel; With $70 Target

November 30, 2016 - By Darrin Black

Rating Change: Microchip (NASDAQ:MCHP) Buy Rating Reiterated by Stifel; With $70 Target

Microchip (NASDAQ:MCHP) Rating

In a note sent to clients and investors on Wednesday morning, Microchip (NASDAQ:MCHP) stock Buy was reiterated at Stifel. They currently have a $70 target price on the stock. Stifel’s target price indicates a potential upside of 6.01% from the company’s last stock price.

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. $75 is the highest target while $43 is the lowest. The $60 average target is -9.13% below today’s ($66.03) stock price. Microchip Technology has been the topic of 22 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The rating was maintained by JP Morgan with “Overweight” on Tuesday, August 9. On Tuesday, November 8 the stock rating was upgraded by Bank of America to “Buy”. Mizuho initiated Microchip Technology Inc. (NASDAQ:MCHP) rating on Friday, September 30. Mizuho has “Neutral” rating and $67 price target. The rating was upgraded by Needham on Friday, January 15 to “Buy”. Citigroup maintained the stock with “Buy” rating in Tuesday, August 9 report. The stock of Microchip Technology Inc. (NASDAQ:MCHP) has “Buy” rating given on Tuesday, May 17 by CLSA. The stock of Microchip Technology Inc. (NASDAQ:MCHP) has “Buy” rating given on Monday, January 18 by Needham. The rating was downgraded by Drexel Hamilton to “Buy” on Monday, August 24. The stock of Microchip Technology Inc. (NASDAQ:MCHP) has “Buy” rating given on Tuesday, August 9 by Jefferies. Jefferies maintained Microchip Technology Inc. (NASDAQ:MCHP) on Wednesday, August 5 with “Buy” rating.

The stock increased 0.20% or $0.13 during the last trading session, hitting $66.03. Microchip Technology Inc. (NASDAQ:MCHP) has risen 31.17% since April 27, 2016 and is uptrending. It has outperformed by 25.94% 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 $174.44M for 20.38 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.

Insitutional Activity: The institutional sentiment decreased to 0.93 in 2016 Q2. Its down 0.64, from 1.57 in 2016Q1. The ratio worsened, 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.

The Tennessee-based Pinnacle Fincl Partners has invested 0.33% in Microchip Technology Inc. (NASDAQ:MCHP). Engineers Gate Manager Ltd Partnership last reported 7,306 shares in the company. M&T Bank Corp reported 436,007 shares or 0.15% of all its holdings. Calvert Investment Mngmt accumulated 0.03% or 11,576 shares. Advantus accumulated 0.03% or 21,068 shares. Thompson Siegel & Walmsley Ltd Liability Corporation holds 0% or 846 shares in its portfolio. Ccm Investment Advisers Lc accumulated 6,350 shares or 0.03% of the stock. Caisse De Depot Et Placement Du Quebec holds 0.01% or 79,800 shares in its portfolio. The Massachusetts-based Cadence Capital Management Ltd Liability has invested 0.09% in Microchip Technology Inc. (NASDAQ:MCHP). First Interstate Savings Bank reported 1,411 shares or 0.01% of all its holdings. Spf Beheer Bv accumulated 1.30M shares or 3.41% of the stock. Massachusetts Financial Ser Ma last reported 8.58M shares in the company. The Maryland-based First United Bancorporation Trust has invested 0.74% in Microchip Technology Inc. (NASDAQ:MCHP). Shelton has invested 0.02% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP). Raymond James Assoc last reported 1.36 million shares in the company.

Insider Transactions: Since May 31, 2016, the stock had 0 insider purchases, and 15 sales for $14.94 million net activity. $185,776 worth of shares were sold by SIMONCIC RICHARD J on Monday, August 22. On Monday, August 22 the insider Bjornholt James Eric sold $149,998. DREHOBL STEPHEN V sold 4,454 shares worth $271,471. On Thursday, November 17 SANGHI STEVE sold $1.88M worth of the stock or 28,693 shares. $90,751 worth of shares were sold by MEYERCORD WADE F on Friday, August 12. On Monday, August 22 the insider LITTLE MITCHELL R sold $185,227. The insider MOORTHY GANESH sold $516,905.

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its clients for a range of embedded control applications. The company has a market cap of $14.22 billion. The Firm operates through two divisions: semiconductor products and technology licensing. It has a 283.79 P/E ratio. In the semiconductor products segment, the Company designs, develops, makes and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

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.”

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.

Another recent and important Microchip Technology Inc. (NASDAQ:MCHP) news was published by Forbes.com which published an article titled: “Mattel Becomes #1 Most Shorted Nasdaq 100 Component, Replacing Microchip …” on November 28, 2016.

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