Mizuho Securities Initiates Coverage on Microchip Technology to Neutral

Mizuho Securities Initiates Coverage on Microchip Technology(NASDAQ:MCHP). The shares have been rated Neutral. The rating by Mizuho Securities was issued on Sep 30, 2016.

In a different note, On Aug 9, 2016, Citigroup said it Maintains its rating on Microchip Technology. In the research note, the firm Raises the price-target to $54.00 per share. The shares have been rated ‘Buy’ by the firm. On Aug 9, 2016, Jefferies said it Maintains its rating on Microchip Technology. In the research note, the firm Raises the price-target to $56.00 per share. The shares have been rated ‘Buy’ by the firm. On Aug 9, 2016, JP Morgan said it Maintains its rating on Microchip Technology. In the research note, the firm Raises the price-target to $60.00 per share. The shares have been rated ‘Overweight’ by the firm.

Microchip Technology (MCHP) shares turned negative on Tuesdays trading session with the shares closing down -0.5 points or -0.81% at a volume of 12,82,258. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $62.2. The peak price level was also seen at $62.2 while the days lowest was $61.12. Finally the shares closed at $61.32. The 52-week high of the shares is $63.11 while the 52-week low is $39.01. According to the latest information available, the market cap of the company is $13,201 M.

Microchip Technology(MCHP) last announced its earnings results on Aug 8, 2016 for Fiscal Year 2017 and Q1.Company reported revenue of $844.00M. Analysts had an estimated revenue of $821.41M. Earnings per share were $0.84. Analysts had estimated an EPS of $0.74.

Several Insider Transactions has been reported to the SEC. On Aug 23, 2016, Richard J Simoncic (VP, Analog and Intrfc Prod Div) sold 3,048 shares at $60.95 per share price.Also, On Aug 23, 2016, Mitchell R Little (VP, WW Sales and Appns.) sold 3,039 shares at $60.95 per share price.On Aug 23, 2016, Stephen V Drehobl (VP, MCU8 Division) sold 4,454 shares at $60.95 per share price, according to the Form-4 filing with the securities and exchange commission.

Microchip Technology Incorporated develops manufactures and sells specialized semiconductor products for a range of embedded control applications. The Company operates in segments including semiconductor products and technology licensing. The Company’s product portfolio consists of general purpose and specialized 8-bit 16-bit and 32-bit microcontrollers; linear mixed-signal power management; thermal management; Radio-frequency (RF) safety security wired connectivity and wireless connectivity devices as well as serial EEPROMs Serial Flash memories Parallel Flash memories and serial Static Random Access Memory (SRAM). The Company also licenses Flash-IP solutions that are incorporated in a range of products. The Company’s products are applicable in the automotive communications computing consumer and industrial control markets.

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