Is Microchip Technology (MCHP) Outperforming Other Computer and Technology Stocks This Year?
Investors focused on the Computer and Technology space have likely heard of Microchip Technology (MCHP), but is the stock performing well in comparison to the rest of its sector peers? Let's take a closer look at the stock's year-to-date performance to find out.
Microchip Technology is a member of our Computer and Technology group, which includes 632 different companies and currently sits at #9 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. MCHP is currently sporting a Zacks Rank of #2 (Buy).
Over the past three months, the Zacks Consensus Estimate for MCHP's full-year earnings has moved 7.67% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the most recent data, MCHP has returned 3.45% so far this year. Meanwhile, the Computer and Technology sector has returned an average of -1.57% on a year-to-date basis. This shows that Microchip Technology is outperforming its peers so far this year.
Looking more specifically, MCHP belongs to the Semiconductor - Analog and Mixed industry, which includes 12 individual stocks and currently sits at #61 in the Zacks Industry Rank. Stocks in this group have gained about 2.55% so far this year, so MCHP is performing better this group in terms of year-to-date returns.
Investors with an interest in Computer and Technology stocks should continue to track MCHP. The stock will be looking to continue its solid performance.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Microchip Technology Incorporated (MCHP) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
