NEW YORK (

TheStreet

) --

Microchip Technology

(Nasdaq:

MCHP

) hit a new 52-week high Thursday as it is currently trading at $40.66, above its previous 52-week high of $40.54 with 1.2 million shares traded as of 3:16 p.m. ET. Average volume has been 1.9 million shares over the past 30 days.

Microchip Technology has a market cap of $7.5 billion and is part of the

technology

sector and

electronics

industry. Shares are up 18.3% year to date as of the close of trading on Wednesday.

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Microchip Technology Incorporated, together with its subsidiaries, develops, manufactures, and sells semiconductor products for various embedded control applications. The company has a P/E ratio of 20.4, below the average electronics industry P/E ratio of 20.7 and above the S&P 500 P/E ratio of 16.9.

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TheStreet Ratings rates Microchip Technology as a

buy

. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, compelling growth in net income and good cash flow from operations. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook. You can view the full

Microchip Technology Ratings Report

.

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