Shares of Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) have earned an average recommendation of “Moderate Buy” from the twenty-three research firms that are presently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation, seventeen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $89.73.
Several brokerages have recently issued reports on MCHP. Mizuho lifted their price objective on Microchip Technology from $72.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, August 3rd. Bank of America decreased their target price on Microchip Technology from $85.00 to $74.00 and set a “buy” rating on the stock in a research report on Wednesday, June 29th. Stifel Nicolaus raised Microchip Technology from a “hold” rating to a “buy” rating and upped their target price for the stock from $70.00 to $75.00 in a research report on Tuesday, June 28th. StockNews.com raised Microchip Technology from a “hold” rating to a “buy” rating in a research report on Tuesday, May 17th. Finally, Cowen lifted their target price on Microchip Technology from $60.00 to $72.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 3rd.
Microchip Technology Award Performance
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NASDAQ MCHP opened at $65.96 on Friday. Microchip Technology has a fifty-two week low of $54.33 and a fifty-two week high of $90.00. The stock’s 50-day moving average is $64.89, and its two-hundred-day moving average is $67.87. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.78, and a quick ratio of 1.17. The firm has a market cap of $36.44 billion, a P/E ratio of 24.25, a price-to-earnings-growth ratio of 0.87 and a beta of 1.62.
Microchip Technology (NASDAQ:MCHP – Get Rating ) last issued its quarterly earnings results on Tuesday, August 2nd. The semiconductor company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.10. Microchip Technology had a return on equity of 44.90% and a net margin of 21.34%. During the same period a year ago, the company earned $0.88 EPS. On average, analysts anticipate that Microchip Technology will post 5.38 earnings per share for the current fiscal year.
Microchip technology raises the dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 2nd. Shareholders of record on Friday, August 19th will be paid a $0.301 dividend. The ex-dividend date is Thursday, August 18th. This represents a dividend of $1.20 on an annualized basis and a dividend yield of 1.83%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.28. Microchip Technology’s payout ratio is 44.12%.
In other news, Director Matthew W. Chapman sold 1,000 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $68.21, for a total value of $68,210.00. Following the completion of the transaction, the director now owns 37,682 shares in the company, valued at $2,570,289.22. The transaction was disclosed in a filing with the Securities and Exchange Commission, which is accessible through this link. In related news, CFO James Eric Bjornholt sold 2,379 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $68.21, for a total value of $162,271.59. Following the completion of the transaction, the chief financial officer now owns 35,333 shares in the company, valued at approximately $2,410,063.93. The transaction was disclosed in a filing with the Securities and Exchange Commission, which is accessible through the SEC’s website. Also, Director Matthew W. Chapman sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $68.21, for a total transaction of $68,210.00. Following the completion of the transaction, the director now owns 37,682 shares of the company’s stock, valued at approximately $2,570,289.22. Disclosure for this sale can be found here. 2.00% of shares are currently owned by corporate insiders.
Institutional inflows and outflows
Several institutional investors have recently bought and sold shares of MCHP. Dodge & Cox boosted its position in shares of Microchip Technology by 87.3% during the 4th quarter. Dodge & Cox now owns 29,539,169 shares of the semiconductor company’s stock valued at $2,571,680,000 after purchasing an additional 13,768,272 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Microchip Technology by 107.9% during the fourth quarter. Geode Capital Management LLC now owns 10,352,013 shares of the semiconductor company’s stock valued at $898,949,000 after buying an additional 5,373,594 shares during the last quarter. Norges Bank bought a new stake in shares of Microchip Technology during the 4th quarter valued at $462,517,000. Principal Financial Group Inc. raised its position in shares of Microchip Technology by 95.7% during the fourth quarter. Principal Financial Group Inc. now owns 10,618,059 shares of the semiconductor company’s stock valued at $934,445,000 after buying an additional 5,193,267 shares during the last quarter. Finally, Boston Partners bought a new stake in shares of Microchip Technology during the first quarter valued at $309,618,000. Institutional investors own 89.36% of the company’s shares.
About Microchip Technology
Microchip Technology Incorporated develops, manufactures and sells intelligent, connected and secure integrated control solutions in the Americas, Europe and Asia. The company offers 8-bit, 16-bit, and 32-bit general-purpose microcontrollers; 32-bit embedded microprocessor markets; and specialized microcontrollers for automotive, industrial, computer, communications, lighting, power supplies, motor control, human machine interface, security, wired and wireless applications.
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