Shares of Microchip Technology Incorporated (NASDAQ: MCHP) have been given a consensus rating of “Buy” by the twenty rating companies that currently cover the company, Marketbeat.com reports. Six investment analysts rated the stock with a hold recommendation, twelve gave the company a buy recommendation and one gave the company a strong buy recommendation. The 12-month average price target among brokerages that have reported on the stock over the past year is $97.66.
A number of research analysts have recently commented on MCHP’s actions. Jefferies Financial Group raised its price target on Microchip Technology from $98.00 to $109.00 and gave the stock a “buy” rating in a Wednesday, Dec. 1, report. Mizuho raised its price target on Microchip Technology from $81.50 to $85.00 and gave the stock a “neutral” rating in a Friday, November 5 report. Credit Suisse Group raised its price target on Microchip Technology from $100.00 to $120.00 and gave the stock an “outperform” rating in a Friday, Nov. 5, report. UBS Group began covering Microchip technology in a report on Wednesday, October 13. They set a “neutral” rating on the stock. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a price target of $119.00 on shares of Microchip Technology in a Tuesday, Nov. 9, report.
In other Microchip Technology news, insider Steve Sanghi sold 41,510 shares of the company in a trade on Thursday, December 16. The stock was sold at an average price of $87.14, for a total value of $3,617,181.40. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Additionally, director Matthew W. Chapman sold 1,000 shares of the company in a trade on Monday, November 22. The shares were sold at an average price of $82.75, for a total value of $82,750.00. The disclosure of this sale can be found here. In the past three months, insiders have sold 235,490 shares of the company worth $20,028,438. Company insiders own 2.03% of the company’s shares.
A number of institutional investors have recently changed their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Microchip Technology shares by 16.6% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 49,843 shares of the semiconductor company worth $7,463,000 after buying 7,087 more shares last quarter. O Shaughnessy Asset Management LLC increased its position in Microchip Technology shares by 13.8% during the second quarter. O Shaughnessy Asset Management LLC now owns 1,941 shares of the semiconductor company worth $291,000 after buying 236 more shares last quarter. Ethic Inc. increased its position in Microchip Technology shares by 14.0% during the second quarter. Ethic Inc. now owns 2,650 shares of the semiconductor company worth $397,000 after buying 325 more shares last quarter. Edgestream Partners LP bought a new stock position in Microchip Technology during Q2 worth $315,000. Finally, Mercer Global Advisors Inc. ADV increased its position in Microchip Technology shares by 6.0% during the second quarter. Mercer Global Advisors Inc. ADV now owns 7,050 shares of the semiconductor company worth $1,056,000 after buying 402 more shares last quarter. 44.42% of the shares are currently held by institutional investors.
The NASDAQ MCHP opened at $84.29 on Friday. The stock’s 50-day moving average is $84.87 and its 200-day moving average is $86.99. The company has a current ratio of 1.92, a quick ratio of 1.28 and a debt ratio of 1.44. Microchip Technology has a 12 month low of $64.53 and a 12 month high of $90.00. The stock has a market capitalization of $46.77 billion, a PE ratio of 73.62, a P/E/G ratio of 1.08 and a beta of 1.54.
Microchip Technology Inc (NASDAQ:MCHP) last released its quarterly results on Thursday, November 4. The semiconductor company reported EPS of $1.07 for the quarter, beating the Zacks consensus estimate of $1.06 by $0.01. Microchip Technology achieved a return on equity of 35.06% and a net margin of 10.72%. The company posted revenue of $1.65 billion for the quarter, versus $1.65 billion expected by analysts. During the same period of the previous year, the company achieved EPS of $0.69. The company’s revenues increased by 26.0% compared to the same quarter last year. On average, analysts expect Microchip Technology to post EPS of 4.06 for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 3. Shareholders of record on Friday, November 19 received a dividend of $0.232 per share. The ex-dividend date was Thursday, November 18. This represents an annualized dividend of $0.93 and a dividend yield of 1.10%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.22. Microchip Technology’s payout ratio is currently 81.22%.
About microchip technology
Microchip Technology, Inc is engaged in providing semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments. The Semiconductor Products segment is engaged in the design, development, manufacture and marketing of microcontrollers, development tools and analog, interface, mixed-signal, connectivity and synchronization products. .
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