Microchip Technology (NASDAQ:MCHP) had its price objective upped by SunTrust Banks from $104.00 to $106.00 in a report published on Wednesday, The Fly reports. The brokerage currently has a buy rating on the semiconductor company’s stock.
A number of other analysts have also commented on MCHP. Cowen decreased their price target on shares of Microchip Technology from $90.00 to $89.00 and set a market perform rating for the company in a research note on Wednesday, November 6th. Rosenblatt Securities reaffirmed a buy rating and issued a $115.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. Cfra set a $100.00 price objective on shares of Microchip Technology and gave the company a hold rating in a research note on Saturday, September 7th. B. Riley set a $120.00 target price on shares of Microchip Technology and gave the stock a buy rating in a research report on Wednesday, September 4th. Finally, Needham & Company LLC upped their target price on shares of Microchip Technology to $110.00 and gave the stock an in-line rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $105.37.
NASDAQ:MCHP traded up $0.17 on Wednesday, hitting $96.71. The stock had a trading volume of 1,810,691 shares, compared to its average volume of 2,528,019. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 1.57. Microchip Technology has a 52 week low of $65.67 and a 52 week high of $101.57. The business’s fifty day moving average is $94.81 and its 200 day moving average is $90.13. The company has a market cap of $22.59 billion, a PE ratio of 15.91, a P/E/G ratio of 2.17 and a beta of 1.42.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $1.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.13. Microchip Technology had a return on equity of 25.60% and a net margin of 7.15%. The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the previous year, the company posted $1.81 earnings per share. The company’s quarterly revenue was down 6.6% on a year-over-year basis. Equities analysts predict that Microchip Technology will post 4.77 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Thursday, November 21st will be issued a $0.366 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.46 annualized dividend and a dividend yield of 1.51%. Microchip Technology’s dividend payout ratio is currently 24.18%.
In other news, CFO James Eric Bjornholt sold 1,958 shares of Microchip Technology stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $91.15, for a total transaction of $178,471.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Richard J. Simoncic sold 3,536 shares of Microchip Technology stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $91.15, for a total value of $322,306.40. Following the sale, the vice president now owns 18,452 shares in the company, valued at $1,681,899.80. The disclosure for this sale can be found here. Corporate insiders own 2.21% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of MCHP. Keeley Teton Advisors LLC purchased a new position in Microchip Technology in the third quarter valued at approximately $211,000. Maverick Capital Ltd. bought a new position in Microchip Technology during the third quarter valued at $4,496,000. Partner Investment Management L.P. increased its position in Microchip Technology by 7.3% in the third quarter. Partner Investment Management L.P. now owns 23,996 shares of the semiconductor company’s stock worth $2,229,000 after buying an additional 1,640 shares during the last quarter. Worldquant Millennium Advisors LLC purchased a new stake in Microchip Technology in the third quarter worth $2,695,000. Finally, IHT Wealth Management LLC raised its stake in Microchip Technology by 17.1% in the 3rd quarter. IHT Wealth Management LLC now owns 3,251 shares of the semiconductor company’s stock valued at $302,000 after acquiring an additional 475 shares during the period.
About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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