Microchip Technology Inc. (MCHP) Now Covered by Analysts at Mizuho
Other equities research analysts have also issued reports about the company. B. Riley reissued a buy rating and set a $74.00 price target on shares of Microchip Technology in a research report on Sunday, August 14th. Citigroup Inc. upped their price objective on Microchip Technology from $54.00 to $64.00 and gave the stock a buy rating in a research note on Tuesday, August 9th. Credit Suisse Group AG restated a buy rating and set a $67.00 price objective on shares of Microchip Technology in a research note on Tuesday, August 9th. Needham & Company LLC upped their price objective on Microchip Technology from $60.00 to $70.00 and gave the stock a buy rating in a research note on Tuesday, August 9th. Finally, JPMorgan Chase & Co. upped their price objective on Microchip Technology from $60.00 to $68.00 and gave the stock an overweight rating in a research note on Tuesday, August 9th. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $59.82.
Shares of Microchip Technology (NASDAQ:MCHP) traded up 0.35% during mid-day trading on Friday, reaching $62.36. 213,765 shares of the company’s stock traded hands. The firm has a market cap of $13.43 billion, a price-to-earnings ratio of 168.09 and a beta of 1.11. The firm’s 50-day moving average is $61.01 and its 200 day moving average is $53.49. Microchip Technology has a one year low of $39.01 and a one year high of $63.11.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, August 8th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.10. The business had revenue of $799.40 million for the quarter, compared to analyst estimates of $821.41 million. Microchip Technology had a return on equity of 24.87% and a net margin of 3.28%. The business’s revenue was up 58.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.69 EPS. Analysts predict that Microchip Technology will post $3.41 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 6th. Stockholders of record on Monday, August 22nd were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 2.32%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date was Thursday, August 18th. Microchip Technology’s dividend payout ratio is currently 400.00%.
In other news, CEO Steve Sanghi sold 60,129 shares of the company’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $60.58, for a total transaction of $3,642,614.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Richard J. Simoncic sold 20,000 shares of the company’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $60.47, for a total value of $1,209,400.00. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.
Several large investors have recently made changes to their positions in MCHP. IFP Advisors Inc increased its stake in shares of Microchip Technology by 67.8% in the first quarter. IFP Advisors Inc now owns 3,422 shares of the company’s stock valued at $165,000 after buying an additional 1,383 shares in the last quarter. Pacad Investment Ltd. bought a new stake in shares of Microchip Technology during the first quarter valued at approximately $1,365,000. Prudential Financial Inc. increased its stake in shares of Microchip Technology by 0.4% in the first quarter. Prudential Financial Inc. now owns 253,070 shares of the company’s stock valued at $12,197,000 after buying an additional 900 shares in the last quarter. RMB Capital Management LLC increased its stake in shares of Microchip Technology by 13.7% in the first quarter. RMB Capital Management LLC now owns 236,137 shares of the company’s stock valued at $11,382,000 after buying an additional 28,533 shares in the last quarter. Finally, Willingdon Wealth Management bought a new stake in shares of Microchip Technology during the first quarter valued at approximately $1,679,000. 99.08% of the stock is owned by institutional investors and hedge funds.
About Microchip Technology
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.
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