Microchip Technology Inc. (MCHP) Short Interest Down 13.7% in October
Microchip Technology Inc. (NASDAQ:MCHP) was the recipient of a significant decline in short interest in October. As of October 31st, there was short interest totalling 18,261,196 shares, a decline of 13.7% from the October 14th total of 21,149,217 shares. Approximately 8.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,646,542 shares, the short-interest ratio is presently 11.1 days.
In other Microchip Technology news, CEO Steve Sanghi sold 26,308 shares of the business’s stock in a transaction dated Wednesday, November 9th. The shares were sold at an average price of $64.20, for a total value of $1,688,973.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Stephen V. Drehobl sold 4,454 shares of the business’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $60.95, for a total transaction of $271,471.30. Following the completion of the transaction, the vice president now directly owns 13,622 shares of the company’s stock, valued at $830,260.90. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Davis R M Inc. raised its position in shares of Microchip Technology by 1.1% in the second quarter. Davis R M Inc. now owns 584,802 shares of the company’s stock worth $29,685,000 after buying an additional 6,418 shares during the period. Fenimore Asset Management Inc. raised its position in shares of Microchip Technology by 0.9% in the third quarter. Fenimore Asset Management Inc. now owns 901,115 shares of the company’s stock worth $55,995,000 after buying an additional 7,850 shares during the period. Legal & General Group Plc raised its position in shares of Microchip Technology by 0.8% in the first quarter. Legal & General Group Plc now owns 913,454 shares of the company’s stock worth $44,030,000 after buying an additional 7,332 shares during the period. RNC Capital Management LLC raised its position in shares of Microchip Technology by 1.0% in the second quarter. RNC Capital Management LLC now owns 372,870 shares of the company’s stock worth $18,927,000 after buying an additional 3,760 shares during the period. Finally, LPL Financial LLC raised its position in shares of Microchip Technology by 9.9% in the first quarter. LPL Financial LLC now owns 127,968 shares of the company’s stock worth $6,225,000 after buying an additional 11,556 shares during the period.
MCHP has been the subject of a number of research analyst reports. Mizuho initiated coverage on shares of Microchip Technology in a research note on Friday, September 30th. They issued a “neutral” rating and a $67.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $75.00 target price (up from $70.00) on shares of Microchip Technology in a research note on Tuesday. Bank of America Corp. raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and set a $75.00 target price for the company in a research note on Tuesday. Stifel Nicolaus boosted their target price on shares of Microchip Technology from $60.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Finally, Goldman Sachs Group Inc. raised shares of Microchip Technology from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $49.00 to $57.00 in a research note on Friday, November 4th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $64.61.
Microchip Technology (NASDAQ:MCHP) opened at 63.15 on Friday. Microchip Technology has a 12-month low of $39.01 and a 12-month high of $65.61. The stock has a 50 day moving average of $60.88 and a 200 day moving average of $56.04. The firm has a market cap of $13.61 billion, a PE ratio of 274.57 and a beta of 1.04.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, November 7th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.07. Microchip Technology had a net margin of 1.77% and a return on equity of 27.29%. The company had revenue of $873.80 million for the quarter, compared to the consensus estimate of $860.96 million. During the same period last year, the company posted $0.66 EPS. The firm’s quarterly revenue was up 56.2% compared to the same quarter last year. On average, equities research analysts anticipate that Microchip Technology will post $3.42 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 5th. Investors of record on Monday, November 21st will be issued a $0.3605 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date is Thursday, November 17th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio (DPR) is 720.00%.
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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