Microchip Technology Inc. (MCHP) CEO Steve Sanghi Sells 28,693 Shares
Microchip Technology Inc. (NASDAQ:MCHP) CEO Steve Sanghi sold 28,693 shares of the firm’s stock in a transaction dated Thursday, November 17th. The shares were sold at an average price of $65.41, for a total value of $1,876,809.13. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
Steve Sanghi also recently made the following trade(s):
- On Wednesday, November 9th, Steve Sanghi sold 26,308 shares of Microchip Technology stock. The shares were sold at an average price of $64.20, for a total value of $1,688,973.60.
Shares of Microchip Technology Inc. (NASDAQ:MCHP) traded down 1.34% on Friday, hitting $64.57. The stock had a trading volume of 3,068,344 shares. The stock has a market capitalization of $13.90 billion, a PE ratio of 174.04 and a beta of 1.04. Microchip Technology Inc. has a one year low of $39.01 and a one year high of $65.90. The firm’s 50 day moving average is $61.31 and its 200-day moving average is $56.47.
Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Monday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.07. Microchip Technology had a return on equity of 27.29% and a net margin of 1.77%. The firm earned $873.80 million during the quarter, compared to analysts’ expectations of $860.96 million. During the same period in the previous year, the firm earned $0.66 earnings per share. The company’s revenue was up 56.2% on a year-over-year basis. Equities research analysts expect that Microchip Technology Inc. will post $3.62 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 5th. Shareholders of record on Monday, November 21st will be paid a $0.3605 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.23%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, November 17th. Microchip Technology’s payout ratio is presently 720.00%.
MCHP has been the subject of several analyst reports. B. Riley reaffirmed a “buy” rating and set a $74.00 target price on shares of Microchip Technology in a report on Tuesday, August 9th. Zacks Investment Research raised Microchip Technology from a “hold” rating to a “strong-buy” rating and set a $72.00 target price for the company in a report on Friday, November 11th. Mizuho reaffirmed a “neutral” rating and set a $67.00 target price on shares of Microchip Technology in a report on Tuesday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 target price (up from $70.00) on shares of Microchip Technology in a report on Tuesday, November 8th. Finally, Bank of America Corp. raised Microchip Technology from a “neutral” rating to a “buy” rating and set a $75.00 target price for the company in a report on Tuesday, November 8th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $64.61.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its stake in shares of Microchip Technology by 19.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 20,786,371 shares of the company’s stock worth $1,291,665,000 after buying an additional 3,405,285 shares during the period. Vanguard Group Inc. raised its stake in shares of Microchip Technology by 8.3% in the second quarter. Vanguard Group Inc. now owns 20,394,628 shares of the company’s stock worth $1,035,230,000 after buying an additional 1,558,859 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in shares of Microchip Technology by 1.5% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 5,491,575 shares of the company’s stock worth $341,246,000 after buying an additional 78,866 shares during the period. Aristotle Capital Management LLC raised its stake in shares of Microchip Technology by 256.5% in the second quarter. Aristotle Capital Management LLC now owns 4,433,716 shares of the company’s stock worth $225,055,000 after buying an additional 3,189,879 shares during the period. Finally, Edge Asset Management Inc. raised its stake in shares of Microchip Technology by 2.8% in the second quarter. Edge Asset Management Inc. now owns 4,158,704 shares of the company’s stock worth $211,095,000 after buying an additional 113,642 shares during the period. 99.96% of the stock is owned by hedge funds and other institutional investors.
Microchip Technology Company Profile
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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