Microchip Technology Inc. (MCHP) CFO James Eric Bjornholt Sells 2,043 Shares
Microchip Technology Inc. (NASDAQ:MCHP) CFO James Eric Bjornholt sold 2,043 shares of the firm’s stock in a transaction on Tuesday, November 22nd. The shares were sold at an average price of $65.16, for a total value of $133,121.88. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Microchip Technology Inc. (NASDAQ:MCHP) remained flat at $66.11 on Thursday. 1,712,266 shares of the stock were exchanged. Microchip Technology Inc. has a 1-year low of $39.01 and a 1-year high of $66.12. The firm’s 50 day moving average is $61.71 and its 200-day moving average is $57.01. The stock has a market capitalization of $14.28 billion, a PE ratio of 287.43 and a beta of 1.04.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Monday, November 7th. The company reported $0.94 EPS for the quarter, topping 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 had revenue of $873.80 million for the quarter, compared to analysts’ expectations of $860.96 million. The company’s quarterly revenue was up 56.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.66 earnings per share. Analysts anticipate that Microchip Technology Inc. will post $3.62 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 5th. Stockholders of record on Monday, November 21st will be issued a dividend of $0.3605 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend is Thursday, November 17th. Microchip Technology’s dividend payout ratio is presently 720.00%.
Several equities analysts have weighed in on the company. Jefferies Group restated a “buy” rating and set a $72.00 price objective (up from $68.00) on shares of Microchip Technology in a research note on Thursday, November 10th. B. Riley restated a “buy” rating and set a $78.00 price objective on shares of Microchip Technology in a research note on Sunday, November 13th. Zacks Investment Research upgraded Microchip Technology from a “hold” rating to a “strong-buy” rating and set a $72.00 price objective on the stock in a research note on Friday, November 11th. Needham & Company LLC restated a “buy” rating and set a $75.00 price objective (up from $70.00) on shares of Microchip Technology in a research note on Tuesday, November 8th. Finally, Bank of America Corp. upgraded Microchip Technology from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a research note on Tuesday, November 8th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $64.61.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Commonwealth Bank of Australia increased its position in shares of Microchip Technology by 23.3% in the third quarter. Commonwealth Bank of Australia now owns 2,135 shares of the company’s stock worth $132,000 after buying an additional 404 shares during the last quarter. Liberty Capital Management Inc. acquired a new position in shares of Microchip Technology during the third quarter worth about $136,000. Mizuho Asset Management Co. Ltd. increased its position in shares of Microchip Technology by 118.7% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,734 shares of the company’s stock worth $139,000 after buying an additional 1,484 shares during the last quarter. Kernodle & Katon Asset Management Group LLC increased its position in shares of Microchip Technology by 3.9% in the third quarter. Kernodle & Katon Asset Management Group LLC now owns 2,357 shares of the company’s stock worth $146,000 after buying an additional 89 shares during the last quarter. Finally, Creative Planning increased its position in shares of Microchip Technology by 92.4% in the second quarter. Creative Planning now owns 3,079 shares of the company’s stock worth $156,000 after buying an additional 1,479 shares during the last quarter. 98.61% of the stock is currently 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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