Microchip Technology Inc. (MCHP) VP Stephen V. Drehobl Sells 3,494 Shares of Stock
Microchip Technology Inc. (NASDAQ:MCHP) VP Stephen V. Drehobl sold 3,494 shares of the stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $65.16, for a total value of $227,669.04. Following the completion of the sale, the vice president now directly owns 13,710 shares of the company’s stock, valued at approximately $893,343.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
Microchip Technology Inc. (NASDAQ:MCHP) remained flat at $66.11 on Thursday. 1,712,266 shares of the stock were exchanged. The stock has a 50-day moving average of $61.71 and a 200 day moving average of $57.01. The stock has a market cap of $14.28 billion, a price-to-earnings ratio of 287.43 and a beta of 1.04. Microchip Technology Inc. has a 12-month low of $39.01 and a 12-month high of $66.12.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, November 7th. The company reported $0.94 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 had revenue of $873.80 million for the quarter, compared to analysts’ expectations of $860.96 million. During the same quarter in the prior year, the firm earned $0.66 EPS. The business’s revenue for the quarter was up 56.2% compared to the same quarter last year. On average, equities analysts expect that Microchip Technology Inc. will post $3.62 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 5th. Stockholders of record on Monday, November 21st will be given a dividend of $0.3605 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date is Thursday, November 17th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is currently 720.00%.
Several hedge funds and other institutional investors have recently modified their holdings of MCHP. Commonwealth Bank of Australia boosted 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 in the last quarter. Liberty Capital Management Inc. purchased a new position in shares of Microchip Technology during the third quarter worth approximately $136,000. Mizuho Asset Management Co. Ltd. boosted 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 in the last quarter. Kernodle & Katon Asset Management Group LLC boosted 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 in the last quarter. Finally, Creative Planning boosted 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 in the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have issued reports on the company. B. Riley reaffirmed a “buy” rating and set a $78.00 price target on shares of Microchip Technology in a report on Tuesday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 price target (up previously from $70.00) on shares of Microchip Technology in a report on Tuesday, November 8th. Bank of America Corp. raised Microchip Technology from a “neutral” rating to a “buy” rating and set a $75.00 price target for the company in a report on Tuesday, November 8th. Jefferies Group raised their price target on Microchip Technology from $56.00 to $68.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. Finally, Pacific Crest reaffirmed a “hold” rating on shares of Microchip Technology in a report on Tuesday, November 8th. Four investment 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. The stock currently has an average rating of “Buy” and an average price target of $64.61.
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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