Morgan Stanley Boosts Microchip Technology (MCHP) Price Target to $99.00
Microchip Technology (NASDAQ:MCHP) had its target price upped by Morgan Stanley from $97.00 to $99.00 in a report released on Wednesday morning. Morgan Stanley currently has an equal weight rating on the semiconductor company’s stock.
Other analysts also recently issued research reports about the company. Needham & Company LLC reissued a buy rating and set a $120.00 target price on shares of Microchip Technology in a research note on Tuesday, September 19th. Credit Suisse Group reissued an outperform rating and set a $110.00 target price (up previously from $95.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. J P Morgan Chase & Co reissued an overweight rating and set a $120.00 target price on shares of Microchip Technology in a research note on Tuesday, November 7th. Zacks Investment Research downgraded Microchip Technology from a buy rating to a hold rating in a research note on Monday, October 23rd. Finally, ValuEngine downgraded Microchip Technology from a buy rating to a hold rating in a research note on Wednesday, November 15th. Five equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Microchip Technology has an average rating of Buy and a consensus target price of $99.71.
Microchip Technology (NASDAQ:MCHP) traded up $1.28 during midday trading on Wednesday, hitting $86.75. The stock had a trading volume of 3,027,840 shares, compared to its average volume of 2,026,036. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.33 and a quick ratio of 2.71. Microchip Technology has a 1 year low of $62.21 and a 1 year high of $95.92. The company has a market capitalization of $19,991.90, a P/E ratio of 18.11, a P/E/G ratio of 1.37 and a beta of 1.00.
The company also recently declared a quarterly dividend, which was paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st were issued a dividend of $0.3625 per share. This represents a $1.45 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend was Monday, November 20th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio (DPR) is currently 58.00%.
In other Microchip Technology news, CFO James Eric Bjornholt sold 1,801 shares of the firm’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $165,079.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Stephen V. Drehobl sold 2,852 shares of the firm’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $261,414.32. Following the transaction, the vice president now owns 15,767 shares of the company’s stock, valued at approximately $1,445,203.22. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parametric Portfolio Associates LLC grew its holdings in Microchip Technology by 11.3% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 943,194 shares of the semiconductor company’s stock valued at $84,680,000 after buying an additional 96,065 shares in the last quarter. Optimum Investment Advisors purchased a new position in shares of Microchip Technology in the 3rd quarter worth approximately $518,000. Moors & Cabot Inc. boosted its holdings in shares of Microchip Technology by 14.7% in the 3rd quarter. Moors & Cabot Inc. now owns 9,403 shares of the semiconductor company’s stock worth $843,000 after purchasing an additional 1,208 shares during the period. IFM Investors Pty Ltd purchased a new position in shares of Microchip Technology in the 3rd quarter worth approximately $591,000. Finally, Yellowstone Partners LLC purchased a new position in shares of Microchip Technology in the 3rd quarter worth approximately $207,000.
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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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