Microchip Technology Inc. (NASDAQ:MCHP) gapped down prior to trading on Monday . The stock had previously closed at $86.04, but opened at $83.26. Microchip Technology shares last traded at $79.54, with a volume of 3849512 shares changing hands.

A number of equities research analysts have commented on the company. Zacks Investment Research downgraded Microchip Technology from a “hold” rating to a “sell” rating in a report on Tuesday, May 14th. BidaskClub downgraded Microchip Technology from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Mizuho raised their target price on Microchip Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Rosenblatt Securities reissued a “buy” rating and issued a $115.00 target price on shares of Microchip Technology in a report on Monday, May 6th. Finally, BMO Capital Markets reduced their target price on Microchip Technology from $118.00 to $110.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the company. Microchip Technology presently has a consensus rating of “Buy” and a consensus target price of $104.32.

The stock has a market cap of $19.73 billion, a price-to-earnings ratio of 13.08, a price-to-earnings-growth ratio of 1.10 and a beta of 1.31. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.93 and a quick ratio of 0.63.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.08. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter last year, the business posted $1.40 earnings per share. The business’s revenue for the quarter was up 32.6% on a year-over-year basis. Analysts forecast that Microchip Technology Inc. will post 5.61 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 4th. Stockholders of record on Tuesday, May 21st will be given a $0.3655 dividend. The ex-dividend date of this dividend is Monday, May 20th. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.84%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.37. Microchip Technology’s dividend payout ratio (DPR) is currently 24.01%.

In related news, VP James Eric Bjornholt sold 2,356 shares of Microchip Technology stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $89.24, for a total transaction of $210,249.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director L B. Day sold 3,500 shares of Microchip Technology stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $84.82, for a total value of $296,870.00. Following the sale, the director now owns 9,238 shares of the company’s stock, valued at approximately $783,567.16. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. City Holding Co. increased its position in Microchip Technology by 1.9% during the 1st quarter. City Holding Co. now owns 43,610 shares of the semiconductor company’s stock worth $3,618,000 after purchasing an additional 801 shares in the last quarter. Norway Savings Bank increased its position in Microchip Technology by 22.3% during the 1st quarter. Norway Savings Bank now owns 17,150 shares of the semiconductor company’s stock worth $1,423,000 after purchasing an additional 3,125 shares in the last quarter. JOYN Advisors Inc. increased its position in Microchip Technology by 323.6% during the 4th quarter. JOYN Advisors Inc. now owns 610 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 466 shares in the last quarter. Enlightenment Research LLC increased its position in Microchip Technology by 316.7% during the 1st quarter. Enlightenment Research LLC now owns 2,500 shares of the semiconductor company’s stock worth $207,000 after purchasing an additional 1,900 shares in the last quarter. Finally, Sciencast Management LP purchased a new stake in Microchip Technology during the 1st quarter worth about $1,294,000.

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About Microchip Technology (NASDAQ:MCHP)

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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