Microchip Technology (NASDAQ:MCHP) Downgraded by BidaskClub
Several other brokerages have also recently weighed in on MCHP. ValuEngine raised shares of Microchip Technology from a sell rating to a hold rating in a research note on Monday, November 4th. Cfra set a $100.00 price objective on shares of Microchip Technology and gave the stock a hold rating in a research note on Saturday, September 7th. Raymond James raised shares of Microchip Technology from a market perform rating to a strong-buy rating and set a $115.00 price objective on the stock in a research note on Wednesday, October 30th. Cowen decreased their price objective on shares of Microchip Technology from $90.00 to $89.00 and set a market perform rating on the stock in a research note on Wednesday, November 6th. Finally, Wells Fargo & Co decreased their price objective on shares of Microchip Technology from $115.00 to $110.00 and set an outperform rating on the stock in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Microchip Technology has an average rating of Buy and a consensus target price of $105.66.
NASDAQ:MCHP traded up $0.21 during mid-day trading on Friday, hitting $92.64. The company’s stock had a trading volume of 2,362,900 shares, compared to its average volume of 2,543,449. Microchip Technology has a fifty-two week low of $65.67 and a fifty-two week high of $101.57. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 1.57. The company has a market capitalization of $22.61 billion, a price-to-earnings ratio of 15.24, a P/E/G ratio of 2.17 and a beta of 1.44. The stock has a fifty day moving average of $94.66 and a 200-day moving average of $90.02.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Thursday, November 21st will be paid a dividend of $0.366 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.46 annualized dividend and a yield of 1.58%. Microchip Technology’s dividend payout ratio is 24.01%.
In other news, CFO James Eric Bjornholt sold 1,937 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total transaction of $171,618.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Richard J. Simoncic sold 3,437 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total transaction of $304,518.20. Following the sale, the vice president now directly owns 18,178 shares in the company, valued at $1,610,570.80. The disclosure for this sale can be found here. 2.21% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Eagle Asset Management Inc. boosted its stake in Microchip Technology by 0.8% in the second quarter. Eagle Asset Management Inc. now owns 931,384 shares of the semiconductor company’s stock valued at $80,750,000 after acquiring an additional 7,696 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Microchip Technology by 16.0% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 46,992 shares of the semiconductor company’s stock valued at $4,074,000 after acquiring an additional 6,480 shares during the last quarter. IFG Advisory LLC bought a new position in Microchip Technology in the second quarter valued at approximately $204,000. Bremer Bank National Association boosted its stake in Microchip Technology by 8.8% in the third quarter. Bremer Bank National Association now owns 14,674 shares of the semiconductor company’s stock valued at $1,363,000 after acquiring an additional 1,189 shares during the last quarter. Finally, Cibc World Markets Corp boosted its stake in Microchip Technology by 20.5% in the second quarter. Cibc World Markets Corp now owns 69,199 shares of the semiconductor company’s stock valued at $6,000,000 after acquiring an additional 11,760 shares during the last quarter.
About Microchip Technology
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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