Investors sold shares of Microchip Technology Inc. (NASDAQ:MCHP) on strength during trading on Tuesday. $51.70 million flowed into the stock on the tick-up and $86.77 million flowed out of the stock on the tick-down, for a money net flow of $35.07 million out of the stock. Of all equities tracked, Microchip Technology had the 14th highest net out-flow for the day. Microchip Technology traded up $1.81 for the day and closed at $84.86
A number of equities research analysts have recently commented on MCHP shares. Zacks Investment Research upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a report on Friday, November 10th. Jefferies Group increased their price target on shares of Microchip Technology from $106.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, November 7th. B. Riley reiterated a “buy” rating and set a $123.00 price target (up previously from $120.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Stifel Nicolaus reiterated a “buy” rating and set a $100.00 price target (up previously from $94.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Finally, BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Friday, January 26th. Five investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $102.35.
The firm has a market capitalization of $19,550.00, a PE ratio of 23.38, a price-to-earnings-growth ratio of 1.12 and a beta of 1.05. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.33 and a current ratio of 2.98.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.01. The company had revenue of $994.10 million for the quarter, compared to the consensus estimate of $992.10 million. Microchip Technology had a net margin of 6.33% and a return on equity of 36.54%. The firm’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.05 earnings per share. research analysts forecast that Microchip Technology Inc. will post 5.13 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 6th. Investors of record on Wednesday, February 21st will be given a dividend of $0.363 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Tuesday, February 20th. This represents a $1.45 dividend on an annualized basis and a yield of 1.71%. Microchip Technology’s dividend payout ratio is 39.94%.
In other Microchip Technology news, VP Stephen V. Drehobl sold 2,852 shares of the 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 directly owns 15,767 shares in the company, valued at $1,445,203.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 1,801 shares of the 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 disclosure for this sale can be found here. 2.13% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MCHP. Zions Bancorporation raised its position in Microchip Technology by 215.5% in the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock worth $110,000 after acquiring an additional 836 shares during the period. Amica Retiree Medical Trust bought a new position in Microchip Technology in the third quarter worth approximately $121,000. Valeo Financial Advisors LLC bought a new position in Microchip Technology in the third quarter worth approximately $146,000. Benjamin F. Edwards & Company Inc. raised its position in Microchip Technology by 608.4% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock worth $189,000 after acquiring an additional 1,807 shares during the period. Finally, Twin Tree Management LP raised its position in Microchip Technology by 126.2% in the fourth quarter. Twin Tree Management LP now owns 2,210 shares of the semiconductor company’s stock worth $194,000 after acquiring an additional 10,646 shares during the period.
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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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