Microchip Technology Inc. (NASDAQ:MCHP) has been given an average recommendation of “Buy” by the twenty-one analysts that are currently covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation, sixteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $103.99.
MCHP has been the topic of a number of analyst reports. SunTrust Banks upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $130.00 price target on shares of Microchip Technology in a report on Friday, March 2nd. Bank of America reduced their price target on shares of Microchip Technology from $120.00 to $110.00 and set a “buy” rating on the stock in a report on Wednesday, February 7th. Morgan Stanley lifted their price target on shares of Microchip Technology from $97.00 to $99.00 and gave the company an “equal weight” rating in a report on Wednesday, December 13th. Finally, Stifel Nicolaus reiterated an “average” rating and issued a $112.00 price target on shares of Microchip Technology in a report on Tuesday, March 6th.
In related news, CEO Steve Sanghi sold 20,124 shares of the company’s stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $94.80, for a total transaction of $1,907,755.20. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Esther Johnson sold 2,275 shares of the company’s stock in a transaction dated Wednesday, March 14th. The shares were sold at an average price of $97.90, for a total transaction of $222,722.50. Following the transaction, the director now owns 6,081 shares in the company, valued at $595,329.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,667 shares of company stock worth $3,132,552. Insiders own 2.13% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in MCHP. Westchester Capital Management Inc. lifted its position in shares of Microchip Technology by 0.7% in the 4th quarter. Westchester Capital Management Inc. now owns 104,009 shares of the semiconductor company’s stock worth $9,140,000 after purchasing an additional 765 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Microchip Technology by 9.3% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 130,249 shares of the semiconductor company’s stock worth $11,694,000 after purchasing an additional 11,068 shares during the period. Neuberger Berman Group LLC lifted its position in shares of Microchip Technology by 0.8% in the 3rd quarter. Neuberger Berman Group LLC now owns 370,733 shares of the semiconductor company’s stock worth $33,284,000 after purchasing an additional 2,861 shares during the period. Quadrature Capital Ltd purchased a new stake in shares of Microchip Technology in the 4th quarter worth approximately $2,577,000. Finally, Pinebridge Investments L.P. purchased a new stake in shares of Microchip Technology in the 3rd quarter worth approximately $783,000.
Microchip Technology (NASDAQ:MCHP) traded up $0.65 on Friday, hitting $98.18. 2,649,590 shares of the company were exchanged, compared to its average volume of 3,520,609. 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 has a 52 week low of $71.40 and a 52 week high of $101.48. The stock has a market cap of $22,855.48, a PE ratio of 101.22, a price-to-earnings-growth ratio of 1.30 and a beta of 1.08.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.01. Microchip Technology had a net margin of 6.33% and a return on equity of 36.54%. The company had revenue of $994.10 million for the quarter, compared to analysts’ expectations of $992.10 million. During the same quarter in the previous year, the company earned $1.05 EPS. Microchip Technology’s revenue for the quarter was up 19.1% on a year-over-year basis. equities research analysts anticipate that Microchip Technology will post 5.13 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 6th. Stockholders of record on Wednesday, February 21st were issued a $0.363 dividend. The ex-dividend date of this dividend was Tuesday, February 20th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.48%. Microchip Technology’s payout ratio is 149.49%.
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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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