Microchip Technology Inc. (MCHP) Given Consensus Recommendation of “Buy” by Analysts

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.

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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.

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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