Microchip Technology Target of Unusually High Options Trading (NASDAQ:MCHP)

Microchip Technology Inc. (NASDAQ:MCHP) was the recipient of unusually large options trading activity on Thursday. Traders purchased 13,177 put options on the stock. This is an increase of 2,854% compared to the typical volume of 446 put options.

Shares of MCHP opened at $84.10 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.63 and a debt-to-equity ratio of 1.69. Microchip Technology has a twelve month low of $60.70 and a twelve month high of $103.27. The stock has a market cap of $19.94 billion, a price-to-earnings ratio of 13.83, a P/E/G ratio of 1.11 and a beta of 1.44.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 EPS for the quarter, beating the consensus estimate of $1.40 by $0.08. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a net margin of 6.65% and a return on equity of 29.27%. The company’s quarterly revenue was up 32.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.40 earnings per share. Equities analysts anticipate that Microchip Technology will post 5.6 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 4th. Investors of record on Tuesday, May 21st were given a dividend of $0.3655 per share. The ex-dividend date was Monday, May 20th. This represents a $1.46 dividend on an annualized basis and a yield of 1.74%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.37. Microchip Technology’s dividend payout ratio (DPR) is 24.01%.

In related news, VP James Eric Bjornholt sold 2,188 shares of the stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $80.99, for a total transaction of $177,206.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.13% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in Microchip Technology during the fourth quarter worth approximately $155,541,000. Oregon Public Employees Retirement Fund raised its stake in Microchip Technology by 7,043.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,841,512 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 1,815,732 shares during the period. Partner Fund Management L.P. purchased a new position in Microchip Technology during the fourth quarter worth approximately $74,257,000. Frontier Capital Management Co. LLC purchased a new position in Microchip Technology during the first quarter worth approximately $79,283,000. Finally, TimesSquare Capital Management LLC purchased a new position in Microchip Technology during the first quarter worth approximately $44,915,000.

Several research analysts recently issued reports on MCHP shares. TheStreet raised shares of Microchip Technology from a “c+” rating to a “b-” rating in a report on Thursday, February 21st. BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Friday, March 1st. B. Riley increased their price target on shares of Microchip Technology from $105.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Rosenblatt Securities reissued a “buy” rating and set a $115.00 price target on shares of Microchip Technology in a report on Monday, May 6th. Finally, Mizuho increased their price target on shares of Microchip Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $103.61.

COPYRIGHT VIOLATION NOTICE: “Microchip Technology Target of Unusually High Options Trading (NASDAQ:MCHP)” was published by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this piece of content on another site, it was illegally stolen and reposted in violation of U.S. and international copyright and trademark law. The legal version of this piece of content can be viewed at https://www.dispatchtribunal.com/2019/06/14/microchip-technology-target-of-unusually-high-options-trading-nasdaqmchp.html.

Microchip Technology Company Profile

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.

Recommended Story: Treasury Bonds

Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.