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.
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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.
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