Needham & Company LLC reiterated their buy rating on shares of Microchip Technology Incorporated (NASDAQ:MCHP) in a research report released on Tuesday. The firm currently has a $120.00 target price on the semiconductor company’s stock.
MCHP has been the topic of a number of other research reports. Mizuho reaffirmed a neutral rating and set a $84.00 target price (up previously from $80.00) on shares of Microchip Technology in a research report on Wednesday, August 9th. BidaskClub lowered shares of Microchip Technology from a strong-buy rating to a buy rating in a research report on Tuesday, July 25th. B. Riley reaffirmed a buy rating and set a $115.00 target price on shares of Microchip Technology in a research report on Sunday, June 11th. Jefferies Group LLC reaffirmed a buy rating on shares of Microchip Technology in a research report on Monday, July 10th. Finally, Rosenblatt Securities reiterated a buy rating and set a $102.00 price target (up previously from $100.00) on shares of Microchip Technology in a research note on Tuesday, June 6th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Microchip Technology currently has a consensus rating of Buy and an average price target of $88.80.
Microchip Technology (NASDAQ MCHP) opened at 90.98 on Tuesday. The firm’s 50-day moving average is $84.85 and its 200-day moving average is $79.71. The company has a market capitalization of $21.17 billion, a P/E ratio of 49.02 and a beta of 1.04. Microchip Technology has a 1-year low of $57.52 and a 1-year high of $91.83.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The business had revenue of $972.10 million for the quarter, compared to analyst estimates of $944.87 million. During the same quarter in the previous year, the firm posted $0.84 earnings per share. Microchip Technology’s revenue was up 21.6% compared to the same quarter last year. Equities research analysts predict that Microchip Technology will post $5.27 EPS for the current year.
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The company also recently announced a quarterly dividend, which was paid on Tuesday, September 5th. Stockholders of record on Monday, August 21st were paid a $0.362 dividend. This represents a $1.45 annualized dividend and a dividend yield of 1.59%. The ex-dividend date was Thursday, August 17th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is currently 77.54%.
In other news, Director Wade F. Meyercord sold 1,300 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total value of $109,135.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO James Eric Bjornholt sold 2,453 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total transaction of $200,876.17. The disclosure for this sale can be found here. Insiders sold a total of 6,829 shares of company stock worth $561,905 in the last 90 days. 2.13% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the company. Grove Bank & Trust boosted its stake in shares of Microchip Technology by 15.8% in the 2nd quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after purchasing an additional 190 shares in the last quarter. Trust Co. of Vermont boosted its stake in shares of Microchip Technology by 9.2% in the 2nd quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after purchasing an additional 136 shares in the last quarter. Smithfield Trust Co. boosted its stake in shares of Microchip Technology by 0.4% in the 2nd quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after purchasing an additional 7 shares in the last quarter. Commonwealth Bank of Australia boosted its stake in shares of Microchip Technology by 1.4% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock valued at $163,000 after purchasing an additional 29 shares in the last quarter. Finally, Harbour Capital Advisors LLC acquired a new stake in shares of Microchip Technology in the 1st quarter valued at $173,000. Institutional investors own 98.68% of the company’s stock.
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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