Microchip Technology Incorporated (MCHP) Receives Buy Rating from Needham & Company LLC

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.

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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