Investors sold shares of Microchip Technology Inc. (NASDAQ:MCHP) on strength during trading on Tuesday. $51.70 million flowed into the stock on the tick-up and $86.77 million flowed out of the stock on the tick-down, for a money net flow of $35.07 million out of the stock. Of all equities tracked, Microchip Technology had the 14th highest net out-flow for the day. Microchip Technology traded up $1.81 for the day and closed at $84.86
A number of equities research analysts have recently commented on MCHP shares. Zacks Investment Research upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a report on Friday, November 10th. Jefferies Group increased their price target on shares of Microchip Technology from $106.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, November 7th. B. Riley reiterated a “buy” rating and set a $123.00 price target (up previously from $120.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Stifel Nicolaus reiterated a “buy” rating and set a $100.00 price target (up previously from $94.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Finally, BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Friday, January 26th. Five investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $102.35.
The firm has a market capitalization of $19,550.00, a PE ratio of 23.38, a price-to-earnings-growth ratio of 1.12 and a beta of 1.05. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.33 and a current ratio of 2.98.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 6th. Investors of record on Wednesday, February 21st will be given a dividend of $0.363 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Tuesday, February 20th. This represents a $1.45 dividend on an annualized basis and a yield of 1.71%. Microchip Technology’s dividend payout ratio is 39.94%.
In other Microchip Technology news, VP Stephen V. Drehobl sold 2,852 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $261,414.32. Following the transaction, the vice president now directly owns 15,767 shares in the company, valued at $1,445,203.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 1,801 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $165,079.66. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MCHP. Zions Bancorporation raised its position in Microchip Technology by 215.5% in the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock worth $110,000 after acquiring an additional 836 shares during the period. Amica Retiree Medical Trust bought a new position in Microchip Technology in the third quarter worth approximately $121,000. Valeo Financial Advisors LLC bought a new position in Microchip Technology in the third quarter worth approximately $146,000. Benjamin F. Edwards & Company Inc. raised its position in Microchip Technology by 608.4% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock worth $189,000 after acquiring an additional 1,807 shares during the period. Finally, Twin Tree Management LP raised its position in Microchip Technology by 126.2% in the fourth quarter. Twin Tree Management LP now owns 2,210 shares of the semiconductor company’s stock worth $194,000 after acquiring an additional 10,646 shares during the period.
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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