Microchip Technology Incorporated (NASDAQ: MCHP – Get Rating ) has a Moderate Buy consensus rating from the 21 research firms currently covering the stock, according to Marketbeat. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The twelve-month average price target of brokers who have rated the stock in the last year is $84.10.
MCHP has been the subject of many analytical reports. Needham & Company LLC cut their price target on shares of Microchip Technology from $92.00 to $82.00 in a research note on Tuesday, October 25th. Wells Fargo & Company cut their price target on Microchip Technology from $75.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 11th. Morgan Stanley cut their price target on Microchip Technology from $82.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, November 4th. Stifel Nicolaus upped their price target on Microchip Technology from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, November 29th. Finally, UBS AG cut their price target on Microchip Technology from $100.00 to $90.00 in a research note on Friday, November 4th.
Microchip Technology shares fell 0.8%
Microchip Technology stock opened Wednesday at $75.72. The company’s 50-day moving average is $73.75 and its 200-day moving average is $68.41. The company has a quick ratio of 0.65, a current ratio of 1.05, and a debt-to-equity ratio of 1.03. Microchip Technology had a 52-week low of $54.33 and a 52-week high of $80.50. The company has a market capitalization of $41.65 billion, a P/E ratio of 23.16, a PEG ratio of 0.80, and a beta of 1.59.
Microchip Technology (NASDAQ: MCHP – Get Rating ) last reported quarterly earnings data on Thursday, November 3rd. The semiconductor company reported earnings per share (EPS) of $1.39 for the quarter, beating analysts’ consensus estimate of $1.37 by $0.02. Microchip Technology has a net profit margin of 24.14% and a return on equity of 47.90%. The company’s revenue for the quarter was $2.07 billion, compared with the consensus estimate of $2.06 billion. On average, sell-side analysts forecast Microchip Technology to post EPS of 5.66 for the fiscal year.
Microchip Technology Increases Dividend
The company also recently declared a quarterly dividend, which is paid on Tuesday, December 6th. Investors of record on Tuesday, November 22 received a $0.328 dividend. This was helped by Microchip Technology’s previous quarterly dividend of $0.30. This represents an annualized dividend of $1.31 and a dividend yield of 1.73%. The ex-dividend date is Monday, November 21. Microchip Technology’s payout ratio currently stands at 40.06%.
Internal Activities at Microchip Technology
In related news, director Karlton D. Johnson sold 927 shares of the company in trading on Monday, November 7. These shares sold for an average of $64.54, for a total value of $59,828.58. Following the transaction, the director now directly owns 1,369 shares of the company, worth approximately $88,355.26. The transaction was disclosed in a filing with the U.S. Securities and Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.00% of the company.
Hedge Funds Get Involved in Microchip Technology
Large investors have recently overweight or underweight the stock. Householder Group Estate & Retirement Specialist LLC acquired a new position at Microchip Technology in the third quarter for $25,000. MV Capital Management Inc. increased its position in Microchip Technology by 157.1% during the third quarter. MV Capital Management Inc. now owns 432 shares of the semiconductor company, worth $26,000, after acquiring an additional 264 shares in the period. Quent Capital LLC acquired a new position at Microchip Technology for $26,000 during the fourth quarter. Almanac Investment Partners LLC. $29,000 worth of new positions were secured at Microchip Technology in the third quarter. Finally, Glassman Wealth Services increased its position in Microchip Technology by 54.5% during the second quarter. Glassman Wealth Services now owns 516 shares of the semiconductor company worth $30,000 after acquiring an additional 182 shares in the period. 89.85% of the shares are currently held by institutional investors and hedge funds.
About Microchip Technology
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Microchip Technology Incorporated develops, manufactures and markets smart, connected and secure embedded control solutions in the Americas, Europe and Asia. The company offers general-purpose 8-bit, 16-bit, and 32-bit microcontrollers; the 32-bit embedded microprocessor market; and Dedicated microcontrollers for connectivity and wireless connectivity applications.
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