Rosenblatt Securities reiterated their buy rating on shares of Microchip Technology (NASDAQ:MCHP) in a research note published on Wednesday morning, AnalystRatings.com reports. The brokerage currently has a $115.00 price target on the semiconductor company’s stock.
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Several other analysts also recently commented on the stock. Cowen lowered their target price on shares of Microchip Technology from $90.00 to $89.00 and set a market perform rating for the company in a report on Wednesday. Piper Jaffray Companies reiterated a buy rating on shares of Microchip Technology in a report on Friday, October 25th. Zacks Investment Research downgraded shares of Microchip Technology from a hold rating to a sell rating and set a $105.00 target price for the company. in a report on Thursday, July 25th. Raymond James upgraded shares of Microchip Technology from a market perform rating to a strong-buy rating and set a $115.00 target price for the company in a report on Wednesday, October 30th. Finally, ValuEngine upgraded shares of Microchip Technology from a sell rating to a hold rating in a report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Microchip Technology has a consensus rating of Buy and a consensus price target of $105.66.
Shares of NASDAQ:MCHP traded up $0.85 during trading on Wednesday, reaching $96.21. The stock had a trading volume of 1,777,500 shares, compared to its average volume of 2,568,865. The firm’s fifty day moving average is $94.12 and its 200 day moving average is $90.20. The stock has a market cap of $23.81 billion, a price-to-earnings ratio of 15.82, a P/E/G ratio of 1.83 and a beta of 1.44. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.63 and a current ratio of 0.93. Microchip Technology has a 52 week low of $65.67 and a 52 week high of $101.57.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $1.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.13. The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.35 billion. Microchip Technology had a net margin of 7.15% and a return on equity of 25.74%. The firm’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.81 earnings per share. On average, research analysts forecast that Microchip Technology will post 5.21 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Thursday, November 21st will be issued a dividend of $0.366 per share. The ex-dividend date is Wednesday, November 20th. This represents a $1.46 dividend on an annualized basis and a yield of 1.52%. Microchip Technology’s dividend payout ratio (DPR) is presently 24.01%.
In other news, CFO James Eric Bjornholt sold 1,937 shares of Microchip Technology stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total value of $171,618.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Richard J. Simoncic sold 3,437 shares of Microchip Technology stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total transaction of $304,518.20. Following the completion of the transaction, the vice president now owns 18,178 shares of the company’s stock, valued at approximately $1,610,570.80. The disclosure for this sale can be found here. Company insiders own 2.21% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Microchip Technology by 1.5% in the second quarter. Vanguard Group Inc. now owns 27,539,982 shares of the semiconductor company’s stock worth $2,387,716,000 after purchasing an additional 395,287 shares in the last quarter. Northern Trust Corp increased its stake in shares of Microchip Technology by 2.6% in the second quarter. Northern Trust Corp now owns 3,448,892 shares of the semiconductor company’s stock worth $299,019,000 after purchasing an additional 86,402 shares in the last quarter. Waddell & Reed Financial Inc. increased its stake in shares of Microchip Technology by 1.8% in the second quarter. Waddell & Reed Financial Inc. now owns 2,925,064 shares of the semiconductor company’s stock worth $253,603,000 after purchasing an additional 52,557 shares in the last quarter. Winslow Capital Management LLC bought a new position in shares of Microchip Technology in the second quarter valued at approximately $221,600,000. Finally, Platinum Investment Management Ltd. boosted its position in shares of Microchip Technology by 16.7% in the second quarter. Platinum Investment Management Ltd. now owns 2,062,349 shares of the semiconductor company’s stock valued at $178,806,000 after acquiring an additional 295,823 shares during the period.
About Microchip Technology
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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