Microchip Technology Incorporated (NASDAQ: MCHP – Get Rating ) has received a Moderate Buy rating from the 21 research firms currently covering the stock, according to Marketbeat.com. Five analysts have given the stock a Hold recommendation and thirteen have a Buy recommendation on the stock. The average 12-month price target of brokers covering the stock in the last year is $83.50.
A number of equity research analysts have recently issued reports on MCHP stock. Needham & Company LLC cut their price target on Microchip Technology from $92.00 to $82.00 in a report on Tuesday, October 25th. UBS AG cut their price target on Microchip Technology from $100.00 to $90.00 in a research note on Friday, November 4th. Morgan Stanley cut their price target on Microchip Technology from $82.00 to $80.00 and set an “overweight” rating on the company in a research note on Friday, November 4th. Mizuho cut their price target on Microchip Technology from $75.00 to $72.00 and set a “neutral” rating on the company in a research report on Friday, November 4th. Finally, Credit Suisse Group began coverage on Microchip Technology in a research report on Tuesday, November 15th. They issued a “neutral” rating and $85.00 price target for the company.
In other Microchip Technology news, director Karlton D. Johnson sold 927 shares of company stock in a trade that occurred on Monday, November 7th. The stocks sold for an average of $64.54, with a total transaction value of $59,828.58. Following the sale, the director now directly owns 1,369 shares of company stock valued at $88,355.26. The sale was disclosed in a filing with the Securities and Exchange Commission, which can be accessed at this link. 2.00% of shares are held by company insiders.
Institutional inflows and outflows
Many institutional investors have recently increased or decreased their stakes in the business. Carl P. Sherr & Co. LLC increased its stake in Microchip Technology by 1.2 percent in the third quarter. Carl P. Sherr & Co. LLC now owns 12,299 shares of the semiconductor company worth $751,000 after buying an additional 140 shares last quarter. National Financial Advisors increased its position in Microchip Technology by 8.7 percent in the third quarter. National Financial Advisors now owns 1,819 shares of the semiconductor company, worth $111,000, after buying an additional 145 shares last quarter. Avestar Capital LLC increased its position in Microchip Technology by 1.7 percent during the second quarter. Avestar Capital LLC now owns 9,929 shares of the semiconductor company worth $577,000 after buying an additional 163 shares last quarter. Kinneret Advisory LLC increased its stake in Microchip Technology by 2.2 percent during the second quarter. Kinneret Advisory LLC now owns 7,658 shares of the semiconductor company, worth $445,000, after purchasing an additional 163 shares during that period. Finally, First Commonwealth Financial Corp PA increased its stake in Microchip Technology by 2.1% during the third quarter. First Commonwealth Financial Corp PA now owns 8,334 shares of the semiconductor company, worth $509,000, after buying an additional 174 shares during the period. Hedge funds and other institutional investors own 89.85% of the company.
Microchip Technology shares fell 0.3%
Nasdaq: MCHP opened Friday at $70.25. Microchip Technology had a 12-month low of $54.33 and a 12-month high of $88.97. The market cap is $38.64 billion, with a P/E ratio of 21.48, a P/E ratio of 0.73, and a beta of 1.58. The company’s 50-day moving average is $71.27 and its 200-day moving average is $66.51. 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 (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 return on equity of 47.90% and a net profit margin of 24.14%. The company’s revenue for the quarter was $2.07 billion, compared with analysts’ expectations of $2.06 billion. As a group, equity research analysts forecast Microchip Technology earnings per share of 5.67 for the year.
Microchip Technology Increases Dividend
The company also recently disclosed its quarterly dividend, which was paid on Tuesday, December 6th. Investors of record on Tuesday, November 22 received a dividend of $0.328 per share. The ex-dividend date for this dividend is Monday, November 21st. This represents an annualized dividend of $1.31 and a yield of 1.87%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.30. Microchip Technology’s payout ratio currently stands at 40.06%.
About Microchip Technology
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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