Microchip Technology Inc. (MCHP) Hits New 12-Month High at $62.24
Shares of Microchip Technology Inc. (NASDAQ:MCHP) hit a new 52-week high during trading on Friday . The stock traded as high as $62.24 and last traded at $61.53, with a volume of 985,996 shares trading hands. The stock had previously closed at $61.13.
MCHP has been the subject of several recent research reports. B. Riley reiterated a “buy” rating and set a $74.00 target price on shares of Microchip Technology in a research report on Tuesday, August 9th. Morgan Stanley restated a “buy” rating and issued a $54.00 price objective on shares of Microchip Technology in a research report on Thursday, May 5th. Stifel Nicolaus upped their price objective on shares of Microchip Technology from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, May 5th. Jefferies Group upped their price objective on shares of Microchip Technology from $56.00 to $68.00 and gave the company a “buy” rating in a research report on Tuesday, August 9th. Finally, Needham & Company LLC upped their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, August 9th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $59.34.
The company has a 50-day moving average price of $56.86 and a 200-day moving average price of $50.48. The firm has a market capitalization of $13.23 billion and a P/E ratio of 165.61.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, August 8th. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The business had revenue of $799.40 million for the quarter, compared to analyst estimates of $821.41 million. During the same quarter last year, the firm posted $0.69 EPS. Microchip Technology’s revenue for the quarter was up 58.1% on a year-over-year basis. Analysts anticipate that Microchip Technology Inc. will post $3.39 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 6th. Stockholders of record on Monday, August 22nd will be issued a dividend of $0.36 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, August 18th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.36%.
In related news, CEO Steve Sanghi sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $51.48, for a total value of $2,316,600.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Stephen V. Drehobl sold 4,454 shares of the business’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $60.95, for a total transaction of $271,471.30. Following the completion of the transaction, the vice president now owns 13,622 shares in the company, valued at approximately $830,260.90. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Microchip Technology stock. Utah Retirement Systems boosted its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 0.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,469 shares of the company’s stock after buying an additional 100 shares during the period. Utah Retirement Systems’ holdings in Microchip Technology were worth $1,744,000 at the end of the most recent reporting period.
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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