Microchip Technology Inc. (MCHP) Reaches New 1-Year High at $62.24
Shares of Microchip Technology Inc. (NASDAQ:MCHP) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $62.24 and last traded at $61.53, with a volume of 985,996 shares. The stock had previously closed at $61.13.
A number of analysts have recently issued reports on MCHP shares. Zacks Investment Research downgraded shares of Microchip Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 7th. Stifel Nicolaus raised their price target on shares of Microchip Technology from $60.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, August 9th. Credit Agricole SA started coverage on shares of Microchip Technology in a report on Monday, May 16th. They set a “buy” rating and a $58.00 price target for the company. JPMorgan Chase & Co. raised their price target on shares of Microchip Technology from $60.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, August 9th. Finally, Jefferies Group restated a “buy” rating and set a $56.00 price target (up previously from $53.00) on shares of Microchip Technology in a report on Saturday, May 7th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $59.34.
The stock has a market capitalization of $13.26 billion and a price-to-earnings ratio of 165.98. The stock has a 50 day moving average of $57.17 and a 200-day moving average of $50.62.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Monday, August 8th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.10. The firm had revenue of $799.40 million for the quarter, compared to analysts’ expectations of $821.41 million. During the same period in the previous year, the company posted $0.69 EPS. The business’s quarterly revenue was up 58.1% on a year-over-year basis. Equities analysts anticipate that Microchip Technology Inc. will post $3.41 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 6th. Investors of record on Monday, August 22nd will be paid a dividend of $0.36 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.44 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Thursday, August 18th.
In related news, COO Ganesh Moorthy sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 1st. The shares were sold at an average price of $51.69, for a total transaction of $516,900.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Steve Sanghi sold 45,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $51.48, for a total transaction of $2,316,600.00. The disclosure for this sale can be found here.
An institutional investor recently raised its position 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. 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 as of its most recent SEC filing.
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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