Microchip Technology Inc. (NASDAQ:MCHP) rose 0.8% during mid-day trading on Wednesday . The stock traded as high as $61.99 and last traded at $61.91, with a volume of 923,266 shares traded. The stock had previously closed at $61.43.

MCHP has been the topic of several research reports. B. Riley reaffirmed a “buy” rating and issued a $62.50 target price on shares of Microchip Technology in a report on Thursday, May 5th. Stifel Nicolaus lifted their target price on Microchip Technology from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, May 5th. Morgan Stanley reaffirmed a “buy” rating and issued a $54.00 target price on shares of Microchip Technology in a report on Thursday, May 5th. Jefferies Group reaffirmed a “buy” rating and issued a $56.00 target price (up from $53.00) on shares of Microchip Technology in a report on Saturday, May 7th. Finally, Credit Agricole SA started coverage on Microchip Technology in a research note on Monday, May 16th. They set a “buy” rating and a $58.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Microchip Technology has a consensus rating of “Buy” and an average price target of $59.34.

The stock’s 50 day moving average price is $57.70 and its 200 day moving average price is $51.08. The stock has a market capitalization of $13.33 billion and a PE ratio of 166.87.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, August 8th. The company reported $0.84 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.10. The company earned $799.40 million during the quarter, compared to analysts’ expectations of $821.41 million. During the same period in the prior year, the business posted $0.69 earnings per share. The company’s quarterly revenue was up 58.1% compared to the same quarter last year. Equities research analysts expect that Microchip Technology Inc. will post $3.41 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 6th. Investors of record on Monday, August 22nd will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.33%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, August 18th.

In other Microchip Technology news, VP Richard J. Simoncic sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $60.47, for a total value of $1,209,400.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Mitchell R. Little sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $60.48, for a total transaction of $302,400.00. The disclosure for this sale can be found here.

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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