Microchip Technology Inc. (NASDAQ:MCHP) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $62.33 and last traded at $62.27, with a volume of 824,247 shares changing hands. The stock had previously closed at $61.91.

MCHP has been the subject of several research reports. B. Riley reissued a “buy” rating and issued a $74.00 price objective on shares of Microchip Technology in a research report on Tuesday, August 9th. Morgan Stanley reissued 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 boosted 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 boosted 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 boosted 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 analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $59.34.

The stock has a market capitalization of $13.42 billion and a PE ratio of 167.98. The company has a 50-day moving average of $57.94 and a 200-day moving average of $51.16.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Monday, August 8th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.10. The firm had revenue of $799.40 million for the quarter, compared to analyst estimates of $821.41 million. Microchip Technology’s revenue for the quarter was up 58.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.69 earnings per share. Equities research analysts forecast that Microchip Technology Inc. will post $3.41 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 6th. Shareholders of record on Monday, August 22nd will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend 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 stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $60.47, for a total transaction of $1,209,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Sanghi sold 60,129 shares of the stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $60.58, for a total transaction of $3,642,614.82. 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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