Microchip Technology Inc. (MCHP) Stock Price Up 0.8%
Shares of Microchip Technology Inc. (NASDAQ:MCHP) rose 0.8% on Wednesday . The company traded as high as $61.99 and last traded at $61.91, with a volume of 923,266 shares. The stock had previously closed at $61.43.
MCHP has been the topic of a number of research reports. Zacks Investment Research lowered shares of Microchip Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 7th. Stifel Nicolaus increased their price objective on shares of Microchip Technology from $60.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Credit Agricole SA initiated coverage on shares of Microchip Technology in a research note on Monday, May 16th. They issued a “buy” rating and a $58.00 price objective on the stock. Jefferies Group increased their price objective on shares of Microchip Technology from $56.00 to $68.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Microchip Technology from $60.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $59.34.
The stock has a 50 day moving average price of $58.21 and a 200 day moving average price of $51.24. The stock has a market cap of $13.51 billion and a PE ratio of 169.16.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Monday, August 8th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.10. The firm earned $799.40 million during the quarter, compared to analysts’ expectations 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 last year, the company posted $0.69 earnings per share. On average, analysts anticipate that Microchip Technology Inc. will post $3.41 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 6th. Shareholders of record on Monday, August 22nd will be issued a $0.36 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, August 18th. This represents a $1.44 dividend on an annualized basis and a yield of 2.29%.
In other news, CEO Steve Sanghi sold 28,771 shares of the stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $61.02, for a total transaction of $1,755,606.42. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 2,461 shares of the stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $60.95, for a total transaction of $149,997.95. 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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