Microchip Technology Inc. (NASDAQ:MCHP)’s share price hit 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. The stock had previously closed at $61.91.

Several brokerages recently issued reports on MCHP. B. Riley reaffirmed a “buy” rating and set a $74.00 price objective on shares of Microchip Technology in a report on Sunday, August 14th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $67.00 price objective on shares of Microchip Technology in a report on Tuesday, August 9th. Citigroup Inc. lifted their price objective on Microchip Technology from $54.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, August 9th. Needham & Company LLC lifted their price objective on Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, August 9th. Finally, Jefferies Group reaffirmed a “buy” rating and set a $56.00 price objective (up 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 given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $59.34.

The firm has a market capitalization of $13.50 billion and a PE ratio of 168.98. The company has a 50-day moving average price of $58.46 and a 200 day moving average price of $51.32.

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

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 6th. Shareholders of record on Monday, August 22nd will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, August 18th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.44 annualized dividend and a yield of 2.30%.

In other Microchip Technology news, VP Richard J. Simoncic sold 20,000 shares of the business’s 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 legal filing with the SEC, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 2,461 shares of the business’s 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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