Analysts Set Microchip Technology Incorporated (NASDAQ:MCHP) PT at $84.43
Microchip Technology Incorporated (NASDAQ:MCHP) has earned a consensus rating of “Buy” from the twenty research firms that are covering the stock, Marketbeat reports. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $84.71.
A number of analysts have weighed in on MCHP shares. B. Riley reaffirmed a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research note on Monday, May 8th. Needham & Company LLC reiterated a “strong-buy” rating and set a $100.00 price target on shares of Microchip Technology in a report on Wednesday, May 10th. Stifel Nicolaus lifted their price target on shares of Microchip Technology from $83.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, May 10th. Citigroup Inc. set a $95.00 price target on shares of Microchip Technology and gave the stock a “buy” rating in a report on Wednesday, May 10th. Finally, ValuEngine lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Thursday, June 1st.
In other news, CFO James Eric Bjornholt sold 2,510 shares of the business’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $201,527.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Stephen V. Drehobl sold 3,974 shares of the business’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $80.29, for a total transaction of $319,072.46. Following the sale, the vice president now directly owns 14,263 shares of the company’s stock, valued at $1,145,176.27. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.
Large investors have recently bought and sold shares of the company. Fenimore Asset Management Inc. increased its stake in Microchip Technology by 0.7% in the first quarter. Fenimore Asset Management Inc. now owns 916,163 shares of the semiconductor company’s stock valued at $67,595,000 after buying an additional 6,738 shares during the last quarter. Gulf International Bank UK Ltd increased its stake in Microchip Technology by 1.5% in the first quarter. Gulf International Bank UK Ltd now owns 66,547 shares of the semiconductor company’s stock valued at $4,909,000 after buying an additional 1,000 shares during the last quarter. GW&K Investment Management LLC increased its stake in Microchip Technology by 2.0% in the first quarter. GW&K Investment Management LLC now owns 791,993 shares of the semiconductor company’s stock valued at $58,433,000 after buying an additional 15,525 shares during the last quarter. Chesley Taft & Associates LLC increased its stake in Microchip Technology by 7.1% in the first quarter. Chesley Taft & Associates LLC now owns 12,713 shares of the semiconductor company’s stock valued at $938,000 after buying an additional 838 shares during the last quarter. Finally, Stock Yards Bank & Trust Co. acquired a new stake in Microchip Technology during the first quarter valued at approximately $214,000. 98.67% of the stock is owned by institutional investors.
Microchip Technology (NASDAQ:MCHP) traded up 1.38% on Friday, reaching $84.64. The company’s stock had a trading volume of 735,643 shares. Microchip Technology has a 12 month low of $55.84 and a 12 month high of $87.49. The firm’s 50 day moving average is $80.29 and its 200-day moving average is $76.10. The firm has a market cap of $19.42 billion, a P/E ratio of 120.06 and a beta of 1.06.
Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.17. The firm had revenue of $972.10 million for the quarter, compared to analysts’ expectations of $944.87 million. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The company’s revenue was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.84 earnings per share. On average, equities research analysts anticipate that Microchip Technology will post $5.22 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Shareholders of record on Monday, August 21st will be paid a $0.362 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend is Thursday, August 17th. Microchip Technology’s payout ratio is 77.54%.
Microchip Technology Company Profile
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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