Investors Buy Microchip Technology Incorporated (MCHP) on Weakness
Investors purchased shares of Microchip Technology Incorporated (NASDAQ:MCHP) on weakness during trading hours on Friday. $34.74 million flowed into the stock on the tick-up and $14.48 million flowed out of the stock on the tick-down, for a money net flow of $20.26 million into the stock. Of all companies tracked, Microchip Technology had the 28th highest net in-flow for the day. Microchip Technology traded down ($0.07) for the day and closed at $81.58
Several equities research analysts have issued reports on MCHP shares. B. Riley reissued a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a report on Monday, May 8th. Needham & Company LLC reissued a “strong-buy” rating and issued a $100.00 price target on shares of Microchip Technology in a report on Wednesday, May 10th. Stifel Nicolaus boosted their price target on shares of Microchip Technology from $83.00 to $88.00 and gave the company 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 company 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. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $88.80.
The company has a market cap of $18.99 billion, a PE ratio of 43.95 and a beta of 1.06. The company has a 50 day moving average price of $81.03 and a 200 day moving average price of $77.35.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.17. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The firm had revenue of $972.10 million for the quarter, compared to analysts’ expectations of $944.87 million. During the same quarter in the previous year, the business posted $0.84 earnings per share. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. On average, equities research analysts forecast that Microchip Technology Incorporated will post $5.27 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 5th. Shareholders of record on Monday, August 21st will be given a $0.362 dividend. This represents a $1.45 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend is Thursday, August 17th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is currently 77.54%.
In other Microchip Technology news, VP Stephen V. Drehobl sold 3,974 shares of Microchip Technology stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $80.29, for a total value of $319,072.46. Following the transaction, the vice president now owns 14,263 shares in the company, valued at $1,145,176.27. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Wade F. Meyercord sold 1,300 shares of Microchip Technology stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total value of $109,135.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,784 shares of company stock worth $629,735. Company insiders own 2.13% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Duncker Streett & Co. Inc. boosted its position in Microchip Technology by 42.2% in the first quarter. Duncker Streett & Co. Inc. now owns 1,696 shares of the semiconductor company’s stock worth $125,000 after buying an additional 503 shares in the last quarter. Glen Harbor Capital Management LLC boosted its stake in Microchip Technology by 8.2% in the first quarter. Glen Harbor Capital Management LLC now owns 20,048 shares of the semiconductor company’s stock valued at $1,479,000 after buying an additional 1,512 shares during the period. Profund Advisors LLC boosted its stake in Microchip Technology by 15.3% in the first quarter. Profund Advisors LLC now owns 53,285 shares of the semiconductor company’s stock valued at $3,931,000 after buying an additional 7,072 shares during the period. UMB Bank N A MO purchased a new stake in Microchip Technology during the first quarter valued at $228,000. Finally, Sigma Planning Corp boosted its stake in Microchip Technology by 11.7% in the first quarter. Sigma Planning Corp now owns 4,063 shares of the semiconductor company’s stock valued at $300,000 after buying an additional 425 shares during the period. Hedge funds and other institutional investors own 98.67% of the company’s stock.
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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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