Traders Sell Shares of Microchip Technology Incorporated (MCHP) on Strength (MCHP)
Traders sold shares of Microchip Technology Incorporated (NASDAQ:MCHP) on strength during trading on Thursday. $48.84 million flowed into the stock on the tick-up and $90.70 million flowed out of the stock on the tick-down, for a money net flow of $41.86 million out of the stock. Of all equities tracked, Microchip Technology had the 0th highest net out-flow for the day. Microchip Technology traded up $0.90 for the day and closed at $89.24
MCHP has been the topic of several recent analyst reports. Jefferies Group LLC reaffirmed a “buy” rating on shares of Microchip Technology in a research report on Monday, July 10th. BidaskClub lowered Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. B. Riley reissued a “buy” rating and issued a $115.00 price objective on shares of Microchip Technology in a report on Sunday, June 11th. Rosenblatt Securities reissued a “buy” rating and issued a $102.00 price objective (up from $100.00) on shares of Microchip Technology in a report on Tuesday, June 6th. Finally, Stifel Nicolaus increased their price objective on Microchip Technology from $88.00 to $89.00 and gave the company a “buy” rating in a report on Tuesday, June 6th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $88.80.
The company has a 50-day moving average of $84.24 and a 200-day moving average of $79.36. The stock has a market capitalization of $20.86 billion, a price-to-earnings ratio of 48.29 and a beta of 1.04.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, beating the 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 during the quarter, compared to the consensus estimate of $944.87 million. During the same period in the prior year, the firm earned $0.84 EPS. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. Equities research analysts predict that Microchip Technology Incorporated will post $5.27 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 5th. Stockholders of record on Monday, August 21st were given a dividend of $0.362 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Thursday, August 17th. This represents a $1.45 annualized dividend and a dividend yield of 1.62%. Microchip Technology’s dividend payout ratio (DPR) is presently 77.54%.
In other Microchip Technology news, Director Wade F. Meyercord sold 1,300 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total value of $109,135.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 2,453 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total transaction of $200,876.17. The disclosure for this sale can be found here. Insiders have sold 6,829 shares of company stock worth $561,905 in the last ninety days. Corporate insiders own 2.13% of the company’s stock.
Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Microchip Technology by 4.6% during the second quarter. Vanguard Group Inc. now owns 23,622,558 shares of the semiconductor company’s stock worth $1,823,190,000 after buying an additional 1,042,622 shares in the last quarter. State Street Corp boosted its stake in Microchip Technology by 0.7% in the 2nd quarter. State Street Corp now owns 8,948,443 shares of the semiconductor company’s stock worth $690,652,000 after purchasing an additional 58,577 shares during the period. Janus Henderson Group PLC boosted its stake in Microchip Technology by 2,959.9% in the 2nd quarter. Janus Henderson Group PLC now owns 8,073,264 shares of the semiconductor company’s stock worth $623,093,000 after purchasing an additional 7,809,422 shares during the period. Janus Capital Management LLC boosted its stake in Microchip Technology by 10.3% in the 1st quarter. Janus Capital Management LLC now owns 7,130,689 shares of the semiconductor company’s stock worth $526,103,000 after purchasing an additional 666,436 shares during the period. Finally, Waddell & Reed Financial Inc. boosted its stake in Microchip Technology by 11.4% in the 1st quarter. Waddell & Reed Financial Inc. now owns 6,290,257 shares of the semiconductor company’s stock worth $464,095,000 after purchasing an additional 641,548 shares during the period. Institutional investors own 98.68% 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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