Insider Selling: Microchip Technology Incorporated (MCHP) CFO Sells $165,079.66 in Stock
Microchip Technology Incorporated (NASDAQ:MCHP) CFO James Eric Bjornholt sold 1,801 shares of the business’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $165,079.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Microchip Technology Incorporated (MCHP) traded down $4.00 during trading on Thursday, reaching $86.58. 4,389,700 shares of the company’s stock were exchanged, compared to its average volume of 2,528,264. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.33 and a quick ratio of 2.71. The firm has a market cap of $21,187.15, a price-to-earnings ratio of 19.19, a price-to-earnings-growth ratio of 1.45 and a beta of 1.05. Microchip Technology Incorporated has a 52-week low of $60.77 and a 52-week high of $95.92.
Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.14. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Microchip Technology had a net margin of 16.23% and a return on equity of 35.48%. Microchip Technology’s revenue was up 16.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.94 EPS. research analysts anticipate that Microchip Technology Incorporated will post 5.12 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st will be paid a dividend of $0.3625 per share. This represents a $1.45 dividend on an annualized basis and a yield of 1.67%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Monday, November 20th. Microchip Technology’s payout ratio is presently 58.00%.
Several research firms have recently weighed in on MCHP. Mizuho reissued a “neutral” rating and issued a $84.00 target price (up previously from $80.00) on shares of Microchip Technology in a research report on Wednesday, August 9th. Morgan Stanley reissued an “overweight” rating and issued a $94.00 target price on shares of Microchip Technology in a research report on Wednesday, September 20th. Needham & Company LLC boosted their target price on shares of Microchip Technology from $120.00 to $130.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, November 7th. ValuEngine downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Saturday, September 30th. Finally, Zacks Investment Research downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Monday, October 23rd. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $99.41.
Institutional investors have recently bought and sold shares of the business. Grove Bank & Trust boosted its stake in Microchip Technology by 15.8% during the 2nd quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after purchasing an additional 190 shares during the period. Zions Bancorporation boosted its stake in Microchip Technology by 215.5% during the 3rd quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock valued at $110,000 after purchasing an additional 836 shares during the period. Amica Retiree Medical Trust acquired a new position in Microchip Technology during the 3rd quarter valued at about $121,000. Smithfield Trust Co. boosted its stake in Microchip Technology by 0.4% during the 2nd quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after purchasing an additional 7 shares during the period. Finally, Valeo Financial Advisors LLC acquired a new position in Microchip Technology during the 3rd quarter valued at about $146,000.
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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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