Traders Buy Shares of Microchip Technology (MCHP) on Weakness
Traders purchased shares of Microchip Technology Incorporated (NASDAQ:MCHP) on weakness during trading on Wednesday. $90.18 million flowed into the stock on the tick-up and $61.60 million flowed out of the stock on the tick-down, for a money net flow of $28.58 million into the stock. Of all companies tracked, Microchip Technology had the 28th highest net in-flow for the day. Microchip Technology traded down ($4.00) for the day and closed at $86.58
A number of brokerages recently weighed in on MCHP. B. Riley reaffirmed a “buy” rating and set a $120.00 price target on shares of Microchip Technology in a research report on Friday, August 4th. Needham & Company LLC reiterated a “buy” rating and issued a $120.00 price objective (up from $100.00) on shares of Microchip Technology in a report on Friday, August 4th. Jefferies Group reiterated a “buy” rating and issued a $94.00 price objective (up from $92.00) on shares of Microchip Technology in a report on Friday, August 4th. Credit Suisse Group restated a “buy” rating on shares of Microchip Technology in a report on Friday, August 4th. Finally, BidaskClub upgraded Microchip Technology from a “hold” rating to a “buy” rating in a report on Wednesday, August 9th. Five research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $99.41.
The company has a current ratio of 3.33, a quick ratio of 2.71 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $21,187.15, a P/E ratio of 19.19, a price-to-earnings-growth ratio of 1.45 and a beta of 1.05.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Monday, November 6th. The semiconductor company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.14. Microchip Technology had a return on equity of 35.48% and a net margin of 16.23%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the firm posted $0.94 earnings per share. The company’s quarterly revenue was up 16.2% on a year-over-year basis. equities research analysts predict that Microchip Technology Incorporated will post 5.12 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 5th. Investors of record on Tuesday, November 21st will be given a dividend of $0.3625 per share. The ex-dividend date is Monday, November 20th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a dividend yield of 1.67%. Microchip Technology’s dividend payout ratio (DPR) is 58.00%.
In other news, VP Stephen V. Drehobl sold 2,852 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total value of $261,414.32. Following the transaction, the vice president now owns 15,767 shares of the company’s stock, valued at $1,445,203.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 1,801 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total value of $165,079.66. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Grove Bank & Trust boosted its holdings in shares of Microchip Technology by 15.8% in the 2nd quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock worth $107,000 after purchasing an additional 190 shares during the period. Zions Bancorporation boosted its holdings in shares of Microchip Technology by 215.5% in the 3rd quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock worth $110,000 after purchasing an additional 836 shares during the period. Amica Retiree Medical Trust purchased a new position in shares of Microchip Technology in the 3rd quarter worth approximately $121,000. Smithfield Trust Co. boosted its holdings in shares of Microchip Technology by 0.4% in the 2nd quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock worth $126,000 after purchasing an additional 7 shares during the period. Finally, Valeo Financial Advisors LLC purchased a new position in shares of Microchip Technology in the 3rd quarter worth approximately $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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