Microchip Technology Inc. (MCHP) Director L B. Day Sells 3,500 Shares
Microchip Technology Inc. (NASDAQ:MCHP) Director L B. Day sold 3,500 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $84.82, for a total transaction of $296,870.00. Following the completion of the sale, the director now owns 9,238 shares of the company’s stock, valued at approximately $783,567.16. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.
NASDAQ:MCHP traded down $1.06 during mid-day trading on Thursday, hitting $84.00. 2,001,575 shares of the company’s stock traded hands, compared to its average volume of 2,949,127. The company has a market capitalization of $20.45 billion, a P/E ratio of 16.18, a price-to-earnings-growth ratio of 1.09 and a beta of 1.24. Microchip Technology Inc. has a 1 year low of $60.70 and a 1 year high of $104.20. The company has a current ratio of 2.92, a quick ratio of 1.83 and a debt-to-equity ratio of 2.04.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, February 5th. The semiconductor company reported $1.66 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.21. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.40 billion. Microchip Technology had a net margin of 6.53% and a return on equity of 32.30%. The company’s quarterly revenue was up 42.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.36 earnings per share. On average, equities research analysts predict that Microchip Technology Inc. will post 5.89 earnings per share for the current year.
Several analysts have recently commented on the stock. BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a research note on Friday, March 1st. Zacks Investment Research cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 11th. Cowen started coverage on shares of Microchip Technology in a research note on Friday, February 22nd. They issued a “market perform” rating and a $90.00 target price for the company. TheStreet upgraded shares of Microchip Technology from a “c+” rating to a “b-” rating in a report on Thursday, February 21st. Finally, ValuEngine upgraded shares of Microchip Technology from a “strong sell” rating to a “sell” rating in a report on Friday, November 23rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $102.17.
Hedge funds and other institutional investors have recently modified their holdings of the company. Clarfeld Financial Advisors LLC purchased a new stake in shares of Microchip Technology during the fourth quarter worth about $26,000. Morgan Dempsey Capital Management LLC purchased a new stake in shares of Microchip Technology during the fourth quarter worth about $28,000. Lindbrook Capital LLC purchased a new stake in shares of Microchip Technology during the fourth quarter worth about $32,000. Enlightenment Research LLC purchased a new stake in shares of Microchip Technology during the fourth quarter worth about $43,000. Finally, JOYN Advisors Inc. grew its holdings in shares of Microchip Technology by 323.6% during the fourth quarter. JOYN Advisors Inc. now owns 610 shares of the semiconductor company’s stock worth $44,000 after buying an additional 466 shares in the last quarter.
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Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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