Microchip Technology Inc. (MCHP) Receives Consensus Recommendation of “Buy” from Brokerages
Microchip Technology Inc. (NASDAQ:MCHP) has been assigned a consensus rating of “Buy” from the twenty brokerages that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, twelve have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $115.88.
Several equities analysts have weighed in on the company. BidaskClub cut Microchip Technology from a “buy” rating to a “hold” rating in a research note on Thursday, August 16th. ValuEngine cut Microchip Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, August 14th. Needham & Company LLC lowered their target price on Microchip Technology from $130.00 to $120.00 and set a “strong-buy” rating on the stock in a research note on Monday, August 13th. Rosenblatt Securities reaffirmed a “buy” rating and set a $125.00 target price on shares of Microchip Technology in a research note on Sunday, August 12th. Finally, TheStreet cut Microchip Technology from an “a-” rating to a “c+” rating in a research note on Thursday, August 9th.
In other news, COO Ganesh Moorthy purchased 12,000 shares of Microchip Technology stock in a transaction dated Tuesday, August 14th. The stock was acquired at an average cost of $84.10 per share, for a total transaction of $1,009,200.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 1,887 shares of Microchip Technology stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total value of $159,130.71. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.
NASDAQ:MCHP traded up $0.88 on Friday, hitting $84.35. 112,748 shares of the company’s stock traded hands, compared to its average volume of 3,114,183. The company has a debt-to-equity ratio of 1.96, a current ratio of 1.32 and a quick ratio of 0.80. Microchip Technology has a 1 year low of $78.33 and a 1 year high of $104.20. The stock has a market cap of $19.61 billion, a PE ratio of 16.40, a price-to-earnings-growth ratio of 0.87 and a beta of 1.09.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.48 by $0.13. Microchip Technology had a return on equity of 36.33% and a net margin of 2.85%. The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter in the previous year, the business posted $1.31 EPS. The business’s revenue for the quarter was up 24.7% on a year-over-year basis. equities research analysts anticipate that Microchip Technology will post 6.51 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 4th. Stockholders of record on Tuesday, August 21st were issued a dividend of $0.364 per share. This represents a $1.46 annualized dividend and a dividend yield of 1.73%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date was Monday, August 20th. Microchip Technology’s payout ratio is currently 28.13%.
About Microchip Technology
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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