Microchip Technology Incorporated (MCHP) Earns Buy Rating from Stifel Nicolaus
Stifel Nicolaus reissued their buy rating on shares of Microchip Technology Incorporated (NASDAQ:MCHP) in a report issued on Tuesday morning, Marketbeat Ratings reports. Stifel Nicolaus currently has a $100.00 target price on the semiconductor company’s stock, up from their previous target price of $94.00.
Several other equities research analysts have also recently issued reports on MCHP. B. Riley reissued a buy rating and set a $120.00 target price on shares of Microchip Technology in a research note on Friday, August 4th. J P Morgan Chase & Co reissued an overweight rating and set a $120.00 target price on shares of Microchip Technology in a research note on Tuesday. Mizuho reissued a neutral rating and set a $84.00 target price (up previously from $80.00) on shares of Microchip Technology in a research note on Wednesday, August 9th. BidaskClub raised Microchip Technology from a hold rating to a buy rating in a research note on Wednesday, August 9th. Finally, Jefferies Group LLC reissued a buy rating and set a $94.00 target price (up previously from $92.00) on shares of Microchip Technology in a research note on Friday, August 4th. Five equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Buy and an average target price of $99.41.
Microchip Technology (MCHP) traded up $0.75 during mid-day trading on Tuesday, reaching $91.56. The company’s stock had a trading volume of 1,827,100 shares, compared to its average volume of 2,562,826. The company has a debt-to-equity ratio of 0.85, a quick ratio of 2.54 and a current ratio of 3.33. The firm has a market capitalization of $21,240.95, a PE ratio of 19.24, a price-to-earnings-growth ratio of 1.45 and a beta of 1.05. Microchip Technology has a one year low of $60.77 and a one year 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, topping the consensus estimate of $1.27 by $0.14. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Microchip Technology had a return on equity of 35.48% and a net margin of 16.23%. The firm’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.94 earnings per share. analysts predict that Microchip Technology will post 5.12 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Investors of record on Tuesday, November 21st will be issued a $0.3625 dividend. The ex-dividend date is Monday, November 20th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 dividend on an annualized basis and a yield of 1.58%. Microchip Technology’s dividend payout ratio (DPR) is 58.00%.
In related news, Director Wade F. Meyercord sold 1,300 shares of Microchip Technology stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $83.95, for a total value of $109,135.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Stephen V. Drehobl sold 3,076 shares of Microchip Technology stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total value of $251,893.64. Following the completion of the transaction, the vice president now owns 14,263 shares of the company’s stock, valued at $1,167,997.07. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,829 shares of company stock valued at $561,905. 2.13% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Amica Retiree Medical Trust purchased a new position in Microchip Technology in the third quarter valued at $121,000. Grove Bank & Trust boosted its holdings in Microchip Technology by 15.8% in the second 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. Trust Co. of Vermont boosted its holdings in Microchip Technology by 9.2% in the second quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after purchasing an additional 136 shares during the period. Smithfield Trust Co. boosted its holdings in Microchip Technology by 0.4% in the second 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, Benjamin F. Edwards & Company Inc. boosted its holdings in Microchip Technology by 608.4% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock valued at $189,000 after purchasing an additional 1,807 shares during the period.
About Microchip Technology
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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