Microchip Technology Incorporated (MCHP) Given Overweight Rating at Morgan Stanley
Morgan Stanley reaffirmed their overweight rating on shares of Microchip Technology Incorporated (NASDAQ:MCHP) in a research note published on Wednesday morning. Morgan Stanley currently has a $94.00 target price on the semiconductor company’s stock.
Other research analysts also recently issued reports about the stock. Jefferies Group LLC reissued a buy rating on shares of Microchip Technology in a research report on Monday, July 10th. BidaskClub downgraded shares of Microchip Technology from a strong-buy rating to a buy rating in a report on Wednesday, July 5th. B. Riley reaffirmed a buy rating and issued a $115.00 price objective on shares of Microchip Technology in a report on Sunday, June 11th. Rosenblatt Securities reaffirmed a buy rating and issued a $102.00 price objective (up from $100.00) on shares of Microchip Technology in a report on Tuesday, June 6th. Finally, Stifel Nicolaus raised their price objective on shares of Microchip Technology from $88.00 to $89.00 and gave the stock a buy rating in a report on Tuesday, June 6th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $89.13.
Shares of Microchip Technology (NASDAQ MCHP) traded down 0.0434% during midday trading on Wednesday, reaching $88.2817. 672,133 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $84.85 and a 200 day moving average price of $79.71. Microchip Technology has a 12 month low of $57.52 and a 12 month high of $91.83. The firm has a market cap of $20.55 billion, a PE ratio of 47.5656 and a beta of 1.04.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The firm had revenue of $972.10 million during the quarter, compared to the consensus estimate of $944.87 million. During the same period in the prior year, the firm earned $0.84 EPS. The company’s revenue was up 21.6% compared to the same quarter last year. Equities research analysts predict that Microchip Technology will post $5.27 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 5th. Stockholders of record on Monday, August 21st were given a dividend of $0.362 per share. The ex-dividend date was Thursday, August 17th. This represents a $1.45 annualized dividend and a dividend yield of 1.64%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio (DPR) is 77.54%.
In other news, VP Stephen V. Drehobl sold 3,076 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total transaction of $251,893.64. Following the sale, the vice president now owns 14,263 shares in the company, valued at approximately $1,167,997.07. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Wade F. Meyercord sold 1,300 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total transaction of $109,135.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,829 shares of company stock worth $561,905. Corporate insiders own 2.13% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Grove Bank & Trust raised its position in shares of 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 buying an additional 190 shares in the last quarter. Trust Co. of Vermont raised its position in shares of Microchip Technology by 9.2% during the 2nd quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 136 shares in the last quarter. Smithfield Trust Co. raised its position in shares of 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 buying an additional 7 shares in the last quarter. Commonwealth Bank of Australia raised its position in shares of Microchip Technology by 1.4% during the 2nd quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock valued at $163,000 after buying an additional 29 shares in the last quarter. Finally, Harbour Capital Advisors LLC purchased a new stake in shares of Microchip Technology during the 1st quarter valued at $173,000. Hedge funds and other institutional investors own 98.68% of the company’s stock.
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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