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.

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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.

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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