Microchip Technology Incorporated (MCHP) Lowered to Hold at ValuEngine
ValuEngine downgraded shares of Microchip Technology Incorporated (NASDAQ:MCHP) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.
Several other research firms have also recently commented on MCHP. J P Morgan Chase & Co restated an overweight rating and issued a $120.00 target price on shares of Microchip Technology in a research note on Tuesday, November 7th. Needham & Company LLC raised their target price on shares of Microchip Technology from $120.00 to $130.00 and gave the stock a strong-buy rating in a research note on Tuesday, November 7th. Stifel Nicolaus restated a buy rating and issued a $100.00 target price (up previously from $94.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. B. Riley restated a buy rating and issued a $123.00 target price (up previously from $120.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Finally, Jefferies Group LLC raised their target price on shares of Microchip Technology from $106.00 to $110.00 and gave the stock a buy rating in a research note on Tuesday, November 7th. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $99.41.
Microchip Technology (NASDAQ:MCHP) traded up $1.19 during mid-day trading on Wednesday, hitting $90.78. 1,785,813 shares of the stock traded hands, compared to its average volume of 2,544,512. Microchip Technology has a one year low of $60.77 and a one year high of $95.92. The firm has a market cap of $21,130.00, a PE ratio of 19.28, a PEG ratio of 1.46 and a beta of 1.05. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.33 and a quick ratio of 2.71.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Monday, November 6th. The semiconductor company reported $1.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.14. Microchip Technology had a net margin of 16.23% and a return on equity of 35.48%. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter last year, the business earned $0.94 EPS. The business’s revenue was up 16.2% on a year-over-year basis. equities research analysts forecast that Microchip Technology will post 5.12 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st will be issued a dividend of $0.3625 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend is Monday, November 20th. Microchip Technology’s dividend payout ratio (DPR) is 58.00%.
In other news, CFO James Eric Bjornholt sold 2,453 shares of Microchip Technology stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total transaction of $200,876.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Stephen V. Drehobl sold 3,076 shares of Microchip Technology stock in a transaction dated Tuesday, August 22nd. The stock was 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 of the company’s stock, valued at $1,167,997.07. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Zions Bancorporation grew its holdings in shares of Microchip Technology by 215.5% during the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock worth $110,000 after buying an additional 836 shares in the last quarter. Amica Retiree Medical Trust purchased a new stake in shares of Microchip Technology during the third quarter worth about $121,000. Grove Bank & Trust grew its holdings in shares of Microchip Technology by 15.8% during the second quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock worth $107,000 after buying an additional 190 shares in the last quarter. Valeo Financial Advisors LLC purchased a new stake in shares of Microchip Technology during the third quarter worth about $146,000. Finally, Smithfield Trust Co. grew its holdings in shares of Microchip Technology by 0.4% during the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock worth $126,000 after buying an additional 7 shares in the last quarter.
Microchip Technology Company Profile
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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