Microchip Technology (NASDAQ:MCHP) Upgraded at BidaskClub
Several other brokerages have also recently weighed in on MCHP. Needham & Company LLC set a $100.00 target price on Microchip Technology and gave the company a buy rating in a research note on Wednesday, August 7th. ValuEngine cut Microchip Technology from a buy rating to a hold rating in a research note on Thursday, August 1st. Piper Jaffray Companies set a $110.00 target price on Microchip Technology and gave the company a buy rating in a research note on Wednesday, August 7th. Wells Fargo & Co raised their target price on Microchip Technology from $105.00 to $115.00 and gave the company an outperform rating in a research note on Monday, July 29th. They noted that the move was a valuation call. Finally, Longbow Research started coverage on Microchip Technology in a research note on Tuesday, July 9th. They set a neutral rating and a $87.93 target price for the company. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. Microchip Technology presently has a consensus rating of Hold and an average price target of $100.88.
Shares of NASDAQ:MCHP traded up $0.06 on Tuesday, hitting $95.53. The company’s stock had a trading volume of 51,098 shares, compared to its average volume of 2,348,587. Microchip Technology has a 12 month low of $60.70 and a 12 month high of $101.35. The company has a market capitalization of $22.73 billion, a price-to-earnings ratio of 15.72, a price-to-earnings-growth ratio of 1.42 and a beta of 1.41. The stock’s 50-day moving average is $89.50 and its two-hundred day moving average is $88.68. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.63 and a current ratio of 0.93.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Wednesday, August 21st were issued a dividend of $0.366 per share. This represents a $1.46 annualized dividend and a dividend yield of 1.53%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Tuesday, August 20th. Microchip Technology’s dividend payout ratio is currently 24.01%.
In other news, CFO James Eric Bjornholt sold 1,937 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total transaction of $171,618.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Richard J. Simoncic sold 3,437 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total value of $304,518.20. Following the sale, the vice president now directly owns 18,178 shares of the company’s stock, valued at $1,610,570.80. The disclosure for this sale can be found here. Corporate insiders own 2.21% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Microchip Technology by 16.0% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 46,992 shares of the semiconductor company’s stock valued at $4,074,000 after purchasing an additional 6,480 shares during the last quarter. Atria Investments LLC lifted its stake in Microchip Technology by 11.8% in the 2nd quarter. Atria Investments LLC now owns 9,477 shares of the semiconductor company’s stock worth $833,000 after acquiring an additional 1,003 shares in the last quarter. Treasurer of the State of North Carolina lifted its stake in Microchip Technology by 17.1% in the 2nd quarter. Treasurer of the State of North Carolina now owns 108,569 shares of the semiconductor company’s stock worth $9,413,000 after acquiring an additional 15,830 shares in the last quarter. RFG Advisory LLC purchased a new stake in Microchip Technology in the 2nd quarter worth about $238,000. Finally, Winthrop Partners WNY LLC lifted its stake in Microchip Technology by 8.3% in the 2nd quarter. Winthrop Partners WNY LLC now owns 14,888 shares of the semiconductor company’s stock worth $1,291,000 after acquiring an additional 1,138 shares in the last quarter.
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.
Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.