Traders Sell Shares of Microchip Technology (MCHP) on Strength (MCHP)
Investors sold shares of Microchip Technology Inc. (NASDAQ:MCHP) on strength during trading hours on Wednesday. $41.86 million flowed into the stock on the tick-up and $99.31 million flowed out of the stock on the tick-down, for a money net flow of $57.45 million out of the stock. Of all stocks tracked, Microchip Technology had the 21st highest net out-flow for the day. Microchip Technology traded up $0.02 for the day and closed at $78.79
A number of research analysts have weighed in on MCHP shares. BidaskClub raised shares of Microchip Technology from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 30th. SunTrust Banks boosted their target price on shares of Microchip Technology from $115.00 to $117.00 and gave the stock a “buy” rating in a research report on Wednesday, May 30th. B. Riley boosted their target price on shares of Microchip Technology from $123.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, June 1st. JPMorgan Chase & Co. started coverage on shares of Microchip Technology in a research report on Tuesday, June 5th. They set an “overweight” rating and a $125.00 target price for the company. Finally, Morgan Stanley boosted their target price on shares of Microchip Technology from $97.00 to $103.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 5th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $114.11.
The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.80 and a current ratio of 1.32. The firm has a market capitalization of $19.39 billion, a PE ratio of 15.20, a PEG ratio of 0.86 and a beta of 1.09.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Tuesday, August 21st were paid a $0.364 dividend. The ex-dividend date was Monday, August 20th. This represents a $1.46 dividend on an annualized basis and a yield of 1.85%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is presently 28.13%.
In related news, VP Stephen V. Drehobl sold 3,998 shares of the company’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total value of $337,151.34. Following the sale, the vice president now owns 16,931 shares of the company’s stock, valued at $1,427,791.23. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Ganesh Moorthy bought 12,000 shares of the stock in a transaction that occurred on Tuesday, August 14th. The stock was acquired at an average cost of $84.10 per share, for a total transaction of $1,009,200.00. The disclosure for this purchase can be found here. Insiders own 2.13% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of MCHP. Artisan Partners Limited Partnership bought a new stake in Microchip Technology in the second quarter valued at about $96,187,000. OppenheimerFunds Inc. increased its stake in Microchip Technology by 114.5% in the second quarter. OppenheimerFunds Inc. now owns 1,753,557 shares of the semiconductor company’s stock valued at $159,486,000 after acquiring an additional 935,884 shares during the period. Millennium Management LLC increased its stake in Microchip Technology by 1,900.4% in the second quarter. Millennium Management LLC now owns 705,152 shares of the semiconductor company’s stock valued at $64,134,000 after acquiring an additional 669,901 shares during the period. Janus Henderson Group PLC increased its stake in Microchip Technology by 4.7% in the second quarter. Janus Henderson Group PLC now owns 12,919,605 shares of the semiconductor company’s stock valued at $1,175,042,000 after acquiring an additional 582,965 shares during the period. Finally, Platinum Investment Management Ltd. increased its stake in Microchip Technology by 138.7% in the first quarter. Platinum Investment Management Ltd. now owns 651,200 shares of the semiconductor company’s stock valued at $59,493,000 after acquiring an additional 378,400 shares during the period.
About Microchip Technology (NASDAQ:MCHP)
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.
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