BidaskClub cut shares of Microchip Technology (NASDAQ:MCHP) from a buy rating to a hold rating in a research report released on Thursday.
A number of other brokerages have also weighed in on MCHP. Morgan Stanley upped their target price on Microchip Technology from $96.00 to $97.00 and gave the stock an equal weight rating in a research note on Wednesday, May 9th. Zacks Investment Research lowered Microchip Technology from a buy rating to a hold rating in a research note on Wednesday, May 9th. SunTrust Banks upped their target price on Microchip Technology from $115.00 to $117.00 and gave the stock a buy rating in a research note on Wednesday, May 30th. B. Riley upped their target price on Microchip Technology from $123.00 to $135.00 and gave the stock a buy rating in a research note on Friday, June 1st. Finally, JPMorgan Chase & Co. initiated coverage on Microchip Technology in a research note on Tuesday, June 5th. They issued an overweight rating and a $125.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Microchip Technology currently has an average rating of Buy and an average price target of $115.76.
Shares of MCHP opened at $83.01 on Thursday. The stock has a market cap of $20.59 billion, a P/E ratio of 15.99, a P/E/G ratio of 1.01 and a beta of 1.13. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.80 and a current ratio of 1.32. Microchip Technology has a 52-week low of $78.33 and a 52-week high of $104.20.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.48 by $0.13. The business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.21 billion. Microchip Technology had a return on equity of 36.33% and a net margin of 2.85%. The firm’s quarterly revenue was up 24.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.31 EPS. research analysts expect that Microchip Technology will post 6.18 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Stockholders of record on Tuesday, August 21st will be given a dividend of $0.364 per share. The ex-dividend date is Monday, August 20th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.46 annualized dividend and a dividend yield of 1.75%. Microchip Technology’s dividend payout ratio is 27.94%.
In other news, CFO James Eric Bjornholt sold 2,308 shares of the stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total transaction of $215,913.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Stephen V. Drehobl sold 4,696 shares of the stock in a transaction dated Tuesday, May 22nd. The shares were sold at an average price of $93.55, for a total value of $439,310.80. Following the transaction, the vice president now owns 19,711 shares in the company, valued at $1,843,964.05. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC increased its position in shares of Microchip Technology by 4.7% during the 2nd quarter. Janus Henderson Group PLC now owns 12,919,605 shares of the semiconductor company’s stock valued at $1,175,042,000 after purchasing an additional 582,965 shares during the last quarter. Barings LLC boosted its holdings in Microchip Technology by 33.2% during the 1st quarter. Barings LLC now owns 8,028,245 shares of the semiconductor company’s stock valued at $13,872,000 after acquiring an additional 2,000,000 shares during the period. Principal Financial Group Inc. boosted its holdings in Microchip Technology by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 5,616,587 shares of the semiconductor company’s stock valued at $513,132,000 after acquiring an additional 24,008 shares during the period. Aristotle Capital Management LLC boosted its holdings in Microchip Technology by 5.9% during the 1st quarter. Aristotle Capital Management LLC now owns 5,102,781 shares of the semiconductor company’s stock valued at $466,190,000 after acquiring an additional 285,886 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Microchip Technology by 0.9% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,140,517 shares of the semiconductor company’s stock valued at $286,918,000 after acquiring an additional 29,390 shares during the period.
Microchip Technology Company Profile
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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