Microchip Technology Inc. (NASDAQ:MCHP) has been given an average rating of “Buy” by the twenty ratings firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, five have given a hold recommendation, twelve have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $115.88.
A number of research firms have recently commented on MCHP. BidaskClub lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Thursday, July 26th. SunTrust Banks upped their price objective on shares of Microchip Technology from $115.00 to $117.00 and gave the company a “buy” rating in a research note on Wednesday, May 30th. TheStreet lowered shares of Microchip Technology from an “a-” rating to a “c+” rating in a research note on Thursday, August 9th. ValuEngine lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, August 14th. Finally, Needham & Company LLC reduced their price objective on shares of Microchip Technology from $130.00 to $120.00 and set a “strong-buy” rating on the stock in a research note on Monday, August 13th.
In related news, COO Ganesh Moorthy bought 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 14th. The shares were acquired at an average cost of $84.10 per share, with a total value of $1,009,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 3,998 shares of the stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total transaction of $337,151.34. Following the transaction, the vice president now directly owns 16,931 shares in the company, valued at $1,427,791.23. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Psagot Investment House Ltd. bought a new position in Microchip Technology during the second quarter worth $125,000. Canada Pension Plan Investment Board raised its holdings in Microchip Technology by 14,030.0% during the second quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock worth $129,000 after buying an additional 1,403 shares during the last quarter. Signaturefd LLC acquired a new position in Microchip Technology during the first quarter worth $131,000. Summit Trail Advisors LLC raised its holdings in Microchip Technology by 9,097.1% during the first quarter. Summit Trail Advisors LLC now owns 138,325 shares of the semiconductor company’s stock worth $138,000 after buying an additional 136,821 shares during the last quarter. Finally, Prospera Financial Services Inc acquired a new position in Microchip Technology during the second quarter worth $200,000.
NASDAQ MCHP traded down $0.85 on Friday, hitting $83.05. The company’s stock had a trading volume of 3,504,265 shares, compared to its average volume of 4,257,526. 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 1-year low of $78.33 and a 1-year high of $104.20. The stock has a market cap of $19.76 billion, a P/E ratio of 16.00, a price-to-earnings-growth ratio of 0.88 and a beta of 1.09.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.48 by $0.13. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. The firm had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the prior year, the company posted $1.31 EPS. The company’s revenue was up 24.7% on a year-over-year basis. analysts predict that Microchip Technology will post 6.51 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Tuesday, August 21st were paid a dividend of $0.364 per share. The ex-dividend date was 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 yield of 1.75%. Microchip Technology’s dividend payout ratio is currently 28.13%.
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.
Recommended Story: How to Invest in an Index Fund
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.