Microchip Technology Inc. (NASDAQ:MCHP) Director L B. Day sold 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $84.82, for a total value of $296,870.00. Following the completion of the sale, the director now directly owns 9,238 shares of the company’s stock, valued at approximately $783,567.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Microchip Technology stock traded up $2.10 during mid-day trading on Friday, reaching $86.10. 3,015,082 shares of the company’s stock were exchanged, compared to its average volume of 2,950,343. The firm has a market capitalization of $20.45 billion, a P/E ratio of 16.59, a price-to-earnings-growth ratio of 1.09 and a beta of 1.24. Microchip Technology Inc. has a one year low of $60.70 and a one year high of $104.20. The company has a current ratio of 2.92, a quick ratio of 1.83 and a debt-to-equity ratio of 2.04.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, February 5th. The semiconductor company reported $1.66 EPS for the quarter, topping the Zacks’ consensus estimate of $1.45 by $0.21. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.40 billion. Microchip Technology had a return on equity of 32.30% and a net margin of 6.53%. Microchip Technology’s quarterly revenue was up 42.5% compared to the same quarter last year. During the same period last year, the company posted $1.36 earnings per share. Analysts predict that Microchip Technology Inc. will post 5.89 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Thursday, February 21st were issued a dividend of $0.365 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.46 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend was Wednesday, February 20th. Microchip Technology’s dividend payout ratio (DPR) is 28.13%.
MCHP has been the subject of a number of research reports. Rosenblatt Securities reissued a “buy” rating and issued a $115.00 price objective on shares of Microchip Technology in a research note on Monday, February 11th. ValuEngine upgraded Microchip Technology from a “sell” rating to a “hold” rating in a report on Monday, February 4th. Morgan Stanley raised their target price on Microchip Technology from $72.00 to $75.00 and gave the company an “equal weight” rating in a report on Wednesday, December 19th. Needham & Company LLC raised their target price on Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, February 6th. Finally, BidaskClub upgraded Microchip Technology from a “buy” rating to a “strong-buy” rating in a report on Wednesday, January 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $102.17.
A number of institutional investors have recently modified their holdings of MCHP. Clarfeld Financial Advisors LLC bought a new stake in Microchip Technology during the fourth quarter worth $26,000. Oregon Public Employees Retirement Fund lifted its holdings in Microchip Technology by 7,043.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,841,512 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 1,815,732 shares during the period. Morgan Dempsey Capital Management LLC bought a new stake in Microchip Technology during the fourth quarter worth $28,000. Lindbrook Capital LLC bought a new stake in Microchip Technology during the fourth quarter worth $32,000. Finally, Enlightenment Research LLC bought a new stake in shares of Microchip Technology in the fourth quarter valued at $43,000.
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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.
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