Microchip Technology’s (NASDAQ:MCHP) “Neutral” Rating Reiterated at Mizuho

Mizuho reissued their neutral rating on shares of Microchip Technology Incorporated (NASDAQ:MCHP) in a research note issued to investors on Wednesday, August 9th. Mizuho currently has a $84.00 price objective on the semiconductor company’s stock, up from their previous price objective of $80.00.

Other equities research analysts have also issued research reports about the company. B. Riley reaffirmed a buy rating and issued a $115.00 target price on shares of Microchip Technology in a research note on Sunday, June 11th. Stifel Nicolaus upped their target price on Microchip Technology from $88.00 to $89.00 and gave the company a buy rating in a research note on Tuesday, June 6th. BidaskClub lowered Microchip Technology from a strong-buy rating to a buy rating in a research note on Wednesday, July 5th. Jefferies Group LLC reaffirmed a buy rating and issued a $94.00 target price (up previously from $92.00) on shares of Microchip Technology in a research note on Friday, August 4th. Finally, Raymond James Financial, Inc. initiated coverage on Microchip Technology in a research note on Friday, June 16th. They set an outperform rating and a $95.00 price target on the stock. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $88.80.

Microchip Technology (NASDAQ MCHP) traded down 0.09% during trading on Wednesday, hitting $81.58. The stock had a trading volume of 1,349,171 shares. Microchip Technology has a 12-month low of $57.52 and a 12-month high of $87.49. The firm has a market cap of $18.99 billion, a P/E ratio of 43.95 and a beta of 1.06. The stock’s 50 day moving average price is $81.03 and its 200 day moving average price is $77.35.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.17. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The firm had revenue of $972.10 million for the quarter, compared to analyst estimates of $944.87 million. During the same quarter in the prior year, the company earned $0.84 EPS. Microchip Technology’s revenue was up 21.6% on a year-over-year basis. On average, analysts anticipate that Microchip Technology will post $5.27 EPS for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Monday, August 21st will be issued a dividend of $0.362 per share. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.77%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, August 17th. Microchip Technology’s dividend payout ratio is presently 77.54%.

In related news, Director Wade F. Meyercord sold 1,300 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $83.95, for a total value of $109,135.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Stephen V. Drehobl sold 3,974 shares of the stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $319,072.46. Following the completion of the sale, the vice president now owns 14,263 shares of the company’s stock, valued at $1,145,176.27. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,784 shares of company stock valued at $629,735. Insiders own 2.13% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Grove Bank & Trust increased its stake in shares of Microchip Technology by 15.8% in the second quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after buying an additional 190 shares in the last quarter. Trust Co. of Vermont increased its stake in shares of Microchip Technology by 9.2% in the second quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 136 shares in the last quarter. Smithfield Trust Co. increased its stake in shares of Microchip Technology by 0.4% in the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after buying an additional 7 shares in the last quarter. Duncker Streett & Co. Inc. increased its stake in shares of Microchip Technology by 42.2% in the first quarter. Duncker Streett & Co. Inc. now owns 1,696 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 503 shares in the last quarter. Finally, Advisory Services Network LLC bought a new stake in shares of Microchip Technology during the first quarter valued at about $135,000. Hedge funds and other institutional investors own 98.67% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

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