Microchip Technology Incorporated (MCHP) Given Consensus Rating of “Buy” by Brokerages

Microchip Technology Incorporated (NASDAQ:MCHP) has received a consensus recommendation of “Buy” from the twenty research firms that are currently covering the firm, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation, fourteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $99.75.

A number of research firms recently weighed in on MCHP. Mizuho reissued a “neutral” rating and set a $84.00 price target (up from $80.00) on shares of Microchip Technology in a research note on Wednesday, August 9th. Morgan Stanley reaffirmed an “overweight” rating and issued a $94.00 target price on shares of Microchip Technology in a research note on Wednesday, September 20th. Needham & Company LLC upped their target price on shares of Microchip Technology from $120.00 to $130.00 and gave the company a “strong-buy” rating in a research note on Tuesday, November 7th. ValuEngine downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Saturday, September 30th. Finally, Zacks Investment Research downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Monday, October 23rd.

In other news, VP Stephen V. Drehobl sold 2,852 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $261,414.32. Following the completion of the transaction, the vice president now owns 15,767 shares in the company, valued at $1,445,203.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 1,801 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $165,079.66. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in shares of Microchip Technology by 66.5% in the second quarter. Principal Financial Group Inc. now owns 6,276,677 shares of the semiconductor company’s stock valued at $484,434,000 after buying an additional 2,507,707 shares during the period. Fox Run Management L.L.C. boosted its holdings in shares of Microchip Technology by 248.8% in the third quarter. Fox Run Management L.L.C. now owns 15,000 shares of the semiconductor company’s stock valued at $1,347,000 after buying an additional 10,700 shares during the period. 361 Capital LLC boosted its holdings in shares of Microchip Technology by 35.3% in the second quarter. 361 Capital LLC now owns 48,830 shares of the semiconductor company’s stock valued at $3,769,000 after buying an additional 12,730 shares during the period. Norinchukin Bank The boosted its holdings in shares of Microchip Technology by 13.2% in the second quarter. Norinchukin Bank The now owns 15,920 shares of the semiconductor company’s stock valued at $1,229,000 after buying an additional 1,857 shares during the period. Finally, HPM Partners LLC boosted its holdings in shares of Microchip Technology by 76.3% in the second quarter. HPM Partners LLC now owns 17,185 shares of the semiconductor company’s stock valued at $623,000 after buying an additional 7,437 shares during the period.

Microchip Technology (NASDAQ MCHP) traded up $0.10 on Thursday, hitting $86.31. 1,511,600 shares of the company were exchanged, compared to its average volume of 2,530,746. The company has a debt-to-equity ratio of 0.85, a quick ratio of 2.71 and a current ratio of 3.33. The company has a market capitalization of $20,164.98, a P/E ratio of 18.26, a price-to-earnings-growth ratio of 1.38 and a beta of 1.00. Microchip Technology has a twelve month low of $62.21 and a twelve month high of $95.92.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.27 by $0.14. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Microchip Technology had a net margin of 16.23% and a return on equity of 35.48%. Microchip Technology’s revenue for the quarter was up 16.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.94 earnings per share. equities analysts anticipate that Microchip Technology will post 5.12 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st were paid a $0.3625 dividend. This represents a $1.45 annualized dividend and a yield of 1.68%. The ex-dividend date was Monday, November 20th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is presently 58.00%.

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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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