Piper Jaffray Companies Initiates Coverage on Microchip Technology (MCHP)

Piper Jaffray Companies assumed coverage on shares of Microchip Technology (NASDAQ:MCHP) in a report published on Monday, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $100.00 price target on the semiconductor company’s stock.

A number of other equities analysts have also recently issued reports on MCHP. Needham & Company LLC reaffirmed a buy rating and issued a $120.00 target price on shares of Microchip Technology in a report on Friday, September 8th. Morgan Stanley reaffirmed an overweight rating and issued a $94.00 target price on shares of Microchip Technology in a report on Wednesday, September 20th. Stifel Nicolaus reaffirmed a buy rating and issued a $94.00 target price on shares of Microchip Technology in a report on Thursday, September 28th. ValuEngine cut Microchip Technology from a buy rating to a hold rating in a report on Saturday, September 30th. Finally, Zacks Investment Research cut Microchip Technology from a buy rating to a hold rating in a report on Wednesday, October 4th. Five analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $101.18.

Microchip Technology (MCHP) opened at $89.46 on Monday. The company has a current ratio of 3.33, a quick ratio of 2.71 and a debt-to-equity ratio of 0.85. Microchip Technology has a fifty-two week low of $62.21 and a fifty-two week high of $95.92. The company has a market capitalization of $21,102.95, a price-to-earnings ratio of 19.11, a PEG ratio of 1.44 and a beta of 1.00.

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

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st were given a $0.3625 dividend. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date was Monday, November 20th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is 58.00%.

In related news, VP Stephen V. Drehobl sold 2,852 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $261,414.32. Following the sale, the vice president now owns 15,767 shares in the company, valued at approximately $1,445,203.22. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,801 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $165,079.66. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.

Several institutional investors have recently made changes to their positions in MCHP. Global X Management Co. LLC boosted its position in shares of Microchip Technology by 4.7% during the 2nd quarter. Global X Management Co. LLC now owns 2,690 shares of the semiconductor company’s stock valued at $208,000 after purchasing an additional 120 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Microchip Technology by 73,427.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 46,322 shares of the semiconductor company’s stock valued at $3,575,000 after purchasing an additional 46,259 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Microchip Technology by 7.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 721,944 shares of the semiconductor company’s stock valued at $55,720,000 after purchasing an additional 51,287 shares in the last quarter. Dupont Capital Management Corp boosted its position in shares of Microchip Technology by 12.1% during the 2nd quarter. Dupont Capital Management Corp now owns 8,597 shares of the semiconductor company’s stock valued at $664,000 after purchasing an additional 930 shares in the last quarter. Finally, Alps Advisors Inc. boosted its position in shares of Microchip Technology by 21.6% during the 2nd quarter. Alps Advisors Inc. now owns 6,659 shares of the semiconductor company’s stock valued at $514,000 after purchasing an additional 1,181 shares in the last quarter.

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About Microchip Technology

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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