Microchip Technology (NASDAQ:MCHP) Hits New 52-Week High at $94.30

Microchip Technology Incorporated (NASDAQ:MCHP)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $94.30 and last traded at $94.12, with a volume of 945846 shares trading hands. The stock had previously closed at $92.21.

Wall Street Analysts Forecast Growth

MCHP has been the topic of a number of recent analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a research note on Tuesday, January 30th. TD Cowen upped their price target on Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research note on Friday, February 2nd. Evercore ISI assumed coverage on Microchip Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price target on the stock. Truist Financial dropped their price target on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, January 9th. Finally, Wolfe Research raised Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective for the company in a report on Thursday, January 18th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $92.50.

Microchip Technology Stock Up 1.5 %

The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The stock has a 50-day simple moving average of $87.00 and a 200-day simple moving average of $84.55. The firm has a market capitalization of $50.58 billion, a PE ratio of 21.54, a P/E/G ratio of 2.77 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period last year, the company earned $1.48 earnings per share. The business’s revenue for the quarter was down 18.6% on a year-over-year basis. Analysts forecast that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were issued a $0.45 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date was Thursday, February 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 42.06%.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the sale, the director now directly owns 1,789 shares of the company’s stock, valued at approximately $150,276. The disclosure for this sale can be found here. Corporate insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Yousif Capital Management LLC increased its holdings in shares of Microchip Technology by 0.3% in the first quarter. Yousif Capital Management LLC now owns 71,841 shares of the semiconductor company’s stock worth $6,445,000 after buying an additional 213 shares during the period. SYSTM Wealth Solutions LLC increased its holdings in shares of Microchip Technology by 26.1% in the first quarter. SYSTM Wealth Solutions LLC now owns 73,725 shares of the semiconductor company’s stock worth $6,614,000 after buying an additional 15,278 shares during the period. Checchi Capital Advisers LLC increased its holdings in shares of Microchip Technology by 2.8% in the first quarter. Checchi Capital Advisers LLC now owns 8,006 shares of the semiconductor company’s stock worth $718,000 after buying an additional 221 shares during the period. Meridian Wealth Management LLC increased its holdings in shares of Microchip Technology by 5.1% in the first quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock worth $252,000 after buying an additional 137 shares during the period. Finally, Villere ST Denis J & Co. LLC increased its holdings in shares of Microchip Technology by 41.7% in the first quarter. Villere ST Denis J & Co. LLC now owns 339,167 shares of the semiconductor company’s stock worth $30,427,000 after buying an additional 99,795 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.