Microchip Technology Incorporated (NASDAQ:MCHP) Receives Average Rating of “Moderate Buy” from Brokerages

Microchip Technology Incorporated (NASDAQ:MCHPGet Rating) has earned an average rating of “Moderate Buy” from the twenty-three research firms that are presently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $89.73.

Several research analysts recently issued reports on MCHP shares. Morgan Stanley raised their target price on Microchip Technology from $81.00 to $82.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 3rd. Cowen lifted their price objective on Microchip Technology from $60.00 to $72.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 3rd. Bank of America lowered their price objective on Microchip Technology from $85.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, June 29th. Stifel Nicolaus raised Microchip Technology from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $70.00 to $75.00 in a research report on Tuesday, June 28th. Finally, Wells Fargo & Company lifted their price objective on Microchip Technology from $60.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 3rd.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,379 shares of Microchip Technology stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $68.21, for a total transaction of $162,271.59. Following the completion of the transaction, the chief financial officer now owns 35,333 shares in the company, valued at approximately $2,410,063.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Microchip Technology news, CFO James Eric Bjornholt sold 2,379 shares of Microchip Technology stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $68.21, for a total transaction of $162,271.59. Following the completion of the transaction, the chief financial officer now owns 35,333 shares in the company, valued at approximately $2,410,063.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew W. Chapman sold 1,000 shares of Microchip Technology stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $68.21, for a total value of $68,210.00. Following the transaction, the director now owns 37,682 shares of the company’s stock, valued at approximately $2,570,289.22. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. Riverview Trust Co purchased a new position in shares of Microchip Technology in the 1st quarter worth approximately $26,000. AdvisorNet Financial Inc boosted its stake in shares of Microchip Technology by 1,083.3% in the 1st quarter. AdvisorNet Financial Inc now owns 355 shares of the semiconductor company’s stock worth $27,000 after buying an additional 325 shares during the last quarter. Landmark Wealth Management LLC purchased a new position in shares of Microchip Technology in the 1st quarter worth approximately $30,000. Glassman Wealth Services boosted its stake in shares of Microchip Technology by 54.5% in the 2nd quarter. Glassman Wealth Services now owns 516 shares of the semiconductor company’s stock worth $30,000 after buying an additional 182 shares during the last quarter. Finally, Kessler Investment Group LLC purchased a new position in shares of Microchip Technology in the 1st quarter worth approximately $32,000. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Microchip Technology Stock Down 1.0 %

Shares of NASDAQ:MCHP opened at $64.73 on Thursday. The firm has a market cap of $35.76 billion, a P/E ratio of 23.80, a P/E/G ratio of 0.84 and a beta of 1.62. The company has a quick ratio of 1.17, a current ratio of 1.78 and a debt-to-equity ratio of 1.27. Microchip Technology has a 12-month low of $54.33 and a 12-month high of $90.00. The business has a fifty day simple moving average of $67.35 and a 200 day simple moving average of $67.13.

Microchip Technology (NASDAQ:MCHPGet Rating) last announced its earnings results on Tuesday, August 2nd. The semiconductor company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.10. Microchip Technology had a return on equity of 44.90% and a net margin of 21.34%. During the same quarter last year, the company posted $0.88 earnings per share. Analysts predict that Microchip Technology will post 5.42 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 2nd. Shareholders of record on Friday, August 19th were paid a dividend of $0.301 per share. The ex-dividend date was Thursday, August 18th. This represents a $1.20 dividend on an annualized basis and a yield of 1.86%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.28. Microchip Technology’s payout ratio is 44.12%.

About Microchip Technology

(Get Rating)

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 microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

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