Microchip Technology (NASDAQ:MCHP) had its price target boosted by Morgan Stanley from $97.00 to $99.00 in a report issued on Wednesday morning. Morgan Stanley currently has an equal weight rating on the semiconductor company’s stock.
A number of other equities analysts have also issued reports on the stock. ValuEngine lowered shares of Microchip Technology from a buy rating to a hold rating in a research report on Wednesday, November 15th. Zacks Investment Research raised shares of Microchip Technology from a hold rating to a buy rating and set a $102.00 target price on the stock in a research report on Friday, November 10th. Jefferies Group boosted their target price on shares of Microchip Technology from $106.00 to $110.00 and gave the stock a buy rating in a research report on Tuesday, November 7th. B. Riley reaffirmed a buy rating and set a $123.00 target price (up previously from $120.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Finally, Credit Suisse Group reaffirmed an outperform rating and set a $110.00 target price (up previously from $95.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Microchip Technology currently has a consensus rating of Buy and a consensus price target of $99.71.
Microchip Technology (MCHP) traded up $0.56 during trading hours on Wednesday, hitting $86.40. 1,482,400 shares of the stock were exchanged, compared to its average volume of 2,514,249. Microchip Technology has a 12 month low of $62.21 and a 12 month high of $95.92. The company has a market capitalization of $20,110.00, a price-to-earnings ratio of 18.19, a price-to-earnings-growth ratio of 1.37 and a beta of 0.99. 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 firm also recently declared a quarterly dividend, which was paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st were paid a dividend of $0.3625 per share. The ex-dividend date of this dividend was Monday, November 20th. This represents a $1.45 dividend on an annualized basis and a yield of 1.68%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is currently 58.00%.
In other news, CFO James Eric Bjornholt sold 1,801 shares of the business’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $165,079.66. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Stephen V. Drehobl sold 2,852 shares of the business’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $261,414.32. Following the completion of the sale, the vice president now owns 15,767 shares in the company, valued at approximately $1,445,203.22. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.
Several large investors have recently modified their holdings of MCHP. Zions Bancorporation raised its holdings in shares of Microchip Technology by 215.5% in the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock valued at $110,000 after buying an additional 836 shares during the last quarter. Amica Retiree Medical Trust bought a new position in shares of Microchip Technology in the third quarter valued at about $121,000. Valeo Financial Advisors LLC bought a new position in shares of Microchip Technology in the third quarter valued at about $146,000. Commonwealth Bank of Australia raised its holdings in shares of Microchip Technology by 1.4% in the second quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock valued at $163,000 after buying an additional 29 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in shares of Microchip Technology by 608.4% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock valued at $189,000 after buying an additional 1,807 shares during 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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