Goldman Sachs Group upgraded shares of Microchip Technology (NASDAQ:MCHP) from a neutral rating to a buy rating in a report published on Thursday, Marketbeat.com reports. The firm currently has $108.00 price objective on the semiconductor company’s stock, up from their previous price objective of $95.57.
A number of other equities research analysts have also issued reports on the company. Piper Jaffray Companies started coverage on Microchip Technology in a research note on Monday, December 18th. They issued an overweight rating and a $100.00 price target for the company. Zacks Investment Research upgraded Microchip Technology from a hold rating to a buy rating and set a $102.00 price target for the company in a research note on Friday, November 10th. Morgan Stanley increased their price target on Microchip Technology from $97.00 to $99.00 and gave the stock an equal weight rating in a research note on Wednesday, December 13th. Bank of America cut their price target on Microchip Technology from $120.00 to $110.00 and set a buy rating for the company in a research note on Wednesday, February 7th. Finally, BidaskClub lowered Microchip Technology from a strong-buy rating to a buy rating in a research note on Friday, January 26th. Four equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $103.04.
Shares of Microchip Technology (NASDAQ MCHP) traded up $3.63 during mid-day trading on Thursday, reaching $98.97. The company’s stock had a trading volume of 4,250,562 shares, compared to its average volume of 3,890,069. Microchip Technology has a 1-year low of $71.40 and a 1-year high of $99.17. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.98 and a quick ratio of 2.33. The stock has a market cap of $23,192.93, a price-to-earnings ratio of 102.03, a PEG ratio of 1.32 and a beta of 1.08.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 6th. Shareholders of record on Wednesday, February 21st were issued a dividend of $0.363 per share. This represents a $1.45 annualized dividend and a dividend yield of 1.47%. The ex-dividend date was Tuesday, February 20th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is 149.49%.
In related news, CFO James Eric Bjornholt sold 2,109 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $84.18, for a total value of $177,535.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Mitchell R. Little sold 4,159 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $84.14, for a total transaction of $349,938.26. Following the completion of the transaction, the vice president now directly owns 15,767 shares of the company’s stock, valued at approximately $1,326,635.38. The disclosure for this sale can be found here. Insiders have sold a total of 31,392 shares of company stock valued at $2,909,829 in the last three months. Insiders own 2.13% of the company’s stock.
Several large investors have recently made changes to their positions in MCHP. Atlantic Trust Group LLC lifted its holdings in shares of Microchip Technology by 255.3% in the 3rd quarter. Atlantic Trust Group LLC now owns 1,381,312 shares of the semiconductor company’s stock valued at $124,014,000 after acquiring an additional 992,572 shares during the last quarter. TimesSquare Capital Management LLC bought a new position in shares of Microchip Technology in the 3rd quarter valued at about $72,300,000. Janus Henderson Group PLC lifted its holdings in shares of Microchip Technology by 7.8% in the 3rd quarter. Janus Henderson Group PLC now owns 8,703,575 shares of the semiconductor company’s stock valued at $781,389,000 after acquiring an additional 630,311 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Microchip Technology by 20.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,891,973 shares of the semiconductor company’s stock valued at $259,643,000 after acquiring an additional 488,832 shares during the last quarter. Finally, Carillon Tower Advisers Inc. bought a new position in shares of Microchip Technology in the 4th quarter valued at about $41,809,000.
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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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