Microchip Technology Target of Unusually High Options Trading (NASDAQ:MCHP)

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Microchip Technology Inc. (NASDAQ:MCHP) was the target of some unusual options trading on Thursday. Investors bought 13,552 call options on the stock. This represents an increase of 2,125% compared to the average volume of 609 call options.

Shares of NASDAQ:MCHP opened at $84.10 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.63 and a debt-to-equity ratio of 1.69. Microchip Technology has a twelve month low of $60.70 and a twelve month high of $103.27. The company has a market cap of $19.94 billion, a PE ratio of 13.83, a PEG ratio of 1.11 and a beta of 1.44.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.08. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the firm earned $1.40 earnings per share. Microchip Technology’s revenue for the quarter was up 32.6% on a year-over-year basis. Equities analysts predict that Microchip Technology will post 5.6 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 4th. Stockholders of record on Tuesday, May 21st were given a dividend of $0.3655 per share. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.74%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Monday, May 20th. Microchip Technology’s dividend payout ratio is presently 24.01%.

Several analysts recently commented on the company. Zacks Investment Research cut Microchip Technology from a “hold” rating to a “sell” rating in a report on Tuesday, May 14th. BidaskClub cut Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Mizuho upped their target price on Microchip Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Cowen started coverage on Microchip Technology in a report on Friday, February 22nd. They set a “market perform” rating and a $90.00 price target on the stock. Finally, TheStreet upgraded Microchip Technology from a “c+” rating to a “b-” rating in a report on Thursday, February 21st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $103.61.

In related news, VP James Eric Bjornholt sold 2,188 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total value of $177,206.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.13% of the company’s stock.

Several large investors have recently modified their holdings of MCHP. Norges Bank acquired a new position in shares of Microchip Technology during the fourth quarter worth approximately $155,541,000. Oregon Public Employees Retirement Fund raised its position in shares of Microchip Technology by 7,043.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,841,512 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 1,815,732 shares during the period. Partner Fund Management L.P. acquired a new position in shares of Microchip Technology during the fourth quarter worth approximately $74,257,000. Frontier Capital Management Co. LLC acquired a new position in shares of Microchip Technology during the first quarter worth approximately $79,283,000. Finally, TimesSquare Capital Management LLC acquired a new position in shares of Microchip Technology during the first quarter worth approximately $44,915,000.

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Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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