Microchip Technology Inc. (NASDAQ:MCHP)’s share price rose 5.1% during mid-day trading on Wednesday after SunTrust Banks raised their price target on the stock from $104.00 to $106.00. SunTrust Banks currently has a buy rating on the stock. Microchip Technology traded as high as $96.95 and last traded at $96.54, approximately 4,321,400 shares traded hands during trading. An increase of 71% from the average daily volume of 2,528,019 shares. The stock had previously closed at $91.87.
Other equities research analysts have also recently issued reports about the stock. ValuEngine raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Raymond James raised shares of Microchip Technology from a “market perform” rating to a “strong-buy” rating and set a $115.00 price target on the stock in a research note on Wednesday, October 30th. BidaskClub cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Saturday, November 16th. Needham & Company LLC raised their price target on shares of Microchip Technology to $110.00 and gave the stock an “in-line” rating in a research note on Wednesday, November 6th. Finally, Cowen decreased their price target on shares of Microchip Technology from $90.00 to $89.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $105.37.
In related news, CFO James Eric Bjornholt sold 1,958 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $91.15, for a total value of $178,471.70. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Richard J. Simoncic sold 3,536 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $91.15, for a total transaction of $322,306.40. Following the completion of the sale, the vice president now directly owns 18,452 shares in the company, valued at $1,681,899.80. The disclosure for this sale can be found here. 2.21% of the stock is currently owned by company insiders.
The stock has a market capitalization of $22.59 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 2.17 and a beta of 1.42. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.90 and a quick ratio of 0.60. The business’s 50-day simple moving average is $94.79 and its two-hundred day simple moving average is $90.07.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.13. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Microchip Technology had a net margin of 7.15% and a return on equity of 25.60%. Microchip Technology’s revenue was down 6.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.81 earnings per share. As a group, sell-side analysts expect that Microchip Technology Inc. will post 4.77 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.366 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $1.46 dividend on an annualized basis and a yield of 1.52%. Microchip Technology’s dividend payout ratio (DPR) is 24.18%.
Microchip Technology Company Profile (NASDAQ:MCHP)
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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