Microchip Technology (NASDAQ:MCHP) Stock Price Up 5.1% After Analyst Upgrade

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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.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MCHP. Robeco Institutional Asset Management B.V. boosted its position in shares of Microchip Technology by 22.0% in the second quarter. Robeco Institutional Asset Management B.V. now owns 11,907 shares of the semiconductor company’s stock worth $1,033,000 after acquiring an additional 2,151 shares during the last quarter. AE Wealth Management LLC acquired a new position in Microchip Technology during the second quarter valued at approximately $373,000. Arizona State Retirement System lifted its position in Microchip Technology by 72.2% during the second quarter. Arizona State Retirement System now owns 78,344 shares of the semiconductor company’s stock valued at $6,792,000 after buying an additional 32,842 shares in the last quarter. Hartford Investment Management Co. lifted its position in Microchip Technology by 1.1% during the second quarter. Hartford Investment Management Co. now owns 26,001 shares of the semiconductor company’s stock valued at $2,254,000 after buying an additional 288 shares in the last quarter. Finally, Strs Ohio lifted its position in Microchip Technology by 163.9% during the second quarter. Strs Ohio now owns 17,847 shares of the semiconductor company’s stock valued at $1,547,000 after buying an additional 11,085 shares in the last quarter.

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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