Microchip Technology Incorporated (NASDAQ:MCHP) Receives Average Rating of “Moderate Buy” from Brokerages
Microchip Technology Incorporated (NASDAQ:MCHP - Get Rating) has received a consensus rating of "Moderate Buy" from the twenty-one research firms that are currently covering the stock, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $83.50.
A number of equities research analysts have recently issued reports on MCHP shares. Needham & Company LLC reduced their price objective on Microchip Technology from $92.00 to $82.00 in a report on Tuesday, October 25th. UBS Group cut their price target on Microchip Technology from $100.00 to $90.00 in a research note on Friday, November 4th. Morgan Stanley cut their price target on Microchip Technology from $82.00 to $80.00 and set an "overweight" rating for the company in a research note on Friday, November 4th. Mizuho cut their price target on Microchip Technology from $75.00 to $72.00 and set a "neutral" rating for the company in a research note on Friday, November 4th. Finally, Credit Suisse Group began coverage on Microchip Technology in a research note on Tuesday, November 15th. They issued a "neutral" rating and a $85.00 price target for the company.
Insider Activity
In other Microchip Technology news, Director Karlton D. Johnson sold 927 shares of the company's stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $64.54, for a total transaction of $59,828.58. Following the completion of the sale, the director now directly owns 1,369 shares of the company's stock, valued at $88,355.26. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.00% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in the business. Carl P. Sherr & Co. LLC boosted its stake in Microchip Technology by 1.2% in the 3rd quarter. Carl P. Sherr & Co. LLC now owns 12,299 shares of the semiconductor company's stock worth $751,000 after purchasing an additional 140 shares in the last quarter. Transamerica Financial Advisors Inc. lifted its position in Microchip Technology by 8.7% in the third quarter. Transamerica Financial Advisors Inc. now owns 1,819 shares of the semiconductor company's stock valued at $111,000 after buying an additional 145 shares during the last quarter. Avestar Capital LLC lifted its position in Microchip Technology by 1.7% in the second quarter. Avestar Capital LLC now owns 9,929 shares of the semiconductor company's stock valued at $577,000 after buying an additional 163 shares during the last quarter. Kinneret Advisory LLC increased its stake in Microchip Technology by 2.2% during the second quarter. Kinneret Advisory LLC now owns 7,658 shares of the semiconductor company's stock worth $445,000 after purchasing an additional 163 shares during the period. Finally, First Commonwealth Financial Corp PA increased its stake in Microchip Technology by 2.1% during the third quarter. First Commonwealth Financial Corp PA now owns 8,334 shares of the semiconductor company's stock worth $509,000 after purchasing an additional 174 shares during the period. Hedge funds and other institutional investors own 89.85% of the company's stock.
Microchip Technology Trading Down 0.3 %
Shares of NASDAQ:MCHP opened at $70.25 on Friday. Microchip Technology has a 12-month low of $54.33 and a 12-month high of $88.97. The stock has a market cap of $38.64 billion, a PE ratio of 21.48, a P/E/G ratio of 0.73 and a beta of 1.58. The business has a 50 day moving average of $71.27 and a 200-day moving average of $66.51. The company has a quick ratio of 0.65, a current ratio of 1.05 and a debt-to-equity ratio of 1.03.
Microchip Technology (NASDAQ:MCHP - Get Rating) last issued its quarterly earnings data on Thursday, November 3rd. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.37 by $0.02. Microchip Technology had a return on equity of 47.90% and a net margin of 24.14%. The company had revenue of $2.07 billion during the quarter, compared to analysts' expectations of $2.06 billion. As a group, equities research analysts forecast that Microchip Technology will post 5.67 earnings per share for the current year.
Microchip Technology Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 6th. Investors of record on Tuesday, November 22nd were paid a dividend of $0.328 per share. The ex-dividend date of this dividend was Monday, November 21st. This represents a $1.31 annualized dividend and a yield of 1.87%. This is a positive change from Microchip Technology's previous quarterly dividend of $0.30. Microchip Technology's payout ratio is presently 40.06%.
About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.
Further Reading
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