Microchip Technology Inc. (NASDAQ:MCHP)‘s stock had its “hold” rating reissued by research analysts at Pacific Crest in a research note issued to investors on Tuesday.

Several other equities research analysts also recently issued reports on MCHP. Stifel Nicolaus boosted their price objective on shares of Microchip Technology from $60.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. B. Riley reiterated a “buy” rating and set a $74.00 price objective on shares of Microchip Technology in a research note on Tuesday, August 9th. Needham & Company LLC boosted their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Credit Suisse Group AG reiterated a “buy” rating and set a $67.00 price objective on shares of Microchip Technology in a research note on Tuesday, August 9th. Finally, Citigroup Inc. boosted their price objective on shares of Microchip Technology from $54.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $63.14.

 

Shares of Microchip Technology (NASDAQ:MCHP) traded up 2.12% on Tuesday, hitting $63.55. The stock had a trading volume of 1,947,939 shares. Microchip Technology has a 12 month low of $39.01 and a 12 month high of $65.61. The firm’s 50-day moving average price is $60.53 and its 200 day moving average price is $55.51. The firm has a market cap of $13.68 billion, a P/E ratio of 171.29 and a beta of 1.04.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Monday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.07. Microchip Technology had a net margin of 3.28% and a return on equity of 24.87%. The firm earned $873.80 million during the quarter, compared to the consensus estimate of $860.96 million. During the same period in the previous year, the firm earned $0.66 earnings per share. Microchip Technology’s revenue was up 56.2% compared to the same quarter last year. Analysts anticipate that Microchip Technology will post $3.41 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 5th. Shareholders of record on Monday, November 21st will be issued a dividend of $0.3605 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.32%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is 400.00%.

In other news, VP Richard J. Simoncic sold 20,000 shares of the company’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $60.47, for a total transaction of $1,209,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Sanghi sold 60,129 shares of the company’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $60.58, for a total transaction of $3,642,614.82. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in MCHP. WINTON GROUP Ltd raised its position in Microchip Technology by 47.6% in the third quarter. WINTON GROUP Ltd now owns 375,807 shares of the company’s stock valued at $23,353,000 after buying an additional 121,125 shares in the last quarter. Arthur Zaske & Associates LLC purchased a new position in Microchip Technology during the third quarter valued at approximately $314,000. Summit Securities Group LLC purchased a new position in Microchip Technology during the third quarter valued at approximately $1,645,000. DIAM Co. Ltd. raised its position in Microchip Technology by 132.3% in the third quarter. DIAM Co. Ltd. now owns 52,152 shares of the company’s stock valued at $3,232,000 after buying an additional 29,701 shares in the last quarter. Finally, Bahl & Gaynor Inc. raised its position in Microchip Technology by 1.4% in the third quarter. Bahl & Gaynor Inc. now owns 67,775 shares of the company’s stock valued at $4,212,000 after buying an additional 930 shares in the last quarter.

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