Insider Selling: Microchip Technology CEO Unloads 120,249 Shares of Stock (MCHP)
Microchip Technology (NASDAQ:MCHP) CEO Steve Sanghi sold 120,249 shares of the company’s stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $47.26, for a total transaction of $5,682,967.74. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Microchip Technology (NASDAQ:MCHP) traded up 0.11% during mid-day trading on Thursday, hitting $47.31. The stock had a trading volume of 3,603,174 shares. Microchip Technology has a 1-year low of $35.74 and a 1-year high of $49.03. The stock has a 50-day moving average of $46.94 and a 200-day moving average of $45.45. The company has a market cap of $9.444 billion and a price-to-earnings ratio of 25.97.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.03. The company had revenue of $493.40 million for the quarter, compared to the consensus estimate of $490.00 million. During the same quarter in the previous year, the company posted $0.49 earnings per share. The company’s revenue for the quarter was up 14.7% on a year-over-year basis. Analysts expect that Microchip Technology will post $2.76 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, June 3rd. Shareholders of record on Wednesday, May 21st will be paid a dividend of $0.3555 per share. This represents a $1.42 annualized dividend and a dividend yield of 3.01%. The ex-dividend date is Monday, May 19th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36.
MCHP has been the subject of a number of recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of Microchip Technology in a research note on Thursday, May 8th. They now have a $49.00 price target on the stock. Separately, analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Microchip Technology in a research note on Wednesday, May 7th. They now have a $45.00 price target on the stock, up previously from $42.00. Finally, analysts at Stifel Nicolaus raised their price target on shares of Microchip Technology from $58.00 to $60.00 in a research note on Wednesday, May 7th. They now have a “buy” rating on the stock. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $50.60.
Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a variety of embedded control applications.
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