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Microchip Technology (NASDAQ:MCHP)‘s stock had its “neutral” rating reiterated by Zacks in a research report issued to clients and investors on Friday. They currently have a $47.00 price target on the stock. Zacks‘s price objective suggests a potential upside of 2.09% from the stock’s previous close.

Zacks’ analyst wrote, “Microchip reported stellar first-quarter fiscal 2015 results with record revenues and adjusted earnings that exceeded the respective Zacks Consensus Estimates. The company is one of the fastest growing providers of 16-bit and 32-bit microcontrollers. The quality and diversity of products make Microchip one of the better-positioned companies in the semiconductor universe and enable it to outperform the industry. The company is also gaining significant market share in Analog products with continued new product innovations and customer engagements. Microchip also anticipates healthy bookings and robust business driven by new design wins and applications. However, an uncertain macroeconomic environment could hamper the growth momentum to some extent. Nevertheless, we maintain our long-term Neutral recommendation on the stock. “

MCHP has been the subject of a number of other recent research reports. Analysts at Needham & Company LLC raised their price target on shares of Microchip Technology from $55.00 to $57.00 in a research note on Friday. They now have a “buy” rating on the stock. Separately, analysts at Goldman Sachs downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating in a research note on Monday, June 2nd. They now have a $49.00 price target on the stock. They noted that the move was a valuation call. Finally, 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. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $50.45.

Microchip Technology (NASDAQ:MCHP) opened at 46.04 on Friday. Microchip Technology has a 52 week low of $38.44 and a 52 week high of $50.04. The stock’s 50-day moving average is $48.4 and its 200-day moving average is $47.02. The company has a market cap of $9.221 billion and a P/E ratio of 24.74.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.68 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.67 by $0.01. The company had revenue of $531.30 million for the quarter, compared to the consensus estimate of $527.59 million. During the same quarter last year, the company posted $0.57 earnings per share. Microchip Technology’s revenue was up 14.8% compared to the same quarter last year. Analysts expect that Microchip Technology will post $2.77 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Thursday, September 4th. Shareholders of record on Thursday, August 21st will be given a dividend of $0.356 per share. This represents a $1.42 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend is Tuesday, August 19th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36.

Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a variety of embedded control applications.

To view Zacks’ full report, visit Zacks’ official website.

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