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Microchip Technology (NASDAQ:MCHP) has been given an average rating of “Buy” by the fourteen ratings firms that are covering the stock, Analyst Ratings News reports. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $50.45.

Microchip Technology (NASDAQ:MCHP) opened at 46.24 on Friday. Microchip Technology has a 1-year low of $38.44 and a 1-year high of $50.04. The stock has a 50-day moving average of $48.33 and a 200-day moving average of $47.03. The company has a market cap of $9.257 billion and a P/E ratio of 24.94.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.68 earnings per share (EPS) for the quarter, beating the 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 in the previous year, the company posted $0.57 earnings per share. The company’s revenue for the quarter was up 14.8% on a year-over-year basis. On average, analysts predict that Microchip Technology will post $2.80 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Thursday, September 4th. Investors 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 3.08%. The ex-dividend date of this dividend is Tuesday, August 19th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36.

A number of analysts have recently weighed in on MCHP shares. Analysts at B. Riley reiterated a “neutral” rating on shares of Microchip Technology in a research note on Friday. They now have a $50.00 price target on the stock, up previously from $45.00. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Microchip Technology in a research note on Friday. They now have a $47.00 price target on the stock. Finally, 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.

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

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