Share on StockTwits

Microchip Technology (NASDAQ:MCHP) Director Wade F. Meyercord sold 1,238 shares of the stock on the open market in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $46.20, for a total value of $57,195.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Shares of Microchip Technology (NASDAQ:MCHP) traded up 0.94% during mid-day trading on Wednesday, hitting $47.02. The stock had a trading volume of 1,031,136 shares. Microchip Technology has a 52-week low of $38.44 and a 52-week high of $50.04. The stock has a 50-day moving average of $47.76 and a 200-day moving average of $47.0. The company has a market cap of $9.413 billion and a P/E ratio of 25.23.

Microchip Technology (NASDAQ:MCHP) last released its earnings data on Thursday, July 31st. The company reported $0.68 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $0.57 earnings per share. The company’s quarterly revenue was up 14.8% on a year-over-year basis. On average, analysts predict that Microchip Technology will post $2.82 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Thursday, September 4th. Stockholders 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 3.06%. The ex-dividend date of this dividend is Tuesday, August 19th. This is a boost 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, August 1st. 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, August 1st. 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, August 1st. They now have a “buy” rating on the stock. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $50.45.

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

Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.