Insider Selling: Microchip Technology CEO Sells 29,495 Shares of Stock (MCHP)
Microchip Technology (NASDAQ:MCHP) CEO Steve Sanghi sold 29,495 shares of Microchip Technology stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $47.02, for a total transaction of $1,386,854.90. The sale was disclosed in a document filed with the SEC, which is available at this link.
Several analysts have recently commented on the stock. 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. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Microchip Technology has an average rating of “Buy” and a consensus target price of $50.45.
Microchip Technology (NASDAQ:MCHP) traded up 0.04% during mid-day trading on Tuesday, hitting $47.05. 1,270,057 shares of the company’s stock traded hands. Microchip Technology has a one year low of $38.44 and a one year high of $50.04. The stock’s 50-day moving average is $47.58 and its 200-day moving average is $47.14. The company has a market cap of $9.429 billion and a P/E ratio of 25.48.
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 $2.82 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, September 4th. Stockholders of record on Thursday, August 21st will be paid a dividend of $0.356 per share. This represents a $1.42 annualized dividend and a dividend yield of 3.03%. The ex-dividend date is Tuesday, August 19th. This is a boost 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.
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