Insider Selling: Richard J. Simoncic Sells 10,225 Shares of Microchip Technology Stock (MCHP)
Microchip Technology (NASDAQ:MCHP) VP Richard J. Simoncic sold 10,225 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $47.00, for a total value of $480,575.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of research firms have recently commented on MCHP. 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 investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Microchip Technology has a consensus rating of “Buy” and a consensus price target of $50.45.
Shares of Microchip Technology (NASDAQ:MCHP) traded up 0.33% during mid-day trading on Thursday, hitting $47.7468. The stock had a trading volume of 718,799 shares. 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 $47.52 and its 200-day moving average is $47.14. The company has a market cap of $9.568 billion and a price-to-earnings ratio of 25.78.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data 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. On average, analysts predict that Microchip Technology will post $2.82 earnings per share 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 2.99%. 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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