Microchip Technology Sees Significant Decrease in Short Interest (MCHP)
Shares of Microchip Technology (NASDAQ:MCHP) were the recipient of a large drop in short interest during the month of August. As of August 15th, there was short interest totalling 22,132,198 shares, a drop of 10.7% from the July 31st total of 24,771,796 shares, Stock Ratings Network reports. Currently, 11.3% of the shares of the company are sold short. Based on an average daily trading volume, of 1,484,069 shares, the days-to-cover ratio is currently 14.9 days.
In other Microchip Technology news, VP Stephen V. Drehobl sold 4,067 shares of Microchip Technology stock on the open market in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $47.60, for a total value of $193,589.20. 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 research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Microchip Technology presently has a consensus rating of “Buy” and a consensus price target of $50.45.
Microchip Technology (NASDAQ:MCHP) opened at 48.83 on Tuesday. Microchip Technology has a 1-year low of $38.46 and a 1-year high of $50.04. The stock has a 50-day moving average of $47.27 and a 200-day moving average of $47.31. The company has a market cap of $9.786 billion and a P/E ratio of 26.01.
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. Analysts expect that Microchip Technology will post $2.82 EPS 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 2.92%. 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.
Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a variety of embedded control applications.
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