Wade F. Meyercord Sells 1,300 Shares of Microchip Technology Incorporated (MCHP) Stock
Microchip Technology Incorporated (NASDAQ:MCHP) Director Wade F. Meyercord sold 1,300 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total transaction of $109,135.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Shares of Microchip Technology Incorporated (MCHP) traded up 0.32% during midday trading on Tuesday, hitting $84.29. 1,688,083 shares of the stock traded hands. Microchip Technology Incorporated has a 52 week low of $57.52 and a 52 week high of $87.49. The stock has a market capitalization of $19.62 billion, a P/E ratio of 45.41 and a beta of 1.06. The firm has a 50-day moving average price of $80.70 and a 200-day moving average price of $77.18.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.17. The firm had revenue of $972.10 million for the quarter, compared to the consensus estimate of $944.87 million. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.84 EPS. On average, equities analysts predict that Microchip Technology Incorporated will post $5.27 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Monday, August 21st will be given a $0.362 dividend. The ex-dividend date of this dividend is Thursday, August 17th. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.72%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is 77.54%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MCHP. Koch Industries Inc. bought a new position in Microchip Technology during the second quarter worth about $248,000. Keel Point LLC increased its position in Microchip Technology by 3.3% in the second quarter. Keel Point LLC now owns 3,694 shares of the semiconductor company’s stock worth $285,000 after buying an additional 119 shares during the last quarter. BB&T Investment Services Inc. bought a new position in Microchip Technology during the second quarter worth about $1,007,000. Raymond James Financial Services Advisors Inc. increased its position in Microchip Technology by 8.7% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 625,729 shares of the semiconductor company’s stock worth $48,295,000 after buying an additional 50,090 shares during the last quarter. Finally, 361 Capital LLC increased its position in Microchip Technology by 35.3% in the second quarter. 361 Capital LLC now owns 48,830 shares of the semiconductor company’s stock worth $3,769,000 after buying an additional 12,730 shares during the last quarter. Institutional investors own 98.67% of the company’s stock.
Several brokerages recently weighed in on MCHP. Credit Suisse Group AG restated an “outperform” rating and issued a $90.00 price objective on shares of Microchip Technology in a report on Wednesday, June 7th. Mizuho restated a “neutral” rating and issued a $80.00 price objective (up from $75.00) on shares of Microchip Technology in a report on Wednesday, June 7th. BidaskClub upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a report on Wednesday, August 9th. B. Riley restated a “buy” rating and issued a $120.00 price objective on shares of Microchip Technology in a report on Wednesday, August 9th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $102.00 price objective (up from $100.00) on shares of Microchip Technology in a report on Tuesday, June 6th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Microchip Technology presently has a consensus rating of “Buy” and an average price target of $88.80.
Microchip Technology Company Profile
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.
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