Microchip Technology Incorporated (MCHP) Given Consensus Rating of “Buy” by Brokerages
Microchip Technology Incorporated (NASDAQ:MCHP) has received a consensus recommendation of “Buy” from the twenty research firms that are currently covering the firm, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation, fourteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $99.75.
A number of research firms recently weighed in on MCHP. Mizuho reissued a “neutral” rating and set a $84.00 price target (up from $80.00) on shares of Microchip Technology in a research note on Wednesday, August 9th. Morgan Stanley reaffirmed an “overweight” rating and issued a $94.00 target price on shares of Microchip Technology in a research note on Wednesday, September 20th. Needham & Company LLC upped their target price on shares of Microchip Technology from $120.00 to $130.00 and gave the company a “strong-buy” rating in a research note on Tuesday, November 7th. ValuEngine downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Saturday, September 30th. Finally, Zacks Investment Research downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Monday, October 23rd.
In other news, VP Stephen V. Drehobl sold 2,852 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $261,414.32. Following the completion of the transaction, the vice president now owns 15,767 shares in the company, valued at $1,445,203.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 1,801 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $165,079.66. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.
Microchip Technology (NASDAQ MCHP) traded up $0.10 on Thursday, hitting $86.31. 1,511,600 shares of the company were exchanged, compared to its average volume of 2,530,746. The company has a debt-to-equity ratio of 0.85, a quick ratio of 2.71 and a current ratio of 3.33. The company has a market capitalization of $20,164.98, a P/E ratio of 18.26, a price-to-earnings-growth ratio of 1.38 and a beta of 1.00. Microchip Technology has a twelve month low of $62.21 and a twelve month high of $95.92.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.27 by $0.14. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Microchip Technology had a net margin of 16.23% and a return on equity of 35.48%. Microchip Technology’s revenue for the quarter was up 16.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.94 earnings per share. equities analysts anticipate that Microchip Technology will post 5.12 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st were paid a $0.3625 dividend. This represents a $1.45 annualized dividend and a yield of 1.68%. The ex-dividend date was Monday, November 20th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is presently 58.00%.
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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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