MCHP has been the topic of several other research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $75.00 price objective (up previously from $70.00) on shares of Microchip Technology in a research note on Tuesday, November 8th. Zacks Investment Research cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, January 31st. Bank of America Corporation raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a research note on Tuesday, November 8th. Citigroup Inc. set a $85.00 price objective on shares of Microchip Technology and gave the stock a “buy” rating in a research note on Wednesday, February 8th. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of Microchip Technology from a “sell” rating to a “neutral” rating and raised their target price for the stock from $49.00 to $57.00 in a report on Friday, November 4th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Microchip Technology has an average rating of “Buy” and a consensus target price of $73.47.
Microchip Technology Incorporated (NASDAQ:MCHP) – Equities research analysts at Jefferies Group upped their FY2017 earnings per share (EPS) estimates for Microchip Technology in a note issued to investors on Wednesday. Jefferies Group analyst M. Lipacis now anticipates that the firm will post earnings per share of $3.49 for the year, up from their previous forecast of $3.11. Jefferies Group has a “Buy” rating and a $87.00 price target on the stock. Jefferies Group also issued estimates for Microchip Technology’s Q4 2017 earnings at $0.97 EPS, Q1 2018 earnings at $0.99 EPS, Q2 2018 earnings at $1.10 EPS, Q3 2018 earnings at $1.05 EPS, Q4 2018 earnings at $1.10 EPS and FY2018 earnings at $4.23 EPS.
Microchip Technology (NASDAQ:MCHP) opened at 70.90 on Monday. Microchip Technology has a 12 month low of $40.81 and a 12 month high of $76.50. The company’s 50-day moving average is $66.93 and its 200 day moving average is $62.77. The firm has a market cap of $15.35 billion, a price-to-earnings ratio of 172.51 and a beta of 1.08.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, February 7th. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.90 by $0.15. Microchip Technology had a net margin of 3.10% and a return on equity of 30.26%. The firm earned $881.20 million during the quarter, compared to analyst estimates of $849.14 million. During the same quarter in the prior year, the business posted $0.64 earnings per share. Microchip Technology’s revenue for the quarter was up 59.6% compared to the same quarter last year.
Institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD raised its position in Microchip Technology by 19.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 20,786,371 shares of the company’s stock worth $1,291,665,000 after buying an additional 3,405,285 shares in the last quarter. Aristotle Capital Management LLC raised its position in Microchip Technology by 256.5% in the second quarter. Aristotle Capital Management LLC now owns 4,433,716 shares of the company’s stock worth $225,055,000 after buying an additional 3,189,879 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in Microchip Technology during the third quarter worth approximately $30,779,000. First Trust Advisors LP raised its position in Microchip Technology by 48.2% in the third quarter. First Trust Advisors LP now owns 613,194 shares of the company’s stock worth $38,104,000 after buying an additional 199,302 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. raised its position in Microchip Technology by 141.8% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 245,464 shares of the company’s stock worth $15,253,000 after buying an additional 143,950 shares in the last quarter.
In other news, CEO Steve Sanghi sold 49,901 shares of Microchip Technology stock in a transaction that occurred on Wednesday, November 23rd. The shares were sold at an average price of $63.80, for a total value of $3,183,683.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO James Eric Bjornholt sold 2,043 shares of Microchip Technology stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $65.16, for a total transaction of $133,121.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 87,023 shares of company stock worth $5,608,975. Insiders own 2.50% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 7th. Investors of record on Tuesday, February 21st will be given a dividend of $0.361 per share. This represents a $1.44 annualized dividend and a yield of 2.04%. The ex-dividend date is Thursday, February 16th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio (DPR) is presently 378.95%.
About Microchip Technology
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.