A number of other equities research analysts have also recently commented on the company. Summit Redstone raised Microchip Technology from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $65.00 to $82.00 in a research note on Tuesday, April 4th. Stifel Nicolaus lifted their target price on Microchip Technology from $77.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, April 7th. Needham & Company LLC reiterated a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a report on Friday, March 10th. Zacks Investment Research lowered Microchip Technology from a “hold” rating to a “sell” rating in a report on Tuesday, January 31st. Finally, Citigroup Inc set a $85.00 target price on Microchip Technology and gave the stock a “buy” rating in a report on Wednesday, February 8th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Microchip Technology presently has a consensus rating of “Buy” and a consensus target price of $80.67.
Microchip Technology Inc. (NASDAQ:MCHP) – Jefferies Group upped their FY2018 EPS estimates for Microchip Technology in a report released on Wednesday. Jefferies Group analyst M. Lipacis now forecasts that the semiconductor company will earn $4.67 per share for the year, up from their prior forecast of $4.23. Jefferies Group currently has a “Buy” rating and a $87.00 target price on the stock.
Shares of Microchip Technology (NASDAQ:MCHP) traded down 2.70% during midday trading on Monday, hitting $79.43. The stock had a trading volume of 1,457,065 shares. Microchip Technology has a one year low of $47.14 and a one year high of $81.73. The firm’s 50-day moving average price is $75.24 and its 200-day moving average price is $69.60. The firm has a market capitalization of $17.69 billion, a PE ratio of 112.67 and a beta of 1.08. Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, May 9th. The semiconductor company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.06 by $0.10. Microchip Technology had a return on equity of 30.26% and a net margin of 3.10%. The business had revenue of $902.70 million during the quarter, compared to the consensus estimate of $891.14 million. During the same period in the prior year, the business posted $0.70 earnings per share. Microchip Technology’s revenue was up 61.9% compared to the same quarter last year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 6th. Investors of record on Tuesday, May 23rd will be given a $0.3615 dividend. The ex-dividend date is Friday, May 19th. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.77%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is currently 378.95%. In related news, VP Mitchell R. Little sold 4,321 shares of Microchip Technology stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $73.75, for a total value of $318,673.75. Following the sale, the vice president now owns 8,201 shares of the company’s stock, valued at $604,823.75. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steve Sanghi sold 54,368 shares of Microchip Technology stock in a transaction dated Wednesday, March 8th. The shares were sold at an average price of $74.34, for a total value of $4,041,717.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 93,229 shares of company stock worth $6,913,482. 2.50% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Glaxis Capital Management LLC acquired a new position in shares of Microchip Technology during the first quarter worth $9,940,000. Franklin Street Advisors Inc. NC acquired a new position in shares of Microchip Technology during the first quarter worth $232,000. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Microchip Technology by 7.4% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 628,906 shares of the semiconductor company’s stock worth $39,080,000 after buying an additional 43,578 shares during the period. Gulf International Bank UK Ltd increased its position in shares of Microchip Technology by 1.5% in the first quarter. Gulf International Bank UK Ltd now owns 66,547 shares of the semiconductor company’s stock worth $4,909,000 after buying an additional 1,000 shares during the period. Finally, Public Employees Retirement Association of Colorado increased its position in shares of Microchip Technology by 18.1% in the third quarter. Public Employees Retirement Association of Colorado now owns 903,086 shares of the semiconductor company’s stock worth $56,118,000 after buying an additional 138,572 shares during the period. 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.