Microchip Technology Inc. (NASDAQ:MCHP) CFO James Eric Bjornholt sold 2,043 shares of the company’s stock in a transaction on Tuesday, November 22nd. The shares were sold at an average price of $65.16, for a total transaction of $133,121.88. The transaction was disclosed in a filing with the SEC, which is available at this link.
Shares of Microchip Technology Inc. (NASDAQ:MCHP) opened at 66.11 on Friday. The stock has a market cap of $14.28 billion, a P/E ratio of 287.43 and a beta of 1.04. The stock’s 50 day moving average is $61.70 and its 200-day moving average is $57.01. Microchip Technology Inc. has a one year low of $39.01 and a one year high of $66.12.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Monday, November 7th. The company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.07. The firm earned $873.80 million during the quarter, compared to the consensus estimate of $860.96 million. Microchip Technology had a return on equity of 27.29% and a net margin of 1.77%. The firm’s quarterly revenue was up 56.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.66 earnings per share. On average, equities analysts forecast that Microchip Technology Inc. will post $3.62 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 5th. Investors of record on Monday, November 21st will be issued a $0.3605 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.44 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Thursday, November 17th. Microchip Technology’s payout ratio is presently 720.00%.
A number of equities research analysts recently commented on the stock. Jefferies Group reiterated a “buy” rating and set a $72.00 price target (up from $68.00) on shares of Microchip Technology in a report on Thursday, November 10th. B. Riley reiterated a “buy” rating and set a $78.00 price target on shares of Microchip Technology in a report on Sunday, November 13th. Zacks Investment Research upgraded shares of Microchip Technology from a “hold” rating to a “strong-buy” rating and set a $72.00 price target for the company in a report on Friday, November 11th. Needham & Company LLC reiterated a “buy” rating and set a $75.00 price target (up from $70.00) on shares of Microchip Technology in a report on Tuesday, November 8th. Finally, Mizuho restated a “neutral” rating and issued a $67.00 price objective on shares of Microchip Technology in a report on Tuesday, November 8th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Microchip Technology presently has a consensus rating of “Buy” and an average target price of $64.61.
Hedge funds have recently added to or reduced their stakes in the stock. Nuveen Asset Management LLC increased its position in shares of Microchip Technology by 6.0% in the first quarter. Nuveen Asset Management LLC now owns 26,922 shares of the company’s stock worth $1,297,000 after buying an additional 1,524 shares in the last quarter. AMP Capital Investors Ltd increased its position in Microchip Technology by 20.6% in the first quarter. AMP Capital Investors Ltd now owns 66,646 shares of the company’s stock valued at $3,255,000 after buying an additional 11,400 shares during the period. Legal & General Group Plc raised its stake in shares of Microchip Technology by 0.8% in the first quarter. Legal & General Group Plc now owns 913,454 shares of the company’s stock worth $44,030,000 after buying an additional 7,332 shares in the last quarter. Magnetar Financial LLC purchased a new stake in shares of Microchip Technology during the first quarter worth approximately $320,000. Finally, LPL Financial LLC raised its stake in shares of Microchip Technology by 9.9% in the first quarter. LPL Financial LLC now owns 127,968 shares of the company’s stock worth $6,225,000 after buying an additional 11,556 shares in the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.
Microchip Technology Company Profile