Today, 2,892 Shares of Microchip Technology Inc. (MCHP) Stock are sold by Richard J. Simoncic

Today, 2,892 Shares of Microchip Technology Inc. (MCHP) Stock are sold by Richard J. Simoncic
Microchip Technology Inc. (NASDAQ:MCHP) VP Richard J. Simoncic sold 2,892 shares of the stock in a transaction dated Monday, November 21st. The shares were sold at an average price of $64.90, for a total value of $187,690.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Microchip Technology Inc. (NASDAQ:MCHP) opened at 66.11 on Friday. The stock’s 50 day moving average price is $61.70 and its 200 day moving average price is $57.01. The firm has a market capitalization of $14.28 billion, a PE ratio of 287.43 and a beta of 1.04. Microchip Technology Inc. has a 12 month low of $39.01 and a 12 month high of $66.12.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.07. Microchip Technology had a return on equity of 27.29% and a net margin of 1.77%. The firm had revenue of $873.80 million for the quarter, compared to analyst estimates of $860.96 million. During the same period in the previous year, the company posted $0.66 earnings per share. The company’s quarterly revenue was up 56.2% compared to the same quarter last year. Equities research analysts expect that Microchip Technology Inc. will post $3.62 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, December 5th. Investors of record on Monday, November 21st will be paid a dividend of $0.3605 per share. This represents a $1.44 annualized dividend and a yield of 2.18%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, November 17th. Microchip Technology’s payout ratio is currently 720.00%.

A number of research analysts recently commented on MCHP shares. B. Riley reissued a “buy” rating and issued a $74.00 price target on shares of Microchip Technology in a report on Sunday, August 14th. Jefferies Group increased their target price on Microchip Technology from $56.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, August 9th. Citigroup Inc. increased their target price on Microchip Technology from $54.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, August 9th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $67.00 target price on shares of Microchip Technology in a report on Tuesday, August 9th. Finally, Needham & Company LLC increased their target price on Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, August 9th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. Microchip Technology presently has an average rating of “Buy” and a consensus target price of $64.61.

Institutional investors have recently modified their holdings of the stock. Commonwealth Bank of Australia raised its position in shares of Microchip Technology by 23.3% in the third quarter. Commonwealth Bank of Australia now owns 2,135 shares of the company’s stock valued at $132,000 after buying an additional 404 shares in the last quarter. Liberty Capital Management Inc. bought a new stake in Microchip Technology during the third quarter worth $136,000. Mizuho Asset Management Co. Ltd. increased its stake in Microchip Technology by 118.7% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,734 shares of the company’s stock worth $139,000 after buying an additional 1,484 shares during the last quarter. Kernodle & Katon Asset Management Group LLC increased its stake in Microchip Technology by 3.9% in the third quarter. Kernodle & Katon Asset Management Group LLC now owns 2,357 shares of the company’s stock worth $146,000 after buying an additional 89 shares during the last quarter. Finally, Creative Planning increased its stake in Microchip Technology by 92.4% in the second quarter. Creative Planning now owns 3,079 shares of the company’s stock worth $156,000 after buying an additional 1,479 shares during the last quarter. Hedge funds and other institutional investors own 98.61% of the company’s stock.

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