Microchip Technology Inc. (NASDAQ:MCHP)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research report issued on Tuesday. They currently have a $75.00 price objective on the stock, up from their previous price objective of $70.00. Needham & Company LLC’s price objective indicates a potential upside of 13.50% from the company’s current price.
Several other equities analysts have also weighed in on the company. Bank of America Corp. raised 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. B. Riley reaffirmed a “buy” rating and issued a $78.00 price objective on shares of Microchip Technology in a research note on Tuesday, November 8th. Goldman Sachs Group Inc. raised Microchip Technology from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $49.00 to $57.00 in a research note on Friday, November 4th. Mizuho assumed coverage on Microchip Technology in a research note on Friday, September 30th. They issued a “neutral” rating and a $67.00 price objective on the stock. Finally, JPMorgan Chase & Co. lifted their price objective on Microchip Technology from $60.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, August 9th. Four 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 currently has an average rating of “Buy” and a consensus target price of $64.61.
Microchip Technology (NASDAQ:MCHP) traded down 0.05% during mid-day trading on Tuesday, hitting $66.08. 625,856 shares of the company were exchanged. The stock has a market cap of $14.27 billion, a price-to-earnings ratio of 287.30 and a beta of 1.04. The firm has a 50 day moving average price of $61.80 and a 200 day moving average price of $57.14. Microchip Technology has a 12 month low of $39.01 and a 12 month high of $66.25.
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 business had revenue of $873.80 million for the quarter, compared to analyst estimates of $860.96 million. Microchip Technology had a return on equity of 27.29% and a net margin of 1.77%. The company’s revenue was up 56.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.66 EPS. Analysts anticipate that Microchip Technology will post $3.62 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 5th. Investors of record on Monday, November 21st will be given a dividend of $0.3605 per share. The ex-dividend date is Thursday, November 17th. This represents a $1.44 dividend on an annualized basis and a yield of 2.18%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is currently 720.00%.
In related news, VP Stephen V. Drehobl sold 3,494 shares of the business’s stock in a transaction that occurred on Tuesday, November 22nd. The stock was sold at an average price of $65.16, for a total transaction of $227,669.04. Following the completion of the transaction, the vice president now owns 13,710 shares in the company, valued at approximately $893,343.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Sanghi sold 49,901 shares of the business’s 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 disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.
Hedge funds and other 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. Vanguard Group Inc. raised its position in Microchip Technology by 8.3% in the second quarter. Vanguard Group Inc. now owns 20,394,628 shares of the company’s stock worth $1,035,230,000 after buying an additional 1,558,859 shares in the last quarter. Teachers Advisors Inc. raised its position in Microchip Technology by 334.8% in the second quarter. Teachers Advisors Inc. now owns 830,212 shares of the company’s stock worth $42,142,000 after buying an additional 639,260 shares in the last quarter. Finally, Janus Capital Management LLC raised its position in Microchip Technology by 18.6% in the second quarter. Janus Capital Management LLC now owns 3,196,313 shares of the company’s stock worth $162,245,000 after buying an additional 500,953 shares in the last quarter. Institutional investors and hedge funds own 98.61% of the company’s stock.
Microchip Technology Company Profile