Microchip Technology Incorporated (NASDAQ:MCHP – Get Free Report) CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Microchip Technology Stock Up 0.1 %
Shares of NASDAQ:MCHP opened at $98.23 on Friday. The company has a market capitalization of $53.08 billion, a P/E ratio of 28.31, a P/E/G ratio of 3.42 and a beta of 1.60. The stock’s fifty day simple moving average is $90.19 and its 200-day simple moving average is $87.24. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75.
Microchip Technology (NASDAQ:MCHP – Get Free Report) last released its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.57. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The firm’s revenue for the quarter was down 40.6% compared to the same quarter last year. During the same period last year, the company earned $1.56 EPS. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 2.38 earnings per share for the current fiscal year.
Microchip Technology Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be paid a dividend of $0.452 per share. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend is Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 51.87%.
Analyst Ratings Changes
MCHP has been the subject of several recent analyst reports. Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Tuesday, January 30th. Piper Sandler restated a “neutral” rating and issued a $90.00 price objective (up previously from $80.00) on shares of Microchip Technology in a research note on Tuesday, May 7th. Jefferies Financial Group started coverage on Microchip Technology in a research report on Monday, May 13th. They set a “buy” rating and a $115.00 target price on the stock. Stifel Nicolaus raised their target price on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Finally, The Goldman Sachs Group lifted their price objective on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $101.06.
Read Our Latest Report on MCHP
Institutional Trading of Microchip Technology
A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Microchip Technology by 2.9% during the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Microchip Technology by 0.9% during the 4th quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock worth $836,795,000 after buying an additional 87,203 shares during the last quarter. Northern Trust Corp raised its position in shares of Microchip Technology by 1.1% in the 3rd quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock worth $587,046,000 after buying an additional 80,431 shares during the period. Norges Bank acquired a new position in Microchip Technology in the fourth quarter valued at $672,196,000. Finally, Van ECK Associates Corp grew its position in Microchip Technology by 17.2% during the first quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after acquiring an additional 891,297 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.
About Microchip Technology
(Get Free Report)
Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.
Featured Stories
Receive News & Ratings for Microchip Technology Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Microchip Technology and related companies with MarketBeat.com’s FREE daily email newsletter.