Other equities analysts also recently issued reports about the stock. Raymond James raised shares of Microchip Technology from a market perform rating to a strong-buy rating and set a $115.00 target price on the stock in a research report on Wednesday, October 30th. Cfra set a $100.00 target price on shares of Microchip Technology and gave the stock a hold rating in a research report on Saturday, September 7th. Jefferies Financial Group raised their price target on Microchip Technology from $104.00 to $119.00 and gave the company a buy rating in a research report on Wednesday, November 6th. Needham & Company LLC raised their price target on Microchip Technology to $110.00 and gave the company an in-line rating in a research report on Wednesday, November 6th. Finally, Citigroup raised their price target on Microchip Technology from $104.00 to $109.00 and gave the company a buy rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Microchip Technology has a consensus rating of Buy and an average price target of $105.66.
Microchip Technology stock traded up $0.21 during mid-day trading on Friday, hitting $92.64. 2,362,922 shares of the company’s stock were exchanged, compared to its average volume of 2,543,417. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 1.57. The stock has a market cap of $22.61 billion, a P/E ratio of 15.24, a P/E/G ratio of 2.17 and a beta of 1.44. Microchip Technology has a 1-year low of $65.67 and a 1-year high of $101.57. The stock has a 50 day moving average of $94.66 and a two-hundred day moving average of $90.02.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Thursday, November 21st will be given a $0.366 dividend. This represents a $1.46 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend is Wednesday, November 20th. Microchip Technology’s dividend payout ratio is currently 24.01%.
In related news, CFO James Eric Bjornholt sold 1,937 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total value of $171,618.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Richard J. Simoncic sold 3,437 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total transaction of $304,518.20. Following the completion of the sale, the vice president now owns 18,178 shares of the company’s stock, valued at approximately $1,610,570.80. The disclosure for this sale can be found here. Company insiders own 2.21% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. bought a new stake in shares of Microchip Technology in the second quarter valued at about $37,000. TCI Wealth Advisors Inc. lifted its stake in shares of Microchip Technology by 118.0% in the third quarter. TCI Wealth Advisors Inc. now owns 447 shares of the semiconductor company’s stock valued at $42,000 after buying an additional 242 shares during the period. Spectrum Management Group Inc. lifted its stake in Microchip Technology by 127.1% during the second quarter. Spectrum Management Group Inc. now owns 452 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 253 shares during the period. Oakworth Capital Inc. bought a new position in Microchip Technology during the second quarter worth about $40,000. Finally, Coastal Investment Advisors Inc. lifted its stake in Microchip Technology by 74.9% during the second quarter. Coastal Investment Advisors Inc. now owns 502 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 215 shares during the period.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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