Investors sold shares of Microchip Technology Incorporated (NASDAQ:MCHP) on strength during trading hours on Friday. $59.09 million flowed into the stock on the tick-up and $160.64 million flowed out of the stock on the tick-down, for a money net flow of $101.55 million out of the stock. Of all equities tracked, Microchip Technology had the 0th highest net out-flow for the day. Microchip Technology traded up $0.38 for the day and closed at $89.62
Several equities research analysts have commented on the stock. Mizuho reissued a “neutral” rating and set a $84.00 price target (up from $80.00) on shares of Microchip Technology in a research report on Wednesday, August 9th. BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. B. Riley reissued a “buy” rating and set a $115.00 price target on shares of Microchip Technology in a research report on Sunday, June 11th. Jefferies Group LLC reissued a “buy” rating on shares of Microchip Technology in a research report on Monday, July 10th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $102.00 price target (up from $100.00) on shares of Microchip Technology in a research report on Tuesday, June 6th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Microchip Technology presently has an average rating of “Buy” and an average target price of $88.80.
The company has a market cap of $20.86 billion, a price-to-earnings ratio of 48.29 and a beta of 1.04. The company’s 50-day moving average price is $84.24 and its 200 day moving average price is $79.36.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, topping the consensus estimate of $1.14 by $0.17. The business had revenue of $972.10 million for the quarter, compared to analyst estimates of $944.87 million. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.84 earnings per share. Equities research analysts forecast that Microchip Technology Incorporated will post $5.27 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 5th. Shareholders of record on Monday, August 21st were given a $0.362 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date was Thursday, August 17th. This represents a $1.45 annualized dividend and a yield of 1.62%. Microchip Technology’s payout ratio is currently 77.54%.
In other news, VP Stephen V. Drehobl sold 3,076 shares of Microchip Technology stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total value of $251,893.64. Following the completion of the transaction, the vice president now owns 14,263 shares in the company, valued at $1,167,997.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Wade F. Meyercord sold 1,300 shares of Microchip Technology stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $83.95, for a total transaction of $109,135.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,829 shares of company stock worth $561,905. Insiders own 2.13% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of MCHP. Grove Bank & Trust increased its stake in shares of Microchip Technology by 15.8% in the second quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock worth $107,000 after purchasing an additional 190 shares in the last quarter. Trust Co. of Vermont increased its stake in shares of Microchip Technology by 9.2% in the second quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock worth $125,000 after purchasing an additional 136 shares in the last quarter. Smithfield Trust Co. increased its stake in shares of Microchip Technology by 0.4% in the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock worth $126,000 after purchasing an additional 7 shares in the last quarter. Commonwealth Bank of Australia increased its stake in shares of Microchip Technology by 1.4% in the second quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock worth $163,000 after purchasing an additional 29 shares in the last quarter. Finally, Harbour Capital Advisors LLC purchased a new position in shares of Microchip Technology in the first quarter worth about $173,000. Hedge funds and other institutional investors own 98.68% of the company’s stock.
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Microchip Technology Company Profile
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.
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