Microchip Technology (NASDAQ:MCHP) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $1.30-1.39 for the period, compared to the Thomson Reuters consensus estimate of $1.37. The company issued revenue guidance of $964.4-1.004 billion, compared to the consensus revenue estimate of $1.01 billion.
Several brokerages have recently commented on MCHP. Needham & Company LLC raised their price target on Microchip Technology from $120.00 to $130.00 and gave the company a strong-buy rating in a research note on Tuesday, November 7th. Credit Suisse Group reiterated an outperform rating and issued a $110.00 target price (up previously from $95.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Zacks Investment Research lowered Microchip Technology from a buy rating to a hold rating in a research note on Monday, October 23rd. JPMorgan Chase & Co. reiterated an overweight rating and issued a $120.00 target price on shares of Microchip Technology in a research note on Tuesday, November 7th. Finally, ValuEngine lowered Microchip Technology from a buy rating to a hold rating in a research note on Wednesday, November 15th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $101.24.
Shares of Microchip Technology (NASDAQ MCHP) traded up $2.42 during midday trading on Tuesday, reaching $91.92. The company’s stock had a trading volume of 5,424,886 shares, compared to its average volume of 1,920,000. The company has a debt-to-equity ratio of 0.85, a quick ratio of 2.71 and a current ratio of 3.33. The firm has a market capitalization of $21,390.00, a P/E ratio of 36.77, a PEG ratio of 1.30 and a beta of 1.05. Microchip Technology has a fifty-two week low of $68.83 and a fifty-two week high of $99.17.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 6th. Shareholders of record on Wednesday, February 21st will be issued a $0.363 dividend. This represents a $1.45 annualized dividend and a yield of 1.58%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio (DPR) is currently 58.00%.
In other Microchip Technology news, CFO James Eric Bjornholt sold 1,801 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total value of $165,079.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Stephen V. Drehobl sold 2,852 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total value of $261,414.32. Following the completion of the sale, the vice president now directly owns 15,767 shares of the company’s stock, valued at approximately $1,445,203.22. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by company insiders.
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About Microchip Technology
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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