Goldman Sachs Group upgraded shares of Microchip Technology (NASDAQ:MCHP) from a neutral rating to a buy rating in a research report report published on Thursday morning, MarketBeat reports. Goldman Sachs Group currently has $108.00 target price on the semiconductor company’s stock, up from their previous target price of $95.57.
Other research analysts have also recently issued research reports about the stock. Morgan Stanley cut their target price on shares of Microchip Technology from $99.00 to $96.00 and set an equal weight rating on the stock in a report on Wednesday, February 7th. ValuEngine cut shares of Microchip Technology from a buy rating to a hold rating in a report on Wednesday, November 15th. BidaskClub upgraded shares of Microchip Technology from a buy rating to a strong-buy rating in a report on Friday, March 2nd. Rosenblatt Securities restated a buy rating on shares of Microchip Technology in a report on Tuesday, March 6th. Finally, Zacks Investment Research upgraded shares of Microchip Technology from a hold rating to a buy rating and set a $102.00 target price on the stock in a report on Friday, November 10th. Four analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $103.04.
Microchip Technology (NASDAQ MCHP) opened at $98.97 on Thursday. The company has a quick ratio of 2.33, a current ratio of 2.98 and a debt-to-equity ratio of 0.95. Microchip Technology has a fifty-two week low of $71.40 and a fifty-two week high of $99.17. The stock has a market cap of $23,192.94, a P/E ratio of 19.72, a PEG ratio of 1.32 and a beta of 1.08.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 6th. Investors of record on Wednesday, February 21st were paid a $0.363 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date was Tuesday, February 20th. This represents a $1.45 dividend on an annualized basis and a yield of 1.47%. Microchip Technology’s dividend payout ratio (DPR) is presently 149.49%.
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,109 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $84.18, for a total transaction of $177,535.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Wade F. Meyercord sold 5,000 shares of the firm’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $94.92, for a total value of $474,600.00. Following the transaction, the director now directly owns 29,469 shares of the company’s stock, valued at approximately $2,797,197.48. The disclosure for this sale can be found here. Insiders sold 31,392 shares of company stock valued at $2,909,829 in the last ninety days. 2.13% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the business. Zions Bancorporation lifted its position in Microchip Technology by 215.5% during the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock valued at $110,000 after buying an additional 836 shares during the period. Amica Retiree Medical Trust purchased a new position in Microchip Technology during the third quarter valued at $121,000. Valeo Financial Advisors LLC purchased a new position in Microchip Technology during the third quarter valued at $146,000. Squar Milner Financial Services LLC purchased a new position in Microchip Technology during the fourth quarter valued at $205,000. Finally, Twin Tree Management LP lifted its position in Microchip Technology by 126.2% during the fourth quarter. Twin Tree Management LP now owns 2,210 shares of the semiconductor company’s stock valued at $194,000 after buying an additional 10,646 shares during the period.
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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