Microchip Technology (NASDAQ:MCHP) Shares Gap Up to $83.94

Microchip Technology Inc. (NASDAQ:MCHP) shares gapped up before the market opened on Wednesday . The stock had previously closed at $82.13, but opened at $83.94. Microchip Technology shares last traded at $87.17, with a volume of 2,465,323 shares.

Several research firms recently weighed in on MCHP. Zacks Investment Research cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, May 14th. BidaskClub cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. Mizuho upped their price objective on shares of Microchip Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Wells Fargo & Co assumed coverage on Microchip Technology in a research note on Tuesday. They set an “outperform” rating and a $105.00 target price for the company. Finally, BMO Capital Markets lowered their target price on Microchip Technology from $118.00 to $110.00 and set an “outperform” rating for the company in a research note on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $103.06.

The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.63 and a current ratio of 0.93. The firm has a market capitalization of $20.74 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 1.14 and a beta of 1.44. The stock has a 50 day moving average price of $83.69.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.08. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the firm posted $1.40 earnings per share. The firm’s revenue was up 32.6% compared to the same quarter last year. As a group, equities research analysts expect that Microchip Technology Inc. will post 5.56 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 4th. Stockholders of record on Tuesday, May 21st were paid a $0.3655 dividend. The ex-dividend date of this dividend was Monday, May 20th. This represents a $1.46 annualized dividend and a dividend yield of 1.68%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.37. Microchip Technology’s dividend payout ratio is currently 24.01%.

In other news, VP James Eric Bjornholt sold 2,188 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total value of $177,206.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.13% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund increased its stake in shares of Microchip Technology by 7,043.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,841,512 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 1,815,732 shares during the period. Clarfeld Financial Advisors LLC acquired a new position in shares of Microchip Technology in the fourth quarter valued at approximately $26,000. Morgan Dempsey Capital Management LLC acquired a new position in shares of Microchip Technology in the fourth quarter valued at approximately $28,000. Osborn Williams & Donohoe LLC acquired a new position in shares of Microchip Technology in the first quarter valued at approximately $31,000. Finally, Lindbrook Capital LLC acquired a new position in shares of Microchip Technology in the fourth quarter valued at approximately $32,000.

Microchip Technology Company Profile (NASDAQ:MCHP)

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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