Microchip Technology (MCHP) PT Lowered to $110.00
Microchip Technology (NASDAQ:MCHP) had its price objective reduced by Bank of America from $120.00 to $110.00 in a research note published on Wednesday. Bank of America currently has a buy rating on the semiconductor company’s stock.
Other research analysts have also recently issued reports about the stock. Needham & Company LLC lifted their price objective on shares of 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 reaffirmed an outperform rating and set 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 cut shares of Microchip Technology from a buy rating to a hold rating in a research note on Monday, October 23rd. JPMorgan Chase & Co. reaffirmed an overweight rating and set a $120.00 target price on shares of Microchip Technology in a research note on Tuesday, November 7th. Finally, ValuEngine cut shares of Microchip Technology from a buy rating to a hold rating in a research note on Wednesday, November 15th. Five equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Microchip Technology presently has a consensus rating of Buy and a consensus price target of $102.35.
Microchip Technology (NASDAQ MCHP) opened at $81.04 on Wednesday. The stock has a market cap of $18,991.16, a P/E ratio of 16.14, a P/E/G ratio of 1.08 and a beta of 1.05. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.98 and a quick ratio of 2.71. Microchip Technology has a one year low of $69.76 and a one year high of $99.17.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 6th. Shareholders of record on Wednesday, February 21st will be paid a dividend of $0.363 per share. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date is Tuesday, February 20th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is presently 149.49%.
In other news, CFO James Eric Bjornholt sold 1,801 shares of Microchip Technology stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $165,079.66. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Stephen V. Drehobl sold 2,852 shares of Microchip Technology stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $261,414.32. Following the transaction, the vice president now owns 15,767 shares in the company, 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 insiders.
Large investors have recently modified their holdings of the company. Zions Bancorporation lifted its holdings in shares of Microchip Technology by 215.5% during the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock worth $110,000 after purchasing an additional 836 shares during the period. Amica Retiree Medical Trust acquired a new position in shares of Microchip Technology during the third quarter worth $121,000. Valeo Financial Advisors LLC acquired a new position in shares of Microchip Technology during the third quarter worth $146,000. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Microchip Technology by 608.4% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock worth $189,000 after purchasing an additional 1,807 shares during the period. Finally, Twin Tree Management LP lifted its holdings in shares of Microchip Technology by 126.2% during the fourth quarter. Twin Tree Management LP now owns 2,210 shares of the semiconductor company’s stock worth $194,000 after purchasing an additional 10,646 shares during the period.
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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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