Investors Buy Microchip Technology (MCHP) on Weakness
Traders purchased shares of Microchip Technology Inc. (NASDAQ:MCHP) on weakness during trading hours on Tuesday. $75.99 million flowed into the stock on the tick-up and $57.20 million flowed out of the stock on the tick-down, for a money net flow of $18.79 million into the stock. Of all companies tracked, Microchip Technology had the 28th highest net in-flow for the day. Microchip Technology traded down ($2.21) for the day and closed at $80.81
A number of research firms recently commented on MCHP. Needham & Company LLC upped their price objective on Microchip Technology from $120.00 to $130.00 and gave the company a “strong-buy” rating in a report on Tuesday, November 7th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $120.00 price objective on shares of Microchip Technology in a report on Tuesday, November 7th. Jefferies Group upped their price objective on Microchip Technology from $106.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, November 7th. B. Riley reiterated a “buy” rating and issued a $123.00 price objective (up from $120.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $100.00 price objective (up from $94.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Five analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Microchip Technology currently has an average rating of “Buy” and an average price target of $102.35.
The company has a quick ratio of 2.33, a current ratio of 2.98 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $18,937.27, a P/E ratio of 84.75, a P/E/G ratio of 1.08 and a beta of 1.05.
The company also recently declared 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 yield of 1.77%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Tuesday, February 20th. Microchip Technology’s dividend payout ratio is 149.49%.
In other news, VP Stephen V. Drehobl sold 2,852 shares of the stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total value of $261,414.32. Following the sale, the vice president now directly owns 15,767 shares in the company, valued at $1,445,203.22. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 1,801 shares of the stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $165,079.66. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in MCHP. QS Investors LLC raised its stake in shares of Microchip Technology by 6.5% in the second quarter. QS Investors LLC now owns 2,999 shares of the semiconductor company’s stock valued at $231,000 after acquiring an additional 182 shares in the last quarter. Koch Industries Inc. acquired a new stake in shares of Microchip Technology in the second quarter valued at $248,000. Wasatch Advisors Inc. raised its stake in shares of Microchip Technology by 10.7% in the second quarter. Wasatch Advisors Inc. now owns 24,541 shares of the semiconductor company’s stock valued at $1,894,000 after acquiring an additional 2,380 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of Microchip Technology by 32.3% in the second quarter. Toronto Dominion Bank now owns 77,852 shares of the semiconductor company’s stock valued at $6,007,000 after acquiring an additional 19,026 shares in the last quarter. Finally, Achmea Investment Management B.V. raised its stake in shares of Microchip Technology by 76.3% in the second quarter. Achmea Investment Management B.V. now owns 26,657 shares of the semiconductor company’s stock valued at $2,055,000 after acquiring an additional 11,541 shares in the last quarter.
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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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