Microchip Technology (NASDAQ:MCHP) Stock Price Down 2.1%

Microchip Technology Incorporated (NASDAQ:MCHP) traded down 2.1% during trading on Thursday . The company traded as low as $93.97 and last traded at $93.98. 356,734 shares traded hands during trading, a decline of 94% from the average session volume of 5,680,279 shares. The stock had previously closed at $95.98.

Analyst Ratings Changes

Several equities research analysts recently weighed in on MCHP shares. Evercore ISI started coverage on Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price for the company. Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $85.00 to $115.00 in a report on Friday, May 24th. Morgan Stanley downgraded shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $102.00 to $100.00 in a report on Thursday. Jefferies Financial Group initiated coverage on shares of Microchip Technology in a report on Monday, May 13th. They set a “buy” rating and a $115.00 price target for the company. Finally, The Goldman Sachs Group lifted their price objective on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 7th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $101.61.

Microchip Technology Stock Performance

The firm has a market capitalization of $49.95 billion, a price-to-earnings ratio of 26.91 and a beta of 1.54. The firm’s 50-day moving average price is $93.50 and its two-hundred day moving average price is $89.23. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting the consensus estimate of $0.57. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The company’s revenue was down 40.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.56 EPS. Sell-side analysts predict that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were issued a dividend of $0.452 per share. The ex-dividend date was Tuesday, May 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.94%. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Insider Activity

In related news, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the transaction, the vice president now directly owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Stephen V. Drehobl sold 7,830 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the sale, the vice president now owns 79,509 shares in the company, valued at $7,558,125.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the sale, the vice president now owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,993 shares of company stock worth $2,251,857. Corporate insiders own 2.07% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

A number of hedge funds have recently added to or reduced their stakes in MCHP. Simplicity Wealth LLC lifted its position in shares of Microchip Technology by 5.1% during the second quarter. Simplicity Wealth LLC now owns 18,071 shares of the semiconductor company’s stock worth $1,653,000 after purchasing an additional 876 shares in the last quarter. Valeo Financial Advisors LLC raised its position in Microchip Technology by 3.1% in the 2nd quarter. Valeo Financial Advisors LLC now owns 10,904 shares of the semiconductor company’s stock worth $998,000 after purchasing an additional 323 shares during the last quarter. Enterprise Bank & Trust Co lifted its holdings in Microchip Technology by 41.4% during the 2nd quarter. Enterprise Bank & Trust Co now owns 3,161 shares of the semiconductor company’s stock worth $289,000 after buying an additional 925 shares in the last quarter. S.A. Mason LLC bought a new position in Microchip Technology in the 2nd quarter valued at $78,000. Finally, CWM LLC increased its stake in shares of Microchip Technology by 37.2% in the 2nd quarter. CWM LLC now owns 32,552 shares of the semiconductor company’s stock valued at $2,979,000 after buying an additional 8,828 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.