Microchip Technology (NASDAQ:MCHP) COO Ganesh Moorthy sold 70,000 shares of Microchip Technology stock on the open market in a transaction that occured on Friday, August 2nd. The shares were sold at an average price of $41.21, for a total transaction of $2,884,700.00. The sale was disclosed in a legal filing with the SEC, which is available at this link.
A number of research firms have recently commented on MCHP. Analysts at Thomson Reuters/Verus downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note to investors on Monday. Separately, analysts at Susquehanna raised their price target on shares of Microchip Technology from $42.00 to $46.00 in a research note to investors on Friday. They now have a “positive” rating on the stock. Finally, analysts at Needham & Company raised their price target on shares of Microchip Technology to $46.00 in a research note to investors on Friday. They now have a “buy” rating on the stock.
Eight investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $40.05.
Microchip Technology (NASDAQ:MCHP) traded down 0.89% on Tuesday, hitting $41.31. Microchip Technology has a 52-week low of $28.92 and a 52-week high of $41.78. The stock’s 50-day moving average is currently $38.66. The company has a market cap of $8.136 billion and a price-to-earnings ratio of 68.44.
Microchip Technology (NASDAQ:MCHP) last released its earnings data on Wednesday, July 31st. The company reported $0.57 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.54 by $0.03. The company had revenue of $462.80 million for the quarter, compared to the consensus estimate of $454.67 million. During the same quarter in the prior year, the company posted $0.48 earnings per share. The company’s quarterly revenue was up 31.5% on a year-over-year basis. On average, analysts predict that Microchip Technology will post $2.37 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, September 4th. Stockholders of record on Wednesday, August 21st will be paid a dividend of $0.35 per share. This represents a $1.42 annualized dividend and a dividend yield of 3.43%. The ex-dividend date is Monday, August 19th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.35.
Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a range of embedded control applications.
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