Equities research analysts at Morgan Stanley started coverage on shares of Microchip Technology (NASDAQ:MCHP) in a research note issued to investors on Friday, American Banking News reports. The firm set an “equal weight” rating on the stock.
MCHP has been the subject of a number of other recent research reports. 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, August 5th. 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, August 2nd. 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, August 2nd. They now have a “buy” rating on the stock.
Nine investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $39.94.
Microchip Technology (NASDAQ:MCHP) opened at 39.41 on Friday. Microchip Technology has a 52-week low of $28.92 and a 52-week high of $41.78. The stock has a 50-day moving average of $39.41 and a 200-day moving average of $37.09. The company has a market cap of $7.762 billion and a P/E ratio of 64.71.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results 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 last year, the company posted $0.48 earnings per share. Microchip Technology’s revenue was up 31.5% compared to the same quarter last year. Analysts expect that Microchip Technology will post $2.37 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, September 4th. Shareholders of record on Wednesday, August 21st will be given a dividend of $0.35 per share. This represents a $1.42 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date of this dividend is Monday, August 19th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.35.
In other Microchip Technology news, Director Wade F. Meyercord sold 2,594 shares of the company’s stock on the open market in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $40.58, for a total transaction of $105,264.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a range of embedded control applications.
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