Stephens cut shares of Microchip Technology (NASDAQ:MCHP) from an overweight rating to an equal weight rating in a research report sent to investors on Monday morning, TheFlyOnTheWall.com reports.
Microchip Technology (NASDAQ:MCHP) opened at 43.35 on Monday. Microchip Technology has a one year low of $29.29 and a one year high of $44.10. The stock’s 50-day moving average is $40.92 and its 200-day moving average is $39.17. The company has a market cap of $8.599 billion and a P/E ratio of 37.02.
Microchip Technology (NASDAQ:MCHP) last released its earnings data on Wednesday, October 30th. The company reported $0.63 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.60 by $0.03. The company had revenue of $492.67 million for the quarter, compared to the consensus estimate of $481.50 million. During the same quarter last year, the company posted $0.48 earnings per share. Microchip Technology’s revenue was up 28.5% compared to the same quarter last year. Analysts expect that Microchip Technology will post $2.41 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, December 5th. Stockholders of record on Thursday, November 21st will be paid a dividend of $0.35 per share. This represents a $1.42 annualized dividend and a dividend yield of 3.27%. The ex-dividend date is Tuesday, November 19th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.35.
In other Microchip Technology news, VP Mitchell R. Little unloaded 1,249 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $43.01, for a total transaction of $53,719.49. The transaction was disclosed in a document filed with the SEC, which is available at this link.
MCHP has been the subject of a number of other recent research reports. Analysts at Needham & Company raised their price target on shares of Microchip Technology from $46.00 to $52.00 in a research note to investors on Friday, November 1st. They now have a buy rating on the stock. Separately, analysts at Zacks upgraded shares of Microchip Technology from a neutral rating to an outperform rating in a research note to investors on Thursday, October 31st. They now have a $48.00 price target on the stock. Finally, analysts at Credit Suisse raised their price target on shares of Microchip Technology from $42.50 to $48.00 in a research note to investors on Thursday, October 31st. They now have an outperform rating on the stock. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $44.71.
Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a range of embedded control applications.
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