Microchip Technology (NASDAQ:MCHP) was upgraded by equities research analysts at Thomson Reuters/Verus from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, American Banking News reports.
MCHP has been the subject of a number of other recent research reports. Analysts at Morgan Stanley initiated coverage on shares of Microchip Technology in a research note to investors on Friday. They set an “equal weight” rating on the stock. 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.
Eight research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $39.94.
Shares of Microchip Technology (NASDAQ:MCHP) traded up 0.76% on Monday, hitting $39.2149. The stock had a trading volume of 281,416 shares. 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 $39.60 and a 200-day moving average of $37.22. The company has a market cap of $7.737 billion and a price-to-earnings ratio of 63.91.
Microchip Technology (NASDAQ:MCHP) last released its earnings data on Wednesday, July 31st. The company reported $0.57 earnings per share for the quarter, beating the analysts’ 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. 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. Investors 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 3.64%. The ex-dividend date is Monday, August 19th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.35.
In other Microchip Technology news, Director Wade Meyercord sold 2,594 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $40.58, for a total value of $105,264.52. The sale was disclosed in a filing with the SEC, 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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