Investors Buy Microchip Technology (MCHP) on Weakness

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Traders purchased shares of Microchip Technology Inc. (NASDAQ:MCHP) on weakness during trading hours on Wednesday. $53.87 million flowed into the stock on the tick-up and $36.27 million flowed out of the stock on the tick-down, for a money net flow of $17.60 million into the stock. Of all companies tracked, Microchip Technology had the 22nd highest net in-flow for the day. Microchip Technology traded down ($1.24) for the day and closed at $85.06

MCHP has been the topic of a number of analyst reports. Zacks Investment Research downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 11th. TheStreet raised Microchip Technology from a “c+” rating to a “b-” rating in a research note on Thursday, February 21st. BidaskClub raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, November 16th. Citigroup reaffirmed a “buy” rating and set a $105.00 price objective on shares of Microchip Technology in a research note on Thursday, February 7th. Finally, ValuEngine raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $102.17.

The firm has a market capitalization of $20.45 billion, a PE ratio of 16.53, a PEG ratio of 1.09 and a beta of 1.24. The company has a quick ratio of 1.83, a current ratio of 2.92 and a debt-to-equity ratio of 2.04.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, February 5th. The semiconductor company reported $1.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.45 by $0.21. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Microchip Technology had a return on equity of 32.30% and a net margin of 6.53%. The company’s revenue was up 42.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.36 EPS. As a group, equities analysts expect that Microchip Technology Inc. will post 5.89 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Thursday, February 21st were issued a dividend of $0.365 per share. This represents a $1.46 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date was Wednesday, February 20th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is 28.13%.

In other news, Director L B. Day sold 3,500 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $84.82, for a total value of $296,870.00. Following the completion of the transaction, the director now owns 9,238 shares in the company, valued at approximately $783,567.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Mitchell R. Little sold 3,585 shares of the firm’s stock in a transaction dated Wednesday, February 13th. The shares were sold at an average price of $91.17, for a total value of $326,844.45. Following the completion of the transaction, the vice president now owns 7,693 shares of the company’s stock, valued at approximately $701,370.81. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,101 shares of company stock valued at $1,258,210. Corporate insiders own 2.13% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Sowell Financial Services LLC bought a new position in shares of Microchip Technology in the 4th quarter valued at about $217,000. Norges Bank bought a new position in shares of Microchip Technology in the 4th quarter valued at about $155,541,000. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Microchip Technology during the fourth quarter worth about $336,000. CWM Advisors LLC grew its holdings in Microchip Technology by 11.3% during the fourth quarter. CWM Advisors LLC now owns 6,424 shares of the semiconductor company’s stock worth $462,000 after purchasing an additional 651 shares during the period. Finally, Morris Capital Advisors LLC bought a new position in Microchip Technology during the fourth quarter worth about $492,000.

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Microchip Technology Company Profile (NASDAQ:MCHP)

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

See Also: Earnings Reports

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