Shares of Microchip Technology Incorporated (NASDAQ:MCHP - Get Free Report) hit a new 52-week low on Friday . The company traded as low as $54.81 and last traded at $54.98, with a volume of 493847 shares changing hands. The stock had previously closed at $56.38.
Wall Street Analysts Forecast Growth
Several equities analysts recently issued reports on the stock. KeyCorp reduced their price objective on shares of Microchip Technology from $95.00 to $90.00 and set an "overweight" rating on the stock in a research note on Tuesday, December 3rd. Bank of America downgraded Microchip Technology from a "neutral" rating to an "underperform" rating and lowered their price objective for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Stifel Nicolaus reduced their target price on Microchip Technology from $90.00 to $87.00 and set a "buy" rating on the stock in a research report on Tuesday, December 3rd. Citigroup decreased their price target on Microchip Technology from $92.00 to $82.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $85.00 price objective on shares of Microchip Technology in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $87.11.
Get Our Latest Stock Report on MCHP
Microchip Technology Price Performance
The stock has a market cap of $29.64 billion, a price-to-earnings ratio of 38.59 and a beta of 1.52. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The company has a 50-day simple moving average of $62.84 and a two-hundred day simple moving average of $75.00.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts' consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm's revenue for the quarter was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.54 EPS. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 1.33 EPS for the current year.
Microchip Technology Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a $0.455 dividend. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 3.30%. Microchip Technology's payout ratio is 127.27%.
Institutional Trading of Microchip Technology
Institutional investors have recently modified their holdings of the stock. Corundum Group Inc. raised its stake in Microchip Technology by 3.4% during the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company's stock worth $346,000 after acquiring an additional 143 shares in the last quarter. Financial Advocates Investment Management grew its holdings in shares of Microchip Technology by 1.5% during the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company's stock valued at $867,000 after purchasing an additional 158 shares during the last quarter. Bruce G. Allen Investments LLC increased its position in Microchip Technology by 11.4% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company's stock worth $127,000 after purchasing an additional 162 shares in the last quarter. Metis Global Partners LLC lifted its stake in Microchip Technology by 1.0% in the 3rd quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company's stock valued at $1,378,000 after purchasing an additional 172 shares during the last quarter. Finally, Parallel Advisors LLC boosted its position in Microchip Technology by 2.9% in the second quarter. Parallel Advisors LLC now owns 6,351 shares of the semiconductor company's stock valued at $581,000 after buying an additional 178 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.
About Microchip Technology
(
Get Free Report)
Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.
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