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Microchip Technology (NASDAQ:MCHP – Get Rating) updated its third quarter 2023 earnings guidance on Thursday. The company provided EPS guidance of $1.54-$1.56 for the period, compared to the consensus EPS estimate of $1.45. The company issued revenue guidance of $2.13 billion-$2.18 billion, compared to the consensus revenue estimate of $2.08 billion.
Microchip Technology Trading Down 1.9 %
Shares of MCHP opened at $66.50 on Thursday. The firm has a fifty day simple moving average of $63.19 and a two-hundred day simple moving average of $64.89. Microchip Technology has a twelve month low of $54.33 and a twelve month high of $90.00. The company has a quick ratio of 0.65, a current ratio of 1.05 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $36.58 billion, a P/E ratio of 20.34, a PEG ratio of 0.73 and a beta of 1.51.
Microchip Technology Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 6th. Shareholders of record on Tuesday, November 22nd will be issued a dividend of $0.328 per share. The ex-dividend date of this dividend is Monday, November 21st. This represents a $1.31 annualized dividend and a yield of 1.97%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.30. Microchip Technology’s payout ratio is currently 36.70%.
Analysts Set New Price Targets
A number of research analysts have weighed in on MCHP shares. B. Riley boosted their price objective on shares of Microchip Technology from $78.00 to $86.00 and gave the company a buy rating in a research report on Wednesday, August 3rd. Needham & Company LLC lowered their target price on shares of Microchip Technology from $92.00 to $82.00 in a research note on Tuesday, October 25th. Cowen boosted their target price on shares of Microchip Technology from $60.00 to $72.00 and gave the company an outperform rating in a research note on Wednesday, August 3rd. Mizuho lowered their price objective on shares of Microchip Technology from $75.00 to $72.00 and set a neutral rating for the company in a research note on Friday, November 4th. Finally, Cowen upped their price objective on shares of Microchip Technology from $60.00 to $72.00 and gave the stock an outperform rating in a research note on Wednesday, August 3rd. Four analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $84.45.
Insider Activity at Microchip Technology
In other Microchip Technology news, Director Matthew W. Chapman sold 1,000 shares of Microchip Technology stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $68.21, for a total transaction of $68,210.00. Following the sale, the director now owns 37,682 shares of the company’s stock, valued at approximately $2,570,289.22. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Microchip Technology news, Director Karlton D. Johnson sold 927 shares of the business’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $64.54, for a total transaction of $59,828.58. Following the sale, the director now directly owns 1,369 shares in the company, valued at $88,355.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew W. Chapman sold 1,000 shares of the business’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $68.21, for a total transaction of $68,210.00. Following the sale, the director now owns 37,682 shares in the company, valued at $2,570,289.22. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,306 shares of company stock valued at $290,310. 2.00% of the stock is owned by company insiders.
Institutional Trading of Microchip Technology
A number of institutional investors and hedge funds have recently bought and sold shares of MCHP. Kinneret Advisory LLC increased its stake in shares of Microchip Technology by 2.3% during the first quarter. Kinneret Advisory LLC now owns 7,495 shares of the semiconductor company’s stock worth $563,000 after buying an additional 167 shares during the period. Covestor Ltd increased its stake in shares of Microchip Technology by 48.2% during the first quarter. Covestor Ltd now owns 569 shares of the semiconductor company’s stock worth $43,000 after buying an additional 185 shares during the period. First Commonwealth Financial Corp PA increased its stake in shares of Microchip Technology by 2.8% during the first quarter. First Commonwealth Financial Corp PA now owns 7,831 shares of the semiconductor company’s stock worth $588,000 after buying an additional 212 shares during the period. KB Financial Partners LLC increased its stake in shares of Microchip Technology by 36.1% during the first quarter. KB Financial Partners LLC now owns 923 shares of the semiconductor company’s stock worth $69,000 after buying an additional 245 shares during the period. Finally, Wetherby Asset Management Inc. increased its stake in shares of Microchip Technology by 3.5% during the first quarter. Wetherby Asset Management Inc. now owns 7,691 shares of the semiconductor company’s stock worth $578,000 after buying an additional 261 shares during the period. 89.81% of the stock is currently owned by hedge funds and other institutional investors.
Microchip Technology Company Profile
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Microchip Technology Incorporated develops, manufactures, and sells 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 microcontrollers; 32-bit embedded microprocessors markets; 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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