Microchip Technology Incorporated (NASDAQ:MCHP – Get Free Report) was the recipient of unusually large options trading activity on Friday. Stock investors bought 5,169 call options on the company. This represents an increase of approximately 31% compared to the typical volume of 3,940 call options.
Microchip Technology Trading Down 6.8 %
Shares of Microchip Technology stock opened at $83.46 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.98 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $45.43 billion, a P/E ratio of 20.81, a price-to-earnings-growth ratio of 1.75 and a beta of 1.60. Microchip Technology has a 12-month low of $54.77 and a 12-month high of $94.30. The company has a 50-day simple moving average of $86.11 and a 200 day simple moving average of $81.63.
Microchip Technology (NASDAQ:MCHP – Get Free Report) last released its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.64 earnings per share for the quarter, hitting the consensus estimate of $1.64. Microchip Technology had a net margin of 26.52% and a return on equity of 51.12%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.29 billion. During the same quarter last year, the firm earned $1.30 EPS. Microchip Technology’s quarterly revenue was up 16.6% compared to the same quarter last year. Research analysts expect that Microchip Technology will post 5.97 earnings per share for the current fiscal year.
Microchip Technology Increases Dividend
Insider Buying and Selling
In other news, CFO James Eric Bjornholt sold 2,470 shares of the stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $78.32, for a total transaction of $193,450.40. Following the completion of the sale, the chief financial officer now owns 32,004 shares in the company, valued at $2,506,553.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.07% of the company’s stock.
Hedge Funds Weigh In On Microchip Technology
Institutional investors and hedge funds have recently modified their holdings of the stock. Bank Julius Baer & Co. Ltd Zurich lifted its position in Microchip Technology by 99,876.3% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 635,884,056 shares of the semiconductor company’s stock worth $56,968,853,000 after purchasing an additional 635,248,021 shares during the period. Geode Capital Management LLC grew its position in shares of Microchip Technology by 1.9% during the 1st quarter. Geode Capital Management LLC now owns 11,714,851 shares of the semiconductor company’s stock worth $979,918,000 after buying an additional 217,223 shares during the period. Boston Partners grew its position in shares of Microchip Technology by 4.6% during the 1st quarter. Boston Partners now owns 8,303,250 shares of the semiconductor company’s stock worth $693,717,000 after buying an additional 367,762 shares during the period. Macquarie Group Ltd. grew its position in Microchip Technology by 4.3% in the 1st quarter. Macquarie Group Ltd. now owns 7,990,999 shares of the semiconductor company’s stock valued at $669,486,000 after purchasing an additional 326,819 shares during the period. Finally, Northern Trust Corp boosted its holdings in Microchip Technology by 1.7% during the 1st quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock worth $567,576,000 after acquiring an additional 123,806 shares during the last quarter. 91.54% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research analysts have recently weighed in on MCHP shares. Susquehanna dropped their price objective on shares of Microchip Technology from $105.00 to $100.00 and set a “positive” rating for the company in a research note on Friday. StockNews.com started coverage on shares of Microchip Technology in a report on Thursday, May 18th. They issued a “buy” rating on the stock. Morgan Stanley lifted their price target on shares of Microchip Technology from $97.00 to $101.00 and gave the company an “overweight” rating in a report on Friday. Wells Fargo & Company lifted their target price on shares of Microchip Technology from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday. Finally, Truist Financial boosted their price objective on shares of Microchip Technology from $95.00 to $104.00 and gave the stock a “buy” rating in a report on Friday, July 14th. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average price target of $98.76.
Microchip Technology Company Profile
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 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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