Microchip Technology (NASDAQ:MCHP) Sets New 52-Week High at $96.72

Microchip Technology Incorporated (NASDAQ:MCHP - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $96.72 and last traded at $96.59, with a volume of 856028 shares trading hands. The stock had previously closed at $94.33.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on MCHP shares. Mizuho upped their price target on shares of Microchip Technology from $82.00 to $85.00 and gave the company a "neutral" rating in a research report on Tuesday, May 7th. Citigroup increased their price objective on shares of Microchip Technology from $100.00 to $104.00 and gave the stock a "buy" rating in a research report on Tuesday, May 7th. Truist Financial increased their price objective on shares of Microchip Technology from $93.00 to $96.00 and gave the stock a "buy" rating in a research report on Tuesday, May 7th. Needham & Company LLC increased their price objective on shares of Microchip Technology from $90.00 to $100.00 and gave the stock a "buy" rating in a research report on Tuesday, May 7th. Finally, Stifel Nicolaus increased their price objective on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a "buy" rating in a research report on Wednesday, May 1st. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $99.39.

Microchip Technology Price Performance

The stock has a market capitalization of $52.13 billion, a P/E ratio of 27.80, a price-to-earnings-growth ratio of 3.29 and a beta of 1.60. The business's 50 day simple moving average is $89.44 and its two-hundred day simple moving average is $86.53. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting analysts' consensus estimates of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period last year, the firm earned $1.56 earnings per share. The firm's revenue was down 40.6% on a year-over-year basis. As a group, sell-side analysts forecast that Microchip Technology Incorporated will post 2.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd will be given a dividend of $0.452 per share. This is a positive change from Microchip Technology's previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Tuesday, May 21st. Microchip Technology's dividend payout ratio (DPR) is presently 51.87%.

Insider Buying and Selling

In related news, VP Stephen V. Drehobl sold 10,000 shares of the firm's stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the sale, the vice president now owns 82,203 shares in the company, valued at $7,470,608.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Stephen V. Drehobl sold 10,000 shares of the firm's stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the sale, the vice president now owns 82,203 shares in the company, valued at $7,470,608.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Stephen V. Drehobl sold 7,830 shares of the firm's stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the sale, the vice president now owns 79,509 shares of the company's stock, valued at approximately $7,558,125.54. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,800 shares of company stock worth $1,818,403. Insiders own 2.07% of the company's stock.

Institutional Trading of Microchip Technology

Several hedge funds and other institutional investors have recently modified their holdings of the business. Bleakley Financial Group LLC raised its position in shares of Microchip Technology by 1.3% in the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company's stock valued at $849,000 after purchasing an additional 119 shares during the period. Financial Counselors Inc. increased its holdings in Microchip Technology by 1.1% during the 1st quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company's stock worth $959,000 after acquiring an additional 119 shares during the period. RFG Advisory LLC increased its holdings in Microchip Technology by 3.2% during the 4th quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company's stock worth $353,000 after acquiring an additional 123 shares during the period. Twelve Points Wealth Management LLC increased its holdings in Microchip Technology by 1.0% during the 4th quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company's stock worth $1,103,000 after acquiring an additional 125 shares during the period. Finally, Merit Financial Group LLC increased its holdings in Microchip Technology by 1.9% during the 3rd quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company's stock worth $554,000 after acquiring an additional 134 shares during the period. Institutional investors own 91.51% of the company's stock.

About Microchip Technology

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.