Microchip Technology Incorporated (NASDAQ:MCHP) CEO Buys $458,320.00 in Stock

Microchip Technology Incorporated (NASDAQ:MCHPGet Rating) CEO Ganesh Moorthy acquired 8,000 shares of the firm’s stock in a transaction on Friday, June 17th. The stock was purchased at an average cost of $57.29 per share, with a total value of $458,320.00. Following the completion of the transaction, the chief executive officer now owns 720,313 shares in the company, valued at $41,266,731.77. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website.

NASDAQ MCHP traded up $1.53 during mid-day trading on Tuesday, hitting $59.13. The company’s stock had a trading volume of 71,883 shares, compared to its average volume of 5,077,282. The company’s 50 day simple moving average is $66.80 and its 200 day simple moving average is $73.64. Microchip Technology Incorporated has a twelve month low of $56.24 and a twelve month high of $90.00. The company has a current ratio of 1.75, a quick ratio of 1.14 and a debt-to-equity ratio of 1.30. The firm has a market capitalization of $32.79 billion, a price-to-earnings ratio of 25.43, a PEG ratio of 0.51 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHPGet Rating) last announced its quarterly earnings data on Monday, May 9th. The semiconductor company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.09. Microchip Technology had a return on equity of 41.89% and a net margin of 18.85%. The business had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.82 billion. During the same period in the previous year, the business posted $0.82 EPS. The firm’s quarterly revenue was up 25.6% compared to the same quarter last year. As a group, research analysts forecast that Microchip Technology Incorporated will post 5.14 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, June 3rd. Investors of record on Friday, May 20th were issued a dividend of $0.276 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date was Thursday, May 19th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.25. Microchip Technology’s dividend payout ratio is currently 48.57%.

A number of hedge funds have recently modified their holdings of MCHP. Avity Investment Management Inc. purchased a new stake in shares of Microchip Technology during the fourth quarter valued at $226,000. Redpoint Investment Management Pty Ltd boosted its position in shares of Microchip Technology by 100.0% during the fourth quarter. Redpoint Investment Management Pty Ltd now owns 14,372 shares of the semiconductor company’s stock valued at $1,251,000 after buying an additional 7,186 shares during the last quarter. Studio Investment Management LLC bought a new position in Microchip Technology in the third quarter valued at about $3,476,000. NEXT Financial Group Inc lifted its holdings in Microchip Technology by 88.0% in the fourth quarter. NEXT Financial Group Inc now owns 18,272 shares of the semiconductor company’s stock valued at $1,591,000 after acquiring an additional 8,555 shares during the period. Finally, Robeco Schweiz AG lifted its holdings in Microchip Technology by 102.3% in the fourth quarter. Robeco Schweiz AG now owns 171,565 shares of the semiconductor company’s stock valued at $14,936,000 after acquiring an additional 86,744 shares during the period. 89.36% of the stock is currently owned by institutional investors.

MCHP has been the topic of several research reports. Morgan Stanley dropped their price objective on shares of Microchip Technology from $85.00 to $81.00 and set an “overweight” rating on the stock in a research note on Friday, June 10th. Mizuho reduced their target price on shares of Microchip Technology from $75.00 to $72.00 in a report on Tuesday, May 10th. Wells Fargo & Company reduced their price target on shares of Microchip Technology from $80.00 to $70.00 in a research report on Tuesday, May 10th. StockNews.com upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a research report on Tuesday, May 17th. Finally, UBS Group raised their price target on shares of Microchip Technology from $98.00 to $105.00 and gave the company a “buy” rating in a report on Wednesday, March 9th. Five research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $93.55.

About Microchip Technology (Get Rating)

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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