Microchip Technology (NASDAQ:MCHP) Given New $110.00 Price Target at KeyCorp

Microchip Technology (NASDAQ:MCHP) had its price target upped by KeyCorp from $90.00 to $110.00 in a research note published on Tuesday morning, Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

MCHP has been the subject of several other reports. Wolfe Research raised Microchip Technology from a peer perform rating to an outperform rating and set a $105.00 price objective for the company in a research note on Thursday, January 18th. Truist Financial lifted their price target on Microchip Technology from $93.00 to $96.00 and gave the stock a buy rating in a research note on Tuesday. Stifel Nicolaus raised their target price on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a buy rating in a report on Wednesday, May 1st. Needham & Company LLC lifted their target price on shares of Microchip Technology from $90.00 to $100.00 and gave the stock a buy rating in a research report on Tuesday. Finally, Piper Sandler restated a neutral rating and issued a $90.00 price target (up previously from $80.00) on shares of Microchip Technology in a research report on Tuesday. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Microchip Technology currently has an average rating of Moderate Buy and a consensus price target of $98.47.

Microchip Technology Price Performance

NASDAQ:MCHP opened at $92.06 on Tuesday. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The business’s 50-day moving average price is $88.45 and its 200 day moving average price is $85.37. Microchip Technology has a 52-week low of $68.75 and a 52-week high of $96.14. The firm has a market cap of $49.75 billion, a P/E ratio of 21.51, a PEG ratio of 2.79 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.57. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the previous year, the company posted $1.56 EPS. The business’s revenue was down 40.6% compared to the same quarter last year. As a group, sell-side analysts predict that Microchip Technology will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be paid a $0.452 dividend. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $1.81 dividend on an annualized basis and a yield of 1.96%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is 42.06%.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 2.07% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

Several institutional investors and hedge funds have recently modified their holdings of MCHP. Inspire Investing LLC increased its position in Microchip Technology by 14.0% during the first quarter. Inspire Investing LLC now owns 64,491 shares of the semiconductor company’s stock worth $5,785,000 after buying an additional 7,903 shares during the last quarter. Donoghue Forlines LLC boosted its stake in shares of Microchip Technology by 13.3% during the 1st quarter. Donoghue Forlines LLC now owns 12,934 shares of the semiconductor company’s stock worth $1,160,000 after acquiring an additional 1,521 shares in the last quarter. Meeder Advisory Services Inc. increased its holdings in shares of Microchip Technology by 3.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 9,989 shares of the semiconductor company’s stock valued at $896,000 after acquiring an additional 290 shares during the last quarter. Meeder Asset Management Inc. raised its stake in shares of Microchip Technology by 33.7% in the 1st quarter. Meeder Asset Management Inc. now owns 86,518 shares of the semiconductor company’s stock valued at $7,762,000 after acquiring an additional 21,785 shares in the last quarter. Finally, NorthRock Partners LLC lifted its holdings in Microchip Technology by 53.7% in the 1st quarter. NorthRock Partners LLC now owns 8,753 shares of the semiconductor company’s stock worth $785,000 after purchasing an additional 3,059 shares during the last quarter. Institutional investors and hedge funds 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.