Microchip Technology (NASDAQ:MCHP) Price Target Raised to $75.00

Microchip Technology (NASDAQ:MCHP) had its target price increased by B. Riley from $60.00 to $75.00 in a research report released on Friday morning, MarketBeat reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

MCHP has been the subject of a number of other reports. Rosenblatt Securities reissued a “buy” rating and issued a $70.00 price objective on shares of Microchip Technology in a research note on Tuesday, March 4th. Citigroup cut their target price on shares of Microchip Technology from $65.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, April 11th. UBS Group cut their target price on shares of Microchip Technology from $70.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, April 29th. KeyCorp cut their target price on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Finally, TD Cowen raised their target price on shares of Microchip Technology from $35.00 to $55.00 and gave the company a “hold” rating in a research note on Friday. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $67.42.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $55.33 on Friday. The firm has a fifty day moving average price of $47.06 and a 200-day moving average price of $56.31. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The stock has a market cap of $29.76 billion, a PE ratio of 98.80 and a beta of 1.42. Microchip Technology has a 1 year low of $34.13 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. The firm had revenue of $970.50 million during the quarter, compared to analysts’ expectations of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The company’s revenue for the quarter was down 26.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 earnings per share. Equities analysts anticipate that Microchip Technology will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be issued a $0.455 dividend. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 3.29%. Microchip Technology’s dividend payout ratio (DPR) is presently -18,200.00%.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This trade represents a 10.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MCHP. Nordea Investment Management AB lifted its holdings in Microchip Technology by 4.9% during the 4th quarter. Nordea Investment Management AB now owns 42,255 shares of the semiconductor company’s stock valued at $2,435,000 after buying an additional 1,983 shares in the last quarter. Watts Gwilliam & Co. LLC lifted its holdings in Microchip Technology by 250.5% during the 4th quarter. Watts Gwilliam & Co. LLC now owns 26,861 shares of the semiconductor company’s stock valued at $1,544,000 after buying an additional 19,198 shares in the last quarter. ST Germain D J Co. Inc. bought a new stake in Microchip Technology during the 4th quarter valued at about $97,000. Ridgewood Investments LLC lifted its holdings in Microchip Technology by 238.4% during the 4th quarter. Ridgewood Investments LLC now owns 19,086 shares of the semiconductor company’s stock valued at $1,095,000 after buying an additional 13,446 shares in the last quarter. Finally, Franklin Street Advisors Inc. NC lifted its holdings in Microchip Technology by 70.9% during the 4th quarter. Franklin Street Advisors Inc. NC now owns 7,192 shares of the semiconductor company’s stock valued at $412,000 after buying an additional 2,983 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.