Microchip Technology (NASDAQ:MCHP) Price Target Raised to $52.00

Microchip Technology (NASDAQ:MCHP) had its target price lifted by Truist Financial from $43.00 to $52.00 in a research note published on Friday morning, Marketbeat reports. Truist Financial currently has a hold rating on the semiconductor company’s stock.

Other research analysts have also issued reports about the company. Rosenblatt Securities reiterated a “buy” rating and issued a $70.00 price objective on shares of Microchip Technology in a research report on Tuesday, March 4th. Bank of America upgraded Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 price target on the stock in a research report on Friday. Piper Sandler restated an “overweight” rating and issued a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Morgan Stanley reduced their price target on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Finally, The Goldman Sachs Group reduced their price target on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $67.42.

Microchip Technology Stock Up 12.6%

Shares of MCHP opened at $55.33 on Friday. The firm has a market capitalization of $29.76 billion, a price-to-earnings ratio of 98.80 and a beta of 1.42. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The business’s fifty day moving average price is $47.06 and its two-hundred day moving average price is $56.31. Microchip Technology has a 52 week low of $34.13 and a 52 week high of $100.57.

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

Microchip Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.29%. The ex-dividend date is Thursday, May 22nd. Microchip Technology’s payout ratio is presently -18,200.00%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at approximately $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 can be accessed through this link. 2.10% of the stock is currently owned by company insiders.

Institutional Trading of Microchip Technology

Hedge funds have recently added to or reduced their stakes in the business. Mainstream Capital Management LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at about $26,000. Rakuten Securities Inc. raised its stake in shares of Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 359 shares during the period. OFI Invest Asset Management acquired a new stake in shares of Microchip Technology in the 4th quarter valued at about $29,000. Garde Capital Inc. acquired a new stake in shares of Microchip Technology in the 1st quarter valued at about $30,000. Finally, Financial Life Planners acquired a new stake in shares of Microchip Technology in the 4th quarter valued at about $32,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

About Microchip Technology

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.