Microchip Technology (NASDAQ:MCHP) Price Target Raised to $55.00

Microchip Technology (NASDAQ:MCHP) had its price target increased by TD Cowen from $35.00 to $55.00 in a research report released on Friday, MarketBeat Ratings reports. They currently have a hold rating on the semiconductor company’s stock.

MCHP has been the topic of a number of other research reports. B. Riley reaffirmed a “buy” rating and set a $75.00 price target (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. The Goldman Sachs Group cut their price target on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Piper Sandler reaffirmed an “overweight” rating and set a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. KeyCorp cut their price target on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Finally, Stifel Nicolaus upped their price target on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $67.42.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $55.33 on Friday. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. Microchip Technology has a twelve month low of $34.13 and a twelve month high of $100.57. The stock has a market cap of $29.76 billion, a price-to-earnings ratio of 98.80 and a beta of 1.42. The company’s fifty day moving average is $47.06 and its 200 day moving average is $56.31.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.01. The company had revenue of $970.50 million for 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%. Microchip Technology’s revenue for the quarter was down 26.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.57 earnings per share. Sell-side analysts forecast that Microchip Technology will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be given a dividend of $0.455 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis 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 the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

Several large investors have recently added to or reduced their stakes in MCHP. Norges Bank bought a new position in Microchip Technology in the 4th quarter valued at about $452,627,000. Goldman Sachs Group Inc. lifted its position in Microchip Technology by 138.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,834,550 shares of the semiconductor company’s stock valued at $427,681,000 after acquiring an additional 5,136,154 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its position in Microchip Technology by 273.2% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company’s stock valued at $306,541,000 after acquiring an additional 3,912,895 shares in the last quarter. Van ECK Associates Corp lifted its position in Microchip Technology by 39.3% in the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock valued at $636,184,000 after acquiring an additional 3,131,807 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in Microchip Technology by 90.0% in the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock valued at $364,792,000 after acquiring an additional 3,013,162 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.