Microchip Technology (NASDAQ:MCHP) Given “Overweight” Rating at Piper Sandler

Piper Sandler restated their overweight rating on shares of Microchip Technology (NASDAQ:MCHP) in a research note released on Friday,Benzinga reports. The firm currently has a $65.00 price objective on the semiconductor company’s stock, down from their prior price objective of $85.00.

MCHP has been the subject of a number of other reports. Jefferies Financial Group dropped their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. KeyCorp lowered their target price on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday. Mizuho reduced their price target on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Finally, Citigroup reduced their target price on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $77.11.

Microchip Technology Trading Down 2.3 %

Microchip Technology stock opened at $51.89 on Friday. Microchip Technology has a 1 year low of $50.21 and a 1 year high of $100.57. The firm’s 50 day moving average price is $58.04 and its 200-day moving average price is $70.26. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The stock has a market cap of $27.87 billion, a P/E ratio of 92.66 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.41%. On average, equities analysts predict that Microchip Technology will post 1.3 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be paid a $0.455 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.51%. Microchip Technology’s payout ratio is 325.00%.

Institutional Trading of Microchip Technology

A number of large investors have recently made changes to their positions in MCHP. Van ECK Associates Corp boosted 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 buying an additional 3,131,807 shares during the period. Franklin Resources Inc. raised its stake in shares of Microchip Technology by 30.2% during the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after acquiring an additional 776,408 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Microchip Technology by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,143,769 shares of the semiconductor company’s stock valued at $180,295,000 after purchasing an additional 116,823 shares during the period. Assenagon Asset Management S.A. grew its stake in Microchip Technology by 9,901.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after purchasing an additional 2,829,082 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Microchip Technology by 20.1% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock worth $220,957,000 after purchasing an additional 460,697 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

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.