Microchip Technology (NASDAQ:MCHP) Price Target Raised to $60.00

Microchip Technology (NASDAQ:MCHP) had its price target boosted by TD Cowen from $50.00 to $60.00 in a research report report published on Tuesday, Marketbeat.com reports. They currently have a hold rating on the semiconductor company’s stock.

MCHP has been the topic of several other research reports. StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. Stifel Nicolaus reduced their target price on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, December 3rd. Morgan Stanley lowered their price target on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. Jefferies Financial Group reduced their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Needham & Company LLC boosted their target price on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

Microchip Technology Stock Down 2.3 %

Shares of MCHP opened at $58.26 on Tuesday. 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 stock has a market capitalization of $31.33 billion, a PE ratio of 104.04 and a beta of 1.52. The company’s 50-day simple moving average is $56.95 and its 200-day simple moving average is $66.93. Microchip Technology has a 1 year low of $50.21 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its 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 return on equity of 12.62% and a net margin of 6.49%. Analysts forecast that Microchip Technology will post 1.03 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. Stockholders of record on Monday, February 24th will be issued 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 dividend yield of 3.12%. Microchip Technology’s payout ratio is 325.00%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was 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 in the company, valued at $2,025,599.36. The trade was a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Metis Global Partners LLC grew its position in Microchip Technology by 1.0% in the 3rd quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock valued at $1,378,000 after buying an additional 172 shares during the last quarter. Plato Investment Management Ltd raised its holdings in Microchip Technology by 5.8% during the third quarter. Plato Investment Management Ltd now owns 3,499 shares of the semiconductor company’s stock worth $281,000 after purchasing an additional 191 shares in the last quarter. Summit Global Investments lifted its position in Microchip Technology by 2.5% in the third quarter. Summit Global Investments now owns 8,463 shares of the semiconductor company’s stock valued at $679,000 after purchasing an additional 207 shares during the period. Federated Hermes Inc. lifted its holdings in shares of Microchip Technology by 0.5% in the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company’s stock valued at $2,254,000 after buying an additional 209 shares during the period. Finally, Northwest Bank & Trust Co boosted its position in shares of Microchip Technology by 3.0% during the 4th quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company’s stock worth $424,000 after purchasing an additional 217 shares in the last quarter. 91.51% of the stock is currently 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.