Analysts Set Microchip Technology Incorporated (NASDAQ:MCHP) Price Target at $92.00

Microchip Technology Incorporated (NASDAQ:MCHP - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the nineteen analysts that are presently covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and fourteen have issued a buy recommendation on the company. The average 12 month target price among analysts that have covered the stock in the last year is $92.00.

MCHP has been the subject of several research analyst reports. Evercore ISI reiterated an "outperform" rating and set a $95.00 target price (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. TD Cowen reduced their target price on Microchip Technology from $80.00 to $70.00 and set a "hold" rating on the stock in a research note on Wednesday, November 6th. Citigroup dropped their price target on Microchip Technology from $92.00 to $82.00 and set a "buy" rating for the company in a research note on Wednesday, November 6th. Mizuho set a $95.00 price objective on Microchip Technology in a report on Friday, October 18th. Finally, Jefferies Financial Group cut their target price 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.

Microchip Technology Stock Performance

Shares of MCHP traded up $0.30 during midday trading on Friday, reaching $68.17. 5,221,090 shares of the stock were exchanged, compared to its average volume of 6,075,032. The stock's 50 day simple moving average is $73.71 and its 200 day simple moving average is $82.34. The company has a market cap of $36.61 billion, a P/E ratio of 47.67 and a beta of 1.53. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology has a twelve month low of $62.63 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.15 billion. During the same period in the prior year, the company posted $1.54 EPS. The business's revenue for the quarter was down 48.4% compared to the same quarter last year. On average, sell-side analysts expect that Microchip Technology will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This is an increase from Microchip Technology's previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology's payout ratio is presently 127.27%.

Institutional Trading of Microchip Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Empowered Funds LLC lifted its position in Microchip Technology by 25.7% during the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company's stock valued at $7,721,000 after buying an additional 19,663 shares during the period. Harvest Fund Management Co. Ltd increased its stake in shares of Microchip Technology by 52.1% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 24,713 shares of the semiconductor company's stock worth $1,984,000 after acquiring an additional 8,467 shares in the last quarter. Cerity Partners LLC lifted its position in Microchip Technology by 14.2% during the 3rd quarter. Cerity Partners LLC now owns 260,063 shares of the semiconductor company's stock valued at $20,880,000 after acquiring an additional 32,340 shares during the period. Pinnacle Associates Ltd. boosted its stake in Microchip Technology by 50.0% during the third quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company's stock worth $8,486,000 after acquiring an additional 35,213 shares in the last quarter. Finally, Swedbank AB purchased a new stake in Microchip Technology in the first quarter worth about $1,079,000. 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.