Microchip Technology (NASDAQ:MCHP - Free Report) had its target price upped by UBS Group from $60.00 to $65.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a buy rating on the semiconductor company's stock.
A number of other brokerages have also issued reports on MCHP. Truist Financial raised their price objective on shares of Microchip Technology from $43.00 to $52.00 and gave the company a "hold" rating in a report on Friday, May 9th. B. Riley lifted their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Stifel Nicolaus lifted their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Morgan Stanley lifted their price objective on shares of Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. Finally, Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target for the company in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Microchip Technology has an average rating of "Moderate Buy" and an average target price of $67.68.
Read Our Latest Stock Report on Microchip Technology
Microchip Technology Price Performance
Shares of MCHP traded down $0.89 during mid-day trading on Friday, reaching $57.22. The company had a trading volume of 10,845,600 shares, compared to its average volume of 8,641,981. The company's 50 day simple moving average is $48.55 and its 200 day simple moving average is $54.93. Microchip Technology has a 1-year low of $34.13 and a 1-year high of $98.10. 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 company has a market capitalization of $30.86 billion, a price-to-earnings ratio of 102.18 and a beta of 1.42.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The company had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same period last year, the company posted $0.57 EPS. The firm's quarterly revenue was down 26.8% compared to the same quarter last year. Analysts expect that Microchip Technology will post 1.03 EPS for the current year.
Microchip Technology Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date is Thursday, May 22nd. Microchip Technology's dividend payout ratio is presently -18,200.00%.
Insider Activity
In other news, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the sale, the director now owns 3,468 shares in the company, valued at $210,472.92. This trade represents a 12.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the sale, the chief financial officer now owns 34,313 shares of the company's stock, valued at $1,913,979.14. This trade represents a 5.55% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.10% of the company's stock.
Hedge Funds Weigh In On Microchip Technology
Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Microchip Technology in the fourth quarter valued at approximately $452,627,000. Orbis Allan Gray Ltd acquired a new position in shares of Microchip Technology in the first quarter worth $369,612,000. Invesco Ltd. grew its stake in shares of Microchip Technology by 63.0% in the first quarter. Invesco Ltd. now owns 16,707,031 shares of the semiconductor company's stock worth $808,787,000 after acquiring an additional 6,459,123 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Microchip Technology by 138.9% in the first quarter. Goldman Sachs Group Inc. now owns 8,834,550 shares of the semiconductor company's stock worth $427,681,000 after acquiring an additional 5,136,154 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its stake in shares of Microchip Technology by 273.2% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock worth $306,541,000 after acquiring an additional 3,912,895 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.
About Microchip Technology
(
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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.
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