KeyCorp Forecasts Strong Price Appreciation for Microchip Technology (NASDAQ:MCHP) Stock

Microchip Technology (NASDAQ:MCHP - Free Report) had its price objective raised by KeyCorp from $70.00 to $85.00 in a research note released on Tuesday morning,Benzinga reports. KeyCorp currently has an overweight rating on the semiconductor company's stock.

Several other analysts have also recently commented on MCHP. Needham & Company LLC restated a "buy" rating and set a $66.00 price objective on shares of Microchip Technology in a research note on Friday, May 9th. Stifel Nicolaus raised their target price on shares of Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Mizuho upped their price target on shares of Microchip Technology from $78.00 to $85.00 and gave the company an "outperform" rating in a report on Tuesday. Truist Financial boosted their price objective on Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a report on Wednesday, June 18th. Finally, Cantor Fitzgerald initiated coverage on Microchip Technology in a report on Wednesday, June 18th. They set a "neutral" rating and a $70.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $73.85.

Microchip Technology Stock Up 4.3%

NASDAQ MCHP traded up $3.08 during trading on Tuesday, hitting $74.56. The company's stock had a trading volume of 11,350,365 shares, compared to its average volume of 8,932,831. Microchip Technology has a fifty-two week low of $34.13 and a fifty-two week high of $96.98. The company has a market cap of $40.22 billion, a PE ratio of -7,456.00, a P/E/G ratio of 2.13 and a beta of 1.52. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. The business's 50 day simple moving average is $62.10 and its 200-day simple moving average is $55.86.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. The company had revenue of $970.50 million during the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The firm's revenue was down 26.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.57 EPS. On average, equities analysts anticipate that Microchip Technology will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's payout ratio is -18,200.00%.

Insider Transactions at Microchip Technology

In other news, Director Karlton D. Johnson sold 494 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director directly owned 3,468 shares in the company, valued at $210,472.92. The trade was a 12.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the sale, the chief financial officer directly owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $452,627,000. Orbis Allan Gray Ltd purchased a new position in Microchip Technology in the first quarter worth approximately $369,612,000. Invesco Ltd. increased its stake in Microchip Technology by 63.0% during 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 during the last quarter. Goldman Sachs Group Inc. raised its position in 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 valued at $427,681,000 after purchasing an additional 5,136,154 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its stake in shares of 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 purchasing an additional 3,912,895 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

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.