Microchip Technology (NASDAQ:MCHP - Free Report) had its price target boosted by UBS Group from $65.00 to $85.00 in a research report report published on Monday,Benzinga reports. They currently have a buy rating on the semiconductor company's stock.
Several other analysts also recently weighed in on the company. Wall Street Zen upgraded Microchip Technology from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. Stifel Nicolaus upped their price target on shares of Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 9th. Rosenblatt Securities increased their price target on shares of Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Raymond James Financial boosted their price objective on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a research report on Friday, May 9th. Finally, Truist Financial increased their price objective on Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a report on Wednesday, June 18th. Seven research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $73.85.
Read Our Latest Stock Analysis on MCHP
Microchip Technology Price Performance
NASDAQ MCHP traded up $3.08 on Monday, reaching $74.56. 11,350,365 shares of the company's stock traded hands, compared to its average volume of 8,932,831. The stock 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. Microchip Technology has a 12 month low of $34.13 and a 12 month high of $96.98. The stock has a 50-day simple moving average of $62.67 and a 200 day simple moving average of $55.99. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47.
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 (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same period in the prior year, the business posted $0.57 earnings per share. The company's revenue was down 26.8% on a year-over-year basis. As a group, research analysts predict that Microchip Technology will post 1.03 earnings per share for the current year.
Microchip Technology Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's payout ratio is currently -18,200.00%.
Insider Activity at Microchip Technology
In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the business's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the sale, the director directly owned 3,468 shares of the company's stock, valued at approximately $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction on Friday, May 23rd. The stock was 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 in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Microchip Technology
Large investors have recently modified their holdings of the stock. SBI Securities Co. Ltd. purchased a new position in Microchip Technology in the fourth quarter worth about $51,000. Proficio Capital Partners LLC bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $3,818,000. Larson Financial Group LLC raised its holdings in Microchip Technology by 14.6% in the 4th quarter. Larson Financial Group LLC now owns 3,366 shares of the semiconductor company's stock worth $193,000 after acquiring an additional 428 shares during the last quarter. Personal CFO Solutions LLC raised its holdings in Microchip Technology by 89.7% in the 4th quarter. Personal CFO Solutions LLC now owns 13,450 shares of the semiconductor company's stock worth $771,000 after acquiring an additional 6,361 shares during the last quarter. Finally, OFI Invest Asset Management bought a new position in Microchip Technology in the 4th quarter valued at approximately $29,000. Hedge funds and other institutional investors own 91.51% of the company's stock.
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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