Microchip Technology Incorporated (NASDAQ:MCHP - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $56.39, but opened at $57.80. Microchip Technology shares last traded at $58.00, with a volume of 1,578,066 shares trading hands.
Analyst Upgrades and Downgrades
MCHP has been the topic of several research reports. TD Cowen lowered their target price on Microchip Technology from $80.00 to $70.00 and set a "hold" rating on the stock in a report on Wednesday, November 6th. The Goldman Sachs Group lowered their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a "neutral" rating on the stock in a research note on Friday, January 10th. Piper Sandler cut their target price on shares of Microchip Technology from $100.00 to $85.00 and set an "overweight" rating for the company in a research report on Wednesday, November 6th. Citigroup lowered their price target on shares of Microchip Technology from $92.00 to $82.00 and set a "buy" rating on the stock in a research report on Wednesday, November 6th. Finally, Susquehanna cut their price objective on Microchip Technology from $95.00 to $90.00 and set a "positive" rating for the company in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $84.00.
Check Out Our Latest Research Report on MCHP
Microchip Technology Stock Up 1.3 %
The stock has a fifty day moving average price of $60.28 and a 200-day moving average price of $72.33. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The firm has a market cap of $30.68 billion, a PE ratio of 39.95 and a beta of 1.52.
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 for the quarter, beating 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 analyst estimates of $1.15 billion. During the same quarter in the previous year, the business posted $1.54 EPS. The business's quarterly revenue was down 48.4% on a year-over-year basis. Research analysts expect that Microchip Technology Incorporated will post 1.31 EPS for the current year.
Microchip Technology Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date of this dividend was Friday, November 22nd. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. Microchip Technology's dividend payout ratio is currently 127.27%.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in MCHP. Pallas Capital Advisors LLC acquired a new position in Microchip Technology in the 4th quarter worth $5,917,000. Quadrature Capital Ltd purchased a new stake in shares of Microchip Technology during the third quarter worth about $3,312,000. Benjamin Edwards Inc. lifted its stake in shares of Microchip Technology by 5,185.4% in the third quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company's stock worth $755,000 after acquiring an additional 9,230 shares in the last quarter. Empowered Funds LLC boosted its holdings in Microchip Technology by 25.7% in the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company's stock valued at $7,721,000 after purchasing an additional 19,663 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in Microchip Technology by 9,901.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company's stock valued at $163,886,000 after purchasing an additional 2,829,082 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.
About Microchip Technology
(
Get Free Report)
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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