Microchip Technology (NASDAQ:MCHP) Upgraded by Wall Street Zen to "Hold" Rating

Wall Street Zen upgraded shares of Microchip Technology (NASDAQ:MCHP - Free Report) from a sell rating to a hold rating in a research note released on Friday morning.

MCHP has been the subject of a number of other research reports. Evercore ISI lifted their price objective on shares of Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday, June 12th. Citigroup boosted their price target on Microchip Technology from $55.00 to $68.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Rosenblatt Securities raised their price objective on Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Mizuho lifted their target price on Microchip Technology from $68.00 to $78.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. Finally, UBS Group increased their price target on Microchip Technology from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Seven analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $70.15.

Microchip Technology Price Performance

NASDAQ MCHP traded down $0.29 during trading hours on Friday, reaching $70.49. 6,885,466 shares of the company's stock were exchanged, compared to its average volume of 8,893,469. Microchip Technology has a one year low of $34.13 and a one year high of $96.98. The stock has a market cap of $38.02 billion, a PE ratio of -7,049.00, a price-to-earnings-growth ratio of 2.11 and a beta of 1.48. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. The firm has a fifty day moving average of $58.73 and a 200-day moving average of $55.34.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same period in the prior year, the company posted $0.57 EPS. The company's revenue was down 26.8% compared to the same quarter last year. On average, equities research analysts predict that Microchip Technology will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently declared 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 2.58%. The ex-dividend date was Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is presently -18,200.00%.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 2,015 shares of the business's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the transaction, the chief financial officer now owns 34,313 shares of the company's stock, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the company'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 now owns 3,468 shares of the company's stock, valued at approximately $210,472.92. This represents a 12.47% 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.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MCHP. Federated Hermes Inc. grew its holdings in shares of Microchip Technology by 0.5% during the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock valued at $2,254,000 after purchasing an additional 209 shares during the last quarter. Northwest Bank & Trust Co increased its holdings in shares of Microchip Technology by 3.0% during the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock worth $424,000 after buying an additional 217 shares in the last quarter. Clearstead Trust LLC lifted its stake in shares of Microchip Technology by 10.5% in the 1st quarter. Clearstead Trust LLC now owns 2,356 shares of the semiconductor company's stock valued at $114,000 after acquiring an additional 224 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Microchip Technology by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company's stock valued at $2,238,000 after acquiring an additional 230 shares in the last quarter. Finally, Greenleaf Trust boosted its holdings in shares of Microchip Technology by 1.0% during the 1st quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company's stock valued at $1,207,000 after acquiring an additional 242 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Microchip Technology Company Profile

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.