Microchip Technology (NASDAQ:MCHP - Free Report) had its target price increased by Mizuho from $78.00 to $85.00 in a research note published on Tuesday,Benzinga reports. The firm currently has an outperform rating on the semiconductor company's stock.
A number of other analysts have also recently commented on MCHP. TD Cowen upped their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research report 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. Cantor Fitzgerald assumed coverage on shares of Microchip Technology in a report on Wednesday, June 18th. They set a "neutral" rating and a $70.00 price target on the stock. B. Riley lifted their price target on shares of Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Finally, Raymond James Financial upped their price objective on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research report on Friday, May 9th. Seven research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $73.85.
Get Our Latest Research Report on MCHP
Microchip Technology Price Performance
NASDAQ MCHP traded up $3.08 on Tuesday, reaching $74.56. 11,350,365 shares of the stock traded hands, compared to its average volume of 8,916,359. The company has a market cap of $40.22 billion, a price-to-earnings ratio of -7,456.00, a P/E/G ratio of 2.17 and a beta of 1.52. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. The firm's fifty day simple moving average is $62.10 and its 200 day simple moving average is $55.86. Microchip Technology has a 12 month low of $34.13 and a 12 month high of $96.98.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The company had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. During the same period last year, the company earned $0.57 earnings per share. The business's revenue was down 26.8% compared to the same quarter last year. As a group, research analysts predict that Microchip Technology will post 1.03 EPS for the current fiscal year.
Microchip Technology Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were paid 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 dividend payout ratio is currently -18,200.00%.
Insider Transactions at Microchip Technology
In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the company'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 value of $29,980.86. Following the completion of the transaction, the director owned 3,468 shares in the company, valued at $210,472.92. This represents a 12.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 $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 insiders.
Institutional Investors Weigh In On Microchip Technology
A number of institutional investors have recently bought and sold shares of the business. Rakuten Securities Inc. increased its position in Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after buying an additional 359 shares during the period. OFI Invest Asset Management bought a new stake in shares of Microchip Technology in the fourth quarter worth about $29,000. Millstone Evans Group LLC acquired a new position in shares of Microchip Technology during the fourth quarter worth about $34,000. Garde Capital Inc. acquired a new position in Microchip Technology during the first quarter valued at approximately $30,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $41,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.
Microchip Technology Company Profile
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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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