Microchip Technology (NASDAQ:MCHP - Free Report) had its target price raised by Stifel Nicolaus from $98.00 to $102.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the semiconductor company's stock.
Several other equities research analysts have also recently weighed in on MCHP. The Goldman Sachs Group reduced their price objective on Microchip Technology from $87.00 to $77.00 and set a neutral rating on the stock in a research note on Friday, February 2nd. TD Cowen upped their target price on Microchip Technology from $75.00 to $80.00 and gave the company a market perform rating in a research note on Friday, February 2nd. Needham & Company LLC upped their target price on Microchip Technology from $85.00 to $90.00 and gave the company a buy rating in a research note on Friday, February 2nd. Evercore ISI initiated coverage on Microchip Technology in a research note on Tuesday, April 16th. They set an outperform rating and a $106.00 target price on the stock. Finally, Piper Sandler cut Microchip Technology from an overweight rating to a neutral rating and set a $80.00 target price on the stock. in a research note on Thursday, January 4th. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $92.75.
Check Out Our Latest Analysis on MCHP
Microchip Technology Price Performance
Shares of MCHP stock traded down $3.19 during trading hours on Wednesday, hitting $88.79. The stock had a trading volume of 7,283,838 shares, compared to its average volume of 5,592,085. Microchip Technology has a one year low of $68.75 and a one year high of $94.63. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The stock's 50-day moving average price is $87.77 and its two-hundred day moving average price is $84.92. The stock has a market capitalization of $47.98 billion, a price-to-earnings ratio of 20.75, a PEG ratio of 2.84 and a beta of 1.65.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.77 billion. During the same period in the previous year, the firm posted $1.48 earnings per share. The business's revenue was down 18.6% compared to the same quarter last year. Equities analysts forecast that Microchip Technology will post 4.64 EPS for the current year.
Microchip Technology Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This is an increase from Microchip Technology's previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.03%. Microchip Technology's dividend payout ratio is presently 42.06%.
Insider Transactions at Microchip Technology
In other news, Director Karlton D. Johnson sold 370 shares of the company's stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now directly owns 1,789 shares of the company's stock, valued at $150,276. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Karlton D. Johnson sold 370 shares of the company's stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now directly owns 1,789 shares of the company's stock, valued at approximately $150,276. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the company's stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. Insiders own 2.07% of the company's stock.
Hedge Funds Weigh In On Microchip Technology
Several hedge funds have recently made changes to their positions in MCHP. Norges Bank acquired a new stake in Microchip Technology during the 4th quarter worth about $672,196,000. Mizuho Markets Americas LLC acquired a new stake in Microchip Technology during the 3rd quarter worth about $225,800,000. Truist Financial Corp grew its position in Microchip Technology by 324.0% during the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company's stock worth $163,678,000 after purchasing an additional 1,386,924 shares during the period. Van ECK Associates Corp grew its position in Microchip Technology by 17.2% during the 1st quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company's stock worth $544,388,000 after purchasing an additional 891,297 shares during the period. Finally, Corient Private Wealth LLC grew its position in Microchip Technology by 76.6% during the 4th quarter. Corient Private Wealth LLC now owns 2,043,484 shares of the semiconductor company's stock worth $184,251,000 after purchasing an additional 886,068 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.
About Microchip Technology
(
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Microchip Technology Incorporated develops, manufactures, and sells 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 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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