Microchip Technology (NASDAQ:MCHP) Given Neutral Rating at Piper Sandler

Piper Sandler reissued their neutral rating on shares of Microchip Technology (NASDAQ:MCHP - Free Report) in a research note released on Tuesday, Benzinga reports. The firm currently has a $90.00 price target on the semiconductor company's stock, up from their previous price target of $80.00.

Several other brokerages also recently commented on MCHP. Rosenblatt Securities reaffirmed a buy rating and issued a $100.00 price objective on shares of Microchip Technology in a research report on Tuesday, January 30th. Evercore ISI started coverage on Microchip Technology in a research report on Tuesday, April 16th. They issued an outperform rating and a $106.00 price objective on the stock. The Goldman Sachs Group upped their price objective on Microchip Technology from $77.00 to $88.00 and gave the company a neutral rating in a research report on Tuesday. Susquehanna increased their price target on Microchip Technology from $100.00 to $105.00 and gave the stock a positive rating in a research report on Tuesday. Finally, UBS Group dropped their price target on Microchip Technology from $105.00 to $95.00 and set a buy rating on the stock in a research report on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $98.47.

Microchip Technology Trading Down 1.8 %

NASDAQ:MCHP traded down $1.70 during midday trading on Tuesday, hitting $92.06. 7,414,199 shares of the company traded hands, compared to its average volume of 5,645,306. The firm's fifty day moving average is $88.45 and its 200-day moving average is $85.37. Microchip Technology has a 12-month low of $68.75 and a 12-month high of $96.14. The firm has a market capitalization of $49.75 billion, a P/E ratio of 21.51, a P/E/G ratio of 2.79 and a beta of 1.60. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting the consensus estimate of $0.57. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. Microchip Technology's quarterly revenue was down 40.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.56 EPS. On average, sell-side analysts predict that Microchip Technology will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be given a dividend of $0.452 per share. This represents a $1.81 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend is Tuesday, May 21st. This is an increase from Microchip Technology's previous quarterly dividend of $0.45. Microchip Technology's payout ratio is currently 42.06%.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 1,970 shares of the company's stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.07% of the company's stock.

Institutional Investors Weigh In On Microchip Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MCHP. OFI Invest Asset Management acquired a new stake in Microchip Technology during the third quarter worth about $26,000. BKM Wealth Management LLC purchased a new position in shares of Microchip Technology during the 4th quarter valued at approximately $27,000. Rakuten Securities Inc. acquired a new position in shares of Microchip Technology in the 4th quarter valued at $27,000. Rise Advisors LLC purchased a new stake in Microchip Technology during the first quarter worth $28,000. Finally, Fortitude Family Office LLC acquired a new stake in Microchip Technology during the fourth quarter valued at $29,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Company Profile

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.