Susquehanna Issues Positive Forecast for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP - Free Report) had its price target increased by Susquehanna from $60.00 to $90.00 in a research report report published on Tuesday,Benzinga reports. Susquehanna currently has a positive rating on the semiconductor company's stock.

Other equities analysts also recently issued research reports about the company. TD Cowen upped their price objective on Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research note on Friday, May 9th. KeyCorp boosted their target price on shares of Microchip Technology from $70.00 to $85.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Truist Financial boosted their target price on shares of Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a report on Wednesday, June 18th. Wall Street Zen raised shares of Microchip Technology from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Finally, Stifel Nicolaus boosted their target price on shares of Microchip Technology from $70.00 to $82.00 and gave the company a "buy" rating in a report on Friday, July 18th. Six research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $75.70.

Microchip Technology Stock Down 6.7%

NASDAQ MCHP traded down $5.01 during trading hours on Tuesday, hitting $70.25. The company's stock had a trading volume of 19,474,732 shares, compared to its average volume of 9,014,585. Microchip Technology has a 52 week low of $34.13 and a 52 week high of $89.90. The company has a market capitalization of $37.91 billion, a PE ratio of -7,025.00, a price-to-earnings-growth ratio of 2.14 and a beta of 1.52. 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 company's 50-day simple moving average is $67.53 and its two-hundred day simple moving average is $57.23.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same quarter in the previous year, the business earned $0.57 EPS. The company's revenue was down 26.8% compared to the same quarter last year. Research analysts anticipate that Microchip Technology will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were given a dividend of $0.455 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 annualized dividend and a yield of 2.59%. Microchip Technology's payout ratio is -18,200.00%.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the sale, the chief financial officer directly owned 34,313 shares in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director owned 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. 1.94% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Microchip Technology

A number of institutional investors and hedge funds have recently made changes to their positions in MCHP. Tectonic Advisors LLC grew its position in Microchip Technology by 10.6% in the 2nd quarter. Tectonic Advisors LLC now owns 8,897 shares of the semiconductor company's stock worth $626,000 after purchasing an additional 856 shares during the period. Maryland State Retirement & Pension System lifted its stake in shares of Microchip Technology by 3.5% during the 2nd quarter. Maryland State Retirement & Pension System now owns 25,651 shares of the semiconductor company's stock valued at $1,805,000 after buying an additional 863 shares in the last quarter. Optas LLC purchased a new stake in Microchip Technology in the 2nd quarter worth $221,000. Gagnon Securities LLC lifted its stake in Microchip Technology by 20.3% in the 2nd quarter. Gagnon Securities LLC now owns 27,436 shares of the semiconductor company's stock worth $1,931,000 after purchasing an additional 4,638 shares in the last quarter. Finally, NBT Bank N A NY lifted its stake in Microchip Technology by 4.3% in the 2nd quarter. NBT Bank N A NY now owns 33,140 shares of the semiconductor company's stock worth $2,332,000 after purchasing an additional 1,363 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.