Microchip Technology (NASDAQ:MCHP) Given New $95.00 Price Target at Susquehanna

Microchip Technology (NASDAQ:MCHP) had its price target trimmed by Susquehanna from $105.00 to $95.00 in a report published on Monday, Benzinga reports. The brokerage currently has a positive rating on the semiconductor company’s stock.

A number of other research firms have also weighed in on MCHP. Citigroup decreased their price target on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a research report on Thursday, October 17th. Morgan Stanley downgraded shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. Finally, Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their target price for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $97.89.

Microchip Technology Stock Performance

Shares of MCHP opened at $75.18 on Monday. Microchip Technology has a 12-month low of $68.75 and a 12-month high of $100.57. The stock has a market capitalization of $40.33 billion, a P/E ratio of 21.67 and a beta of 1.52. The firm’s 50 day moving average is $78.26 and its 200-day moving average is $86.06. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.01. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm’s revenue was down 45.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.56 earnings per share. Equities research analysts anticipate that Microchip Technology will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were given a $0.454 dividend. This represents a $1.82 annualized dividend and a yield of 2.42%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s payout ratio is currently 52.16%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Microchip Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in MCHP. Fisher Asset Management LLC lifted its stake in shares of Microchip Technology by 3,353.4% in the fourth quarter. Fisher Asset Management LLC now owns 2,521 shares of the semiconductor company’s stock worth $227,000 after buying an additional 2,448 shares during the last quarter. Dynamic Advisor Solutions LLC boosted its holdings in Microchip Technology by 80.7% during the first quarter. Dynamic Advisor Solutions LLC now owns 23,194 shares of the semiconductor company’s stock valued at $2,081,000 after acquiring an additional 10,358 shares during the period. First Financial Corp IN grew its position in shares of Microchip Technology by 46.7% in the first quarter. First Financial Corp IN now owns 1,058 shares of the semiconductor company’s stock valued at $95,000 after purchasing an additional 337 shares during the last quarter. Sunbelt Securities Inc. increased its stake in shares of Microchip Technology by 9.2% in the first quarter. Sunbelt Securities Inc. now owns 9,356 shares of the semiconductor company’s stock worth $839,000 after purchasing an additional 791 shares during the period. Finally, RMR Wealth Builders increased its stake in shares of Microchip Technology by 17.6% in the first quarter. RMR Wealth Builders now owns 8,903 shares of the semiconductor company’s stock worth $799,000 after purchasing an additional 1,333 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

About Microchip Technology

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.