Microchip Technology Incorporated (NASDAQ:MCHP) Receives $97.89 Average Price Target from Brokerages

Microchip Technology Incorporated (NASDAQ:MCHP) has been given a consensus rating of “Moderate Buy” by the nineteen brokerages that are currently covering the firm, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $92.00.

A number of brokerages recently commented on MCHP. Susquehanna dropped their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday. Evercore ISI reaffirmed an “outperform” rating and issued a $95.00 price target (down from $101.00) on shares of Microchip Technology in a report on Wednesday. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. B. Riley cut their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Finally, TD Cowen decreased their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was 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 owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MCHP. Financial Counselors Inc. grew its holdings in Microchip Technology by 1.1% in the 1st quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock worth $959,000 after acquiring an additional 119 shares during the last quarter. SeaCrest Wealth Management LLC raised its position in Microchip Technology by 3.3% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after purchasing an additional 131 shares during the last quarter. Corundum Group Inc. raised its position in Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after purchasing an additional 143 shares during the last quarter. Commerzbank Aktiengesellschaft FI lifted its holdings in Microchip Technology by 4.5% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after buying an additional 148 shares during the period. Finally, Busey Bank grew its position in shares of Microchip Technology by 2.6% in the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock worth $550,000 after buying an additional 155 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $72.87 on Tuesday. Microchip Technology has a 1 year low of $71.76 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 1.08. The business has a fifty day simple moving average of $76.73 and a two-hundred day simple moving average of $84.98. The company has a market capitalization of $39.13 billion, a P/E ratio of 50.96 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.54 EPS. On average, analysts expect that Microchip Technology will post 1.73 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $0.455 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.50%. Microchip Technology’s dividend payout ratio is 127.27%.

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.