Microchip Technology (NASDAQ:MCHP) Given New $90.00 Price Target at KeyCorp

Microchip Technology (NASDAQ:MCHP) had its price objective cut by KeyCorp from $95.00 to $90.00 in a report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

Several other research firms have also commented on MCHP. StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price target on shares of Microchip Technology in a research report on Tuesday. Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, November 6th. Evercore ISI reiterated an “outperform” rating and issued a $95.00 target price (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and cut their price target for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $90.95.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $65.39 on Tuesday. Microchip Technology has a fifty-two week low of $62.63 and a fifty-two week high of $100.57. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The company has a 50 day moving average price of $73.33 and a 200 day moving average price of $81.88. The stock has a market capitalization of $35.12 billion, a P/E ratio of 45.73 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the firm posted $1.54 earnings per share. The company’s revenue was down 48.4% on a year-over-year basis. Equities research analysts forecast that Microchip Technology will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.78%. The ex-dividend date is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 127.27%.

Institutional Trading of Microchip Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. increased its position in Microchip Technology by 0.4% during the second quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock worth $846,046,000 after buying an additional 33,603 shares during the period. Van ECK Associates Corp increased its holdings in shares of Microchip Technology by 25.1% in the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock valued at $599,239,000 after acquiring an additional 1,597,263 shares during the period. Legal & General Group Plc raised its position in Microchip Technology by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 4,455,317 shares of the semiconductor company’s stock valued at $407,660,000 after purchasing an additional 103,807 shares during the last quarter. Franklin Resources Inc. boosted its stake in Microchip Technology by 30.2% during the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after purchasing an additional 776,408 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Microchip Technology by 21.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock worth $301,797,000 after purchasing an additional 575,087 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

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.