Microchip Technology (NASDAQ:MCHP) Given New $90.00 Price Target at Jefferies Financial Group

Microchip Technology (NASDAQ:MCHP) had its price target reduced by Jefferies Financial Group from $100.00 to $90.00 in a research note issued to investors on Wednesday,Benzinga reports. Jefferies Financial Group currently has a buy rating on the semiconductor company’s stock.

Several other analysts have also recently commented on MCHP. TD Cowen decreased their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday. Evercore ISI restated an “outperform” rating and set a $95.00 target price (down from $101.00) on shares of Microchip Technology in a research report on Wednesday. Mizuho set a $95.00 price target on Microchip Technology in a research report on Friday, October 18th. Susquehanna decreased their price objective on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday. Finally, Rosenblatt Securities restated a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a research report on Wednesday. One 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 data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded down $1.47 during midday trading on Wednesday, reaching $72.87. The company had a trading volume of 6,290,308 shares, compared to its average volume of 5,325,453. The stock has a market cap of $39.13 billion, a P/E ratio of 50.96 and a beta of 1.53. The company has a current ratio of 0.88, a quick ratio of 1.08 and a debt-to-equity ratio of 0.71. Microchip Technology has a 1 year low of $71.76 and a 1 year high of $100.57. The business’s 50-day simple moving average is $76.73 and its 200 day simple moving average is $84.98.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations 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 was down 48.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.54 EPS. On average, analysts forecast that Microchip Technology will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

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

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on 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 directly owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

Several hedge funds and other institutional investors have recently bought and sold shares of MCHP. Landscape Capital Management L.L.C. acquired a new stake in shares of Microchip Technology during the 3rd quarter worth approximately $218,000. Citizens Financial Group Inc. RI increased its stake in Microchip Technology by 22.9% during the third quarter. Citizens Financial Group Inc. RI now owns 11,949 shares of the semiconductor company’s stock worth $959,000 after acquiring an additional 2,224 shares during the last quarter. First Horizon Advisors Inc. raised its position in Microchip Technology by 11.5% in the third quarter. First Horizon Advisors Inc. now owns 3,651 shares of the semiconductor company’s stock valued at $293,000 after purchasing an additional 378 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of Microchip Technology by 7.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 34,522 shares of the semiconductor company’s stock valued at $2,772,000 after purchasing an additional 2,512 shares during the last quarter. Finally, Segall Bryant & Hamill LLC increased its position in shares of Microchip Technology by 66.5% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 184,748 shares of the semiconductor company’s stock worth $14,833,000 after purchasing an additional 73,816 shares during the last quarter. 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.