Microchip Technology (NASDAQ:MCHP) Price Target Raised to $71.00

Microchip Technology (NASDAQ:MCHP) had its price objective upped by Evercore ISI from $65.00 to $71.00 in a report published on Tuesday,Benzinga reports. The firm currently has an outperform rating on the semiconductor company’s stock.

Other equities research analysts have also recently issued research reports about the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $70.00 price objective on shares of Microchip Technology in a research report on Tuesday. Jefferies Financial Group cut their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. The Goldman Sachs Group cut their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. KeyCorp cut their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. Finally, B. Riley reaffirmed a “buy” rating and set a $75.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus price target of $74.37.

Microchip Technology Trading Down 2.3 %

MCHP stock opened at $58.26 on Tuesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The company’s 50-day simple moving average is $56.95 and its 200 day simple moving average is $66.93. Microchip Technology has a 52 week low of $50.21 and a 52 week high of $100.57. The company has a market capitalization of $31.33 billion, a PE ratio of 104.04 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, sell-side analysts anticipate that Microchip Technology will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be issued a $0.455 dividend. The ex-dividend date is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.12%. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.10% of the stock is owned by company insiders.

Institutional Trading of Microchip Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Siemens Fonds Invest GmbH increased its position in Microchip Technology by 9.4% during the 4th quarter. Siemens Fonds Invest GmbH now owns 47,419 shares of the semiconductor company’s stock valued at $2,709,000 after purchasing an additional 4,079 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $24,175,000. Capital A Wealth Management LLC acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $123,000. LM Advisors LLC acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $651,000. Finally, B. Riley Wealth Advisors Inc. grew its position in shares of Microchip Technology by 4.7% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 6,859 shares of the semiconductor company’s stock worth $393,000 after buying an additional 305 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

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.