Microchip Technology (NASDAQ:MCHP) Price Target Cut to $95.00 by Analysts at KeyCorp

Microchip Technology (NASDAQ:MCHP) had its target price trimmed by KeyCorp from $100.00 to $95.00 in a report published on Wednesday, Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

Several other brokerages have also weighed in on MCHP. Needham & Company LLC dropped their target price on Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. cut their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $90.00 to $100.00 in a research report on Friday, August 16th. B. Riley cut their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Citigroup cut their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Stock Up 1.2 %

NASDAQ MCHP traded up $0.86 during trading on Wednesday, reaching $74.61. 1,371,204 shares of the company’s stock were exchanged, compared to its average volume of 5,939,167. The firm has a market capitalization of $40.03 billion, a PE ratio of 51.57 and a beta of 1.53. Microchip Technology has a fifty-two week low of $71.76 and a fifty-two week high of $100.57. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. The company’s fifty day simple moving average is $77.05 and its 200-day simple moving average is $85.12.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the prior year, the business earned $1.54 EPS. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. Sell-side analysts predict that Microchip Technology will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.44%. The ex-dividend date is Friday, November 22nd. Microchip Technology’s payout ratio is 126.57%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction 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 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Institutional Trading of Microchip Technology

Large investors have recently made changes to their positions in the business. Peterson Financial Group Inc. acquired a new stake in Microchip Technology in the 3rd quarter valued at about $34,000. Pathway Financial Advisers LLC bought a new position in Microchip Technology in the 1st quarter worth approximately $39,000. Versant Capital Management Inc increased its stake in shares of Microchip Technology by 148.8% in the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 317 shares during the period. Wolff Wiese Magana LLC lifted its stake in shares of Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares during the period. Finally, CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Microchip Technology during the 1st quarter worth approximately $54,000. Institutional investors own 91.51% of the company’s stock.

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.