KeyCorp Cuts Microchip Technology (NASDAQ:MCHP) Price Target to $60.00

Microchip Technology (NASDAQ:MCHP) had its price target cut by equities research analysts at KeyCorp from $70.00 to $60.00 in a report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s price target indicates a potential upside of 16.83% from the company’s previous close.

MCHP has been the subject of several other reports. Citigroup lowered their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, December 13th. Bank of America lowered Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research note on Thursday. Finally, The Goldman Sachs Group lowered their price target on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. One analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.61.

Microchip Technology Trading Down 3.3 %

MCHP traded down $1.75 during mid-day trading on Friday, hitting $51.36. The stock had a trading volume of 2,174,285 shares, compared to its average volume of 8,542,316. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The firm has a market capitalization of $27.58 billion, a price-to-earnings ratio of 35.90 and a beta of 1.50. The stock’s fifty day simple moving average is $58.04 and its 200-day simple moving average is $70.26. Microchip Technology has a 1-year low of $51.00 and a 1-year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. As a group, research analysts forecast that Microchip Technology will post 1.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Van ECK Associates Corp grew its holdings in shares of Microchip Technology by 39.3% in the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock valued at $636,184,000 after purchasing an additional 3,131,807 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in Microchip Technology by 9,901.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after purchasing an additional 2,829,082 shares during the last quarter. Franklin Resources Inc. increased its position 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 in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Microchip Technology by 20.1% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock worth $220,957,000 after acquiring an additional 460,697 shares during the last quarter. Finally, DF Dent & Co. Inc. acquired a new stake in Microchip Technology in the 3rd quarter worth about $27,744,000. 91.51% of the stock is 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.