Microchip Technology (NASDAQ:MCHP) Price Target Cut to $90.00 by Analysts at Susquehanna

Microchip Technology (NASDAQ:MCHP) had its target price trimmed by Susquehanna from $95.00 to $90.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a positive rating on the semiconductor company’s stock.

Other equities research analysts have also issued reports about the company. Mizuho set a $95.00 target price on Microchip Technology in a research report on Friday, October 18th. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $110.00 to $90.00 in a report on Friday, August 2nd. TD Cowen lowered their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday. Piper Sandler dropped their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, KeyCorp reduced their price target on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Stock Performance

Shares of Microchip Technology stock traded up $1.27 during trading hours on Wednesday, reaching $75.02. 560,942 shares of the stock traded hands, compared to its average volume of 5,934,189. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $40.25 billion, a price-to-earnings ratio of 51.57 and a beta of 1.53. The company has a 50 day moving average price of $77.05 and a 200 day moving average price of $85.12. Microchip Technology has a one year low of $71.76 and a one year high of $100.57.

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

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 126.57%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MCHP. Vanguard Group Inc. lifted its position in shares of Microchip Technology by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after buying an additional 1,921,497 shares during the period. Principal Financial Group Inc. increased its position in shares of Microchip Technology by 0.4% in the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock valued at $846,046,000 after buying an additional 33,603 shares in the last quarter. Van ECK Associates Corp increased its holdings in Microchip Technology by 25.1% during the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after purchasing an additional 1,597,263 shares in the last quarter. Boston Partners grew its position in Microchip Technology by 10.7% in the first quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after purchasing an additional 736,818 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Microchip Technology by 17.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after acquiring an additional 673,992 shares in the last quarter. Institutional investors and hedge funds 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.