KeyCorp Has Lowered Expectations for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP) had its price target dropped by investment analysts at KeyCorp from $90.00 to $70.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s price objective indicates a potential upside of 22.59% from the stock’s previous close.

A number of other equities analysts have also commented on the company. Rosenblatt Securities restated a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. Jefferies Financial Group reduced their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Piper Sandler dropped their price target on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. The Goldman Sachs Group reduced their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Finally, Citigroup dropped their target price on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $86.05.

Microchip Technology Stock Up 0.4 %

MCHP stock opened at $57.10 on Tuesday. Microchip Technology has a fifty-two week low of $54.47 and a fifty-two week high of $100.57. 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 stock has a market capitalization of $30.66 billion, a price-to-earnings ratio of 39.93 and a beta of 1.52. The business’s fifty day moving average price is $62.10 and its two-hundred day moving average price is $74.32.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the company earned $1.54 EPS. The business’s revenue was down 48.4% on a year-over-year basis. On average, equities analysts anticipate that Microchip Technology will post 1.33 earnings per share for the current year.

Institutional Trading of Microchip Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Acadian Asset Management LLC bought a new stake in Microchip Technology during the 2nd quarter worth approximately $788,000. LPL Financial LLC grew its stake in shares of Microchip Technology by 15.3% in the second quarter. LPL Financial LLC now owns 370,233 shares of the semiconductor company’s stock worth $33,876,000 after purchasing an additional 49,139 shares during the last quarter. Parallel Advisors LLC increased its holdings in Microchip Technology by 2.9% in the second quarter. Parallel Advisors LLC now owns 6,351 shares of the semiconductor company’s stock valued at $581,000 after purchasing an additional 178 shares during the period. Dimensional Fund Advisors LP increased its holdings in Microchip Technology by 21.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock valued at $301,797,000 after purchasing an additional 575,087 shares during the period. Finally, One Capital Management LLC raised its position in Microchip Technology by 388.4% during the 2nd quarter. One Capital Management LLC now owns 14,413 shares of the semiconductor company’s stock worth $1,319,000 after purchasing an additional 11,462 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

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.