Microchip Technology Incorporated (NASDAQ:MCHP) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) have earned an average rating of “Moderate Buy” from the nineteen brokerages that are currently covering the company, Marketbeat reports. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $92.00.

A number of research firms have commented on MCHP. Jefferies Financial Group reduced their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. KeyCorp reduced their price target on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. TD Cowen decreased their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Mizuho set a $95.00 target price on shares of Microchip Technology in a research note on Friday, October 18th. Finally, Susquehanna decreased their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, November 6th.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Microchip Technology

Hedge funds have recently bought and sold shares of the company. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology in the 3rd quarter valued at $29,000. Peterson Financial Group Inc. bought a new stake in shares of Microchip Technology in the third quarter worth about $34,000. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology in the first quarter worth about $39,000. Versant Capital Management Inc raised its position in shares of Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 317 shares during the period. Finally, Wolff Wiese Magana LLC lifted its holdings in shares of Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Trading Down 4.1 %

Shares of Microchip Technology stock opened at $69.88 on Tuesday. Microchip Technology has a 12-month low of $69.00 and a 12-month high of $100.57. The stock has a market capitalization of $37.53 billion, a P/E ratio of 48.87 and a beta of 1.53. The company has a 50-day simple moving average of $76.73 and a 200 day simple moving average of $84.93. The company has a quick ratio of 1.08, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last posted 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. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s revenue was down 48.4% on a year-over-year basis. During the same quarter last year, the business posted $1.54 earnings per share. Research analysts expect that Microchip Technology will post 1.69 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $0.455 per share. The ex-dividend date is Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.60%. Microchip Technology’s payout ratio is 127.27%.

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.