Microchip Technology (NASDAQ:MCHP) Price Target Lowered to $92.00 at Citigroup

Microchip Technology (NASDAQ:MCHP) had its target price lowered by Citigroup from $104.00 to $92.00 in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

A number of other equities analysts have also recently issued reports on the stock. Evercore ISI began coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They issued an outperform rating and a $106.00 price target on the stock. Bank of America cut shares of Microchip Technology from a buy rating to a neutral rating and lowered their target price for the company from $110.00 to $90.00 in a research note on Friday. Morgan Stanley cut shares of Microchip Technology from an overweight rating to an equal weight rating and lowered their target price for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. KeyCorp upped their target price on shares of Microchip Technology from $90.00 to $110.00 and gave the company an overweight rating in a research note on Tuesday, May 7th. Finally, Susquehanna lowered their price objective on shares of Microchip Technology from $115.00 to $105.00 and set a positive rating on the stock in a research note on Friday. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $99.42.

Microchip Technology Stock Up 3.8 %

Shares of MCHP traded up $2.84 during trading hours on Friday, hitting $76.70. The company had a trading volume of 2,955,610 shares, compared to its average volume of 5,957,929. The stock has a market capitalization of $41.15 billion, a price-to-earnings ratio of 21.68 and a beta of 1.54. The firm has a fifty day moving average price of $91.17 and a 200-day moving average price of $89.38. Microchip Technology has a 52-week low of $68.75 and a 52-week high of $100.57. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. Microchip Technology’s revenue was down 45.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.56 EPS. On average, equities research analysts forecast that Microchip Technology will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be issued a dividend of $0.454 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend is Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the sale, the director now directly owns 35,682 shares of the company’s stock, valued at approximately $3,349,826.16. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Matthew W. Chapman sold 2,748 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the transaction, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The disclosure for this sale can be found here. Insiders sold a total of 23,993 shares of company stock valued at $2,251,857 in the last three months. 2.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Microchip Technology

Several hedge funds and other institutional investors have recently made changes to their positions in MCHP. SVB Wealth LLC grew its holdings in Microchip Technology by 32.4% during the 2nd quarter. SVB Wealth LLC now owns 111,084 shares of the semiconductor company’s stock valued at $10,164,000 after purchasing an additional 27,162 shares during the last quarter. Candriam S.C.A. grew its holdings in Microchip Technology by 15.7% during the 2nd quarter. Candriam S.C.A. now owns 11,702 shares of the semiconductor company’s stock valued at $1,071,000 after purchasing an additional 1,584 shares during the last quarter. New York Life Investment Management LLC grew its holdings in Microchip Technology by 0.5% during the 2nd quarter. New York Life Investment Management LLC now owns 74,367 shares of the semiconductor company’s stock valued at $6,805,000 after purchasing an additional 376 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in Microchip Technology by 3.6% during the 2nd quarter. Parkside Financial Bank & Trust now owns 4,665 shares of the semiconductor company’s stock valued at $427,000 after purchasing an additional 163 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. grew its holdings in Microchip Technology by 30.1% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 1,028 shares of the semiconductor company’s stock valued at $94,000 after purchasing an additional 238 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.