Analysts Set Microchip Technology Incorporated (NASDAQ:MCHP) PT at $99.47

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) have received an average recommendation of “Moderate Buy” from the nineteen analysts that are presently covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation and fourteen have given a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $99.47.

MCHP has been the subject of a number of recent research reports. JPMorgan Chase & Co. decreased their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, September 24th. Citigroup reduced their target price on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Finally, Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 2.07% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. Public Sector Pension Investment Board boosted its position in shares of Microchip Technology by 35.0% in the fourth quarter. Public Sector Pension Investment Board now owns 1,434,945 shares of the semiconductor company’s stock worth $129,403,000 after acquiring an additional 372,334 shares during the last quarter. Profund Advisors LLC boosted its position in shares of Microchip Technology by 16.2% in the fourth quarter. Profund Advisors LLC now owns 78,725 shares of the semiconductor company’s stock worth $7,099,000 after acquiring an additional 10,955 shares during the last quarter. Studio Investment Management LLC boosted its position in shares of Microchip Technology by 2.4% in the fourth quarter. Studio Investment Management LLC now owns 42,945 shares of the semiconductor company’s stock worth $3,873,000 after acquiring an additional 995 shares during the last quarter. Taylor Financial Group Inc. acquired a new stake in shares of Microchip Technology in the fourth quarter worth approximately $2,490,000. Finally, Virtu Financial LLC boosted its position in shares of Microchip Technology by 322.8% in the fourth quarter. Virtu Financial LLC now owns 18,526 shares of the semiconductor company’s stock worth $1,671,000 after acquiring an additional 14,144 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Trading Down 4.8 %

NASDAQ MCHP opened at $75.23 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The firm’s fifty day moving average price is $78.20 and its 200 day moving average price is $86.39. The company has a market capitalization of $40.36 billion, a price-to-earnings ratio of 21.68 and a beta of 1.52. Microchip Technology has a 12 month low of $68.75 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The firm had revenue of $1.24 billion during 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 28.33%. Microchip Technology’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.56 EPS. On average, sell-side analysts expect that Microchip Technology will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were issued a dividend of $0.454 per share. The ex-dividend date was Thursday, August 22nd. This is an increase 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 2.41%. Microchip Technology’s payout ratio is 52.16%.

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.