Microchip Technology (NASDAQ:MCHP) Price Target Cut to $58.00 by Analysts at Morgan Stanley

Microchip Technology (NASDAQ:MCHP) had its target price lowered by Morgan Stanley from $71.00 to $58.00 in a research report released on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the semiconductor company’s stock.

Several other analysts have also weighed in on the stock. Jefferies Financial Group lowered their target price on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. B. Riley dropped their price objective on shares of Microchip Technology from $93.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, January 24th. Needham & Company LLC restated a “buy” rating and issued a $85.00 target price on shares of Microchip Technology in a research note on Tuesday, December 3rd. Bank of America cut Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. Finally, TD Cowen reduced their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.67.

Microchip Technology Price Performance

MCHP opened at $53.11 on Tuesday. The company has a market capitalization of $28.52 billion, a P/E ratio of 37.14 and a beta of 1.50. The company has a 50-day moving average of $58.34 and a 200-day moving average of $70.38. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology has a 1-year low of $51.37 and a 1-year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Equities analysts expect that Microchip Technology will post 1.31 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.43%. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MCHP. Czech National Bank grew its stake in shares of Microchip Technology by 6.1% in the 3rd quarter. Czech National Bank now owns 109,291 shares of the semiconductor company’s stock worth $8,775,000 after purchasing an additional 6,315 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Microchip Technology by 9.6% during the third quarter. GAMMA Investing LLC now owns 8,361 shares of the semiconductor company’s stock worth $671,000 after buying an additional 730 shares in the last quarter. Callan Family Office LLC grew its position in Microchip Technology by 36.1% in the third quarter. Callan Family Office LLC now owns 4,040 shares of the semiconductor company’s stock worth $324,000 after buying an additional 1,072 shares during the last quarter. Trust Co of Kansas increased its holdings in shares of Microchip Technology by 4.7% in the third quarter. Trust Co of Kansas now owns 93,124 shares of the semiconductor company’s stock valued at $7,477,000 after buying an additional 4,164 shares in the last quarter. Finally, Brookstone Capital Management lifted its position in shares of Microchip Technology by 3.1% during the 3rd quarter. Brookstone Capital Management now owns 7,410 shares of the semiconductor company’s stock valued at $595,000 after acquiring an additional 224 shares during the last quarter. Institutional investors 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.