Stifel Nicolaus Cuts Microchip Technology (NASDAQ:MCHP) Price Target to $87.00

Microchip Technology (NASDAQ:MCHP) had its target price reduced by Stifel Nicolaus from $90.00 to $87.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

MCHP has been the topic of a number of other research reports. Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and dropped their price target for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Susquehanna lowered their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. Jefferies Financial Group reduced their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Mizuho set a $95.00 price objective on Microchip Technology in a research report on Friday, October 18th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price target on shares of Microchip Technology in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $90.95.

Microchip Technology Stock Down 5.5 %

Shares of NASDAQ MCHP opened at $58.25 on Tuesday. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The company has a market cap of $31.28 billion, a price-to-earnings ratio of 40.73 and a beta of 1.50. Microchip Technology has a 12-month low of $57.96 and a 12-month high of $100.57. The firm’s 50-day simple moving average is $72.60 and its 200 day simple moving average is $81.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.54 earnings per share. On average, research analysts expect that Microchip Technology will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend is Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

Hedge Funds Weigh In On Microchip Technology

Institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. grew its holdings in shares of Microchip Technology by 0.4% during the second quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock worth $846,046,000 after purchasing an additional 33,603 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Microchip Technology by 25.1% during the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after purchasing an additional 1,597,263 shares during the period. Legal & General Group Plc lifted its position in shares of Microchip Technology by 2.4% during the 2nd quarter. Legal & General Group Plc now owns 4,455,317 shares of the semiconductor company’s stock valued at $407,660,000 after acquiring an additional 103,807 shares during the period. Franklin Resources Inc. boosted its position in Microchip Technology by 30.2% during the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after purchasing an additional 776,408 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Microchip Technology by 21.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock valued at $301,797,000 after acquiring an additional 575,087 shares during the last quarter. Institutional investors and hedge funds 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.