Microchip Technology (NASDAQ:MCHP) Price Target Raised to $68.00

Microchip Technology (NASDAQ:MCHP) had its price objective raised by Mizuho from $58.00 to $68.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the semiconductor company’s stock.

Other equities analysts have also issued reports about the stock. Needham & Company LLC upped their price target on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday. Evercore ISI reaffirmed an “outperform” rating and issued a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Raymond James restated a “strong-buy” rating and issued a $60.00 price objective (down from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. Citigroup dropped their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $70.00 target price on shares of Microchip Technology in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $74.37.

Microchip Technology Trading Down 2.3 %

Shares of Microchip Technology stock opened at $58.26 on Tuesday. Microchip Technology has a 1-year low of $50.21 and a 1-year high of $100.57. The company’s fifty day simple moving average is $56.95 and its 200-day simple moving average is $66.93. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The stock has a market capitalization of $31.33 billion, a PE ratio of 104.04 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, equities analysts anticipate that Microchip Technology will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be given a dividend of $0.455 per share. The ex-dividend date is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.12%. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.10% of the company’s stock.

Institutional Trading of Microchip Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MCHP. Norges Bank bought a new stake in shares of Microchip Technology during the 4th quarter worth approximately $452,627,000. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Microchip Technology by 273.2% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company’s stock valued at $306,541,000 after purchasing an additional 3,912,895 shares during the period. Van ECK Associates Corp grew its holdings in shares of Microchip Technology by 39.3% in the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock worth $636,184,000 after purchasing an additional 3,131,807 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Microchip Technology by 90.0% in the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock worth $364,792,000 after purchasing an additional 3,013,162 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Microchip Technology by 9,901.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after buying an additional 2,829,082 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

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.