Microchip Technology (NASDAQ:MCHP) Price Target Cut to $90.00 by Analysts at Susquehanna

Microchip Technology (NASDAQ:MCHP) had its target price trimmed by Susquehanna from $95.00 to $90.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has a positive rating on the semiconductor company’s stock.

Several other research firms have also issued reports on MCHP. Mizuho set a $95.00 target price on shares of Microchip Technology in a report on Friday, October 18th. Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $102.00 to $100.00 in a research report on Thursday, July 11th. Citigroup lowered their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Price Performance

MCHP stock traded up $1.27 during mid-day trading on Wednesday, hitting $75.02. The stock had a trading volume of 560,942 shares, compared to its average volume of 5,934,189. The firm has a fifty day simple moving average of $77.05 and a 200 day simple moving average of $85.12. The firm has a market capitalization of $40.25 billion, a P/E ratio of 51.57 and a beta of 1.53. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. Microchip Technology has a 52 week low of $71.76 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. Microchip Technology’s quarterly revenue was down 48.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.54 earnings per share. As a group, research analysts forecast that Microchip Technology will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.455 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.43%. Microchip Technology’s payout ratio is presently 126.57%.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.10% of the stock is owned by corporate insiders.

Institutional Trading of Microchip Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Microchip Technology by 2,390.5% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after purchasing an additional 2,199,290 shares during the period. Clearbridge Investments LLC increased its position in Microchip Technology by 18,944.8% during the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock valued at $177,002,000 after buying an additional 1,962,685 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after acquiring an additional 1,921,497 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Microchip Technology by 25.1% during the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock valued at $599,239,000 after acquiring an additional 1,597,263 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its position in shares of Microchip Technology by 425.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock worth $123,540,000 after purchasing an additional 1,114,962 shares during the last quarter. 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.