Rosenblatt Securities Reaffirms “Buy” Rating for Microchip Technology (NASDAQ:MCHP)

Rosenblatt Securities reiterated their buy rating on shares of Microchip Technology (NASDAQ:MCHP) in a research note published on Wednesday morning, Benzinga reports. Rosenblatt Securities currently has a $100.00 price objective on the semiconductor company’s stock.

MCHP has been the subject of several other reports. Evercore ISI initiated coverage on Microchip Technology in a research report on Tuesday, April 16th. They set an outperform rating and a $106.00 price objective for the company. KeyCorp upped their price objective on Microchip Technology from $90.00 to $110.00 and gave the stock an overweight rating in a research report on Tuesday, May 7th. Truist Financial upped their price objective on Microchip Technology from $93.00 to $96.00 and gave the stock a buy rating in a research report on Tuesday, May 7th. Susquehanna upped their price objective on Microchip Technology from $105.00 to $115.00 and gave the stock a positive rating in a research report on Wednesday, July 17th. Finally, Jefferies Financial Group began coverage on Microchip Technology in a research report on Monday, May 13th. They set a buy rating and a $115.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $99.15.

Microchip Technology Stock Down 10.6 %

Shares of NASDAQ MCHP opened at $75.43 on Wednesday. The stock has a market cap of $40.47 billion, a P/E ratio of 21.74 and a beta of 1.54. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. Microchip Technology has a 12-month low of $68.75 and a 12-month high of $100.57. The business’s fifty day simple moving average is $91.66 and its 200-day simple moving average is $89.39.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.01. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same period last year, the firm earned $1.56 earnings per share. As a group, equities analysts predict that Microchip Technology will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were paid a dividend of $0.452 per share. This represents a $1.81 dividend on an annualized basis and a dividend yield of 2.40%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Tuesday, May 21st. Microchip Technology’s dividend payout ratio is 52.16%.

Insider Transactions at Microchip Technology

In related news, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the sale, the vice president now owns 82,203 shares in the company, valued at approximately $7,470,608.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the sale, the vice president now owns 79,509 shares in the company, valued at approximately $7,558,125.54. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the sale, the vice president now owns 82,203 shares in the company, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. In the last three months, insiders sold 23,993 shares of company stock valued at $2,251,857. Corporate insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MCHP. Rakuten Securities Inc. purchased a new position in shares of Microchip Technology during the 4th quarter worth $27,000. Rise Advisors LLC purchased a new position in shares of Microchip Technology during the 1st quarter worth $28,000. Pineridge Advisors LLC purchased a new position in shares of Microchip Technology during the 4th quarter worth $33,000. Steph & Co. lifted its stake in shares of Microchip Technology by 57.4% during the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 151 shares during the period. Finally, Pathway Financial Advisers LLC purchased a new position in shares of Microchip Technology in the 1st quarter worth $39,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.