Microchip Technology Incorporated (NASDAQ:MCHP – Get Free Report) has been given an average recommendation of “Moderate Buy” by the nineteen research firms that are covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $99.63.
Several brokerages have commented on MCHP. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a report on Wednesday. Citigroup reduced their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research report on Friday. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $110.00 to $90.00 in a research report on Friday. KeyCorp lifted their price objective on Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, May 7th. Finally, Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $102.00 to $100.00 in a report on Thursday, July 11th.
Check Out Our Latest Stock Report on MCHP
Insider Activity
Hedge Funds Weigh In On Microchip Technology
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Microchip Technology by 2.9% during the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Microchip Technology by 0.9% during the fourth quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock worth $836,795,000 after acquiring an additional 87,203 shares during the period. Boston Partners boosted its holdings in shares of Microchip Technology by 10.7% during the first quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after acquiring an additional 736,818 shares during the period. Norges Bank bought a new stake in shares of Microchip Technology during the fourth quarter worth approximately $672,196,000. Finally, Van ECK Associates Corp boosted its holdings in shares of Microchip Technology by 4.9% during the second quarter. Van ECK Associates Corp now owns 6,363,937 shares of the semiconductor company’s stock worth $582,301,000 after acquiring an additional 295,626 shares during the period. Institutional investors own 91.51% of the company’s stock.
Microchip Technology Price Performance
MCHP stock opened at $75.43 on Friday. 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 one year low of $68.75 and a one year high of $100.57. The firm has a market capitalization of $40.47 billion, a PE ratio of 21.74 and a beta of 1.54. The firm has a 50-day moving average of $91.66 and a two-hundred day moving average of $89.42.
Microchip Technology (NASDAQ:MCHP – Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the prior year, the company posted $1.56 earnings per share. The firm’s revenue was down 45.8% on a year-over-year basis. On average, analysts forecast that Microchip Technology will post 2.35 earnings per share for the current year.
Microchip Technology Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be given a dividend of $0.454 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend is Thursday, August 22nd. Microchip Technology’s payout ratio is presently 52.16%.
About Microchip Technology
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.
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