Microchip Technology (NASDAQ:MCHP) Price Target Cut to $103.00 by Analysts at B. Riley

Microchip Technology (NASDAQ:MCHP) had its target price lowered by B. Riley from $110.00 to $103.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

MCHP has been the subject of a number of other reports. Truist Financial reduced their price objective on shares of Microchip Technology from $96.00 to $89.00 and set a buy rating for the company in a research report on Friday. Evercore ISI began coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They issued an outperform rating and a $106.00 target price for the company. Susquehanna reduced their target price on shares of Microchip Technology from $115.00 to $105.00 and set a positive rating for the company in a research report on Friday. Rosenblatt Securities reiterated a buy rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, July 31st. Finally, UBS Group increased their target price on shares of Microchip Technology from $95.00 to $103.00 and gave the company a buy rating in a research report on Tuesday, May 7th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Microchip Technology presently has a consensus rating of Moderate Buy and a consensus target price of $99.42.

Microchip Technology Stock Performance

NASDAQ MCHP traded up $1.70 during mid-day trading on Friday, reaching $75.56. 5,766,293 shares of the stock were exchanged, compared to its average volume of 5,975,340. The business’s 50 day moving average is $91.17 and its 200-day moving average is $89.38. Microchip Technology has a 1 year low of $68.75 and a 1 year high of $100.57. The company has a market capitalization of $40.54 billion, a P/E ratio of 21.68 and a beta of 1.54. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. The firm’s revenue for the quarter was down 45.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.56 earnings per share. On average, equities research analysts forecast that Microchip Technology will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be paid a $0.454 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.40%. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Insider Activity

In related news, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the completion of the transaction, the vice president now owns 79,509 shares in the company, valued at $7,558,125.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Stephen V. Drehobl sold 7,830 shares of Microchip Technology stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total value of $744,319.80. Following the completion of the transaction, the vice president now owns 79,509 shares in the company, valued at $7,558,125.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Stephen V. Drehobl sold 10,000 shares of the firm’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 transaction of $908,800.00. Following the sale, the vice president now directly owns 82,203 shares in the company, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,993 shares of company stock valued at $2,251,857. 2.07% of the stock is currently owned by company insiders.

Institutional Trading of Microchip Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bleakley Financial Group LLC increased its holdings in shares of Microchip Technology by 1.3% in the 4th quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after acquiring an additional 119 shares during the period. Financial Counselors Inc. grew its position in Microchip Technology by 1.1% in the 1st quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after buying an additional 119 shares during the last quarter. RFG Advisory LLC grew its position in Microchip Technology by 3.2% in the 4th quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock valued at $353,000 after buying an additional 123 shares during the last quarter. SeaCrest Wealth Management LLC grew its position in Microchip Technology by 3.3% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after buying an additional 131 shares during the last quarter. Finally, Meridian Wealth Management LLC grew its position in Microchip Technology by 5.1% in the 1st quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock valued at $252,000 after buying an additional 137 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

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.