KeyCorp Has Lowered Expectations for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP) had its target price decreased by equities research analysts at KeyCorp from $95.00 to $90.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s price target would suggest a potential upside of 31.81% from the stock’s previous close.

MCHP has been the topic of a number of other reports. Piper Sandler cut their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and lowered their target price for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Jefferies Financial Group lowered their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 price target on shares of Microchip Technology in a research report on Tuesday. Finally, Susquehanna reduced their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus price target of $90.95.

Microchip Technology Price Performance

Shares of MCHP stock traded down $2.03 during trading hours on Tuesday, hitting $68.28. The stock had a trading volume of 652,012 shares, compared to its average volume of 6,053,782. The stock has a market capitalization of $36.67 billion, a price-to-earnings ratio of 47.75 and a beta of 1.50. Microchip Technology has a one year low of $62.63 and a one year high of $100.57. The stock’s 50-day moving average price is $73.57 and its two-hundred day moving average price is $82.08. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the business earned $1.54 earnings per share. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. Equities analysts forecast that Microchip Technology will post 1.38 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Principal Financial Group Inc. grew its position in shares of Microchip Technology by 0.4% during the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock valued at $846,046,000 after acquiring an additional 33,603 shares during the period. Van ECK Associates Corp lifted its holdings in 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 purchasing an additional 1,597,263 shares in the last quarter. Legal & General Group Plc grew its position in shares of Microchip Technology by 2.4% in the second quarter. Legal & General Group Plc now owns 4,455,317 shares of the semiconductor company’s stock valued at $407,660,000 after purchasing an additional 103,807 shares during the period. Franklin Resources Inc. increased its stake in shares of Microchip Technology by 30.2% during the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after purchasing an additional 776,408 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Microchip Technology by 21.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock worth $301,797,000 after purchasing an additional 575,087 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

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.