Microchip Technology (NASDAQ:MCHP) had its price target decreased by Morgan Stanley from $99.00 to $96.00 in a research report report published on Wednesday. Morgan Stanley currently has an equal weight rating on the semiconductor company’s stock.

Several other brokerages also recently commented on MCHP. Zacks Investment Research upgraded Microchip Technology from a hold rating to a buy rating and set a $102.00 target price for the company in a research note on Friday, November 10th. Bank of America reduced their target price on Microchip Technology from $120.00 to $110.00 and set a buy rating for the company in a research note on Wednesday. Jefferies Group lifted their price target on Microchip Technology from $106.00 to $110.00 and gave the company a buy rating in a research note on Tuesday, November 7th. JPMorgan Chase & Co. reiterated an overweight rating and set a $120.00 price target on shares of Microchip Technology in a research note on Tuesday, November 7th. Finally, Credit Suisse Group reiterated an outperform rating and set a $110.00 price target (up previously from $95.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Six investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Microchip Technology has a consensus rating of Buy and a consensus price target of $101.56.

Shares of Microchip Technology (MCHP) opened at $82.91 on Wednesday. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.33 and a quick ratio of 2.71. The company has a market capitalization of $21,500.58, a PE ratio of 85.48, a PEG ratio of 1.28 and a beta of 1.05. Microchip Technology has a 12 month low of $69.76 and a 12 month high of $99.17.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.35 by $0.01. The company had revenue of $994.10 million during the quarter, compared to the consensus estimate of $992.10 million. Microchip Technology had a return on equity of 35.94% and a net margin of 6.33%. The firm’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same period last year, the business posted $1.05 EPS. analysts anticipate that Microchip Technology will post 5.12 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 6th. Shareholders of record on Wednesday, February 21st will be paid a dividend of $0.363 per share. The ex-dividend date is Tuesday, February 20th. This represents a $1.45 dividend on an annualized basis and a yield of 1.75%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is 149.49%.

In other news, VP Stephen V. Drehobl sold 2,852 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total value of $261,414.32. Following the transaction, the vice president now owns 15,767 shares in the company, valued at approximately $1,445,203.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO James Eric Bjornholt sold 1,801 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total value of $165,079.66. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Fox Run Management L.L.C. boosted its stake in shares of Microchip Technology by 248.8% in the 3rd quarter. Fox Run Management L.L.C. now owns 15,000 shares of the semiconductor company’s stock worth $1,347,000 after buying an additional 10,700 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Microchip Technology by 9.3% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 130,249 shares of the semiconductor company’s stock worth $11,694,000 after buying an additional 11,068 shares during the last quarter. Neuberger Berman Group LLC boosted its stake in shares of Microchip Technology by 0.8% in the 3rd quarter. Neuberger Berman Group LLC now owns 370,733 shares of the semiconductor company’s stock worth $33,284,000 after buying an additional 2,861 shares during the last quarter. Handelsbanken Fonder AB boosted its stake in shares of Microchip Technology by 26.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 96,400 shares of the semiconductor company’s stock worth $8,655,000 after buying an additional 20,000 shares during the last quarter. Finally, Cordasco Financial Network boosted its stake in shares of Microchip Technology by 15.0% in the 3rd quarter. Cordasco Financial Network now owns 25,207 shares of the semiconductor company’s stock worth $2,263,000 after buying an additional 3,279 shares during the last quarter.

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About Microchip Technology

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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