Shares of Microchip Technology Inc. (NASDAQ:MCHP) traded down 4% during mid-day trading on Thursday after Morgan Stanley lowered their price target on the stock from $99.00 to $96.00. Morgan Stanley currently has an equal weight rating on the stock. Microchip Technology traded as low as $82.81 and last traded at $79.57. 3,872,462 shares were traded during trading, an increase of 40% from the average session volume of 2,760,337 shares. The stock had previously closed at $82.91.

A number of other brokerages also recently issued reports on MCHP. Stifel Nicolaus reaffirmed a “buy” rating and set a $100.00 price target (up from $94.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Needham & Company LLC lifted their price target on Microchip Technology from $120.00 to $130.00 and gave the stock a “strong-buy” rating in a report on Tuesday, November 7th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $120.00 price target on shares of Microchip Technology in a report on Tuesday, November 7th. Jefferies Group lifted their price target on Microchip Technology from $106.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, November 7th. Finally, B. Riley reaffirmed a “buy” rating and set a $123.00 price target (up from $120.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Five equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Microchip Technology has an average rating of “Buy” and a consensus target price of $102.35.

In other news, VP Stephen V. Drehobl sold 2,852 shares of Microchip Technology stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $261,414.32. Following the sale, the vice president now owns 15,767 shares in the company, valued at $1,445,203.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,801 shares of Microchip Technology stock in a transaction dated 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 currently owned by insiders.

A number of hedge funds have recently modified their holdings of the stock. First Republic Investment Management Inc. increased its position in Microchip Technology by 3.3% in the 4th quarter. First Republic Investment Management Inc. now owns 409,175 shares of the semiconductor company’s stock valued at $35,959,000 after acquiring an additional 12,941 shares during the period. Norinchukin Bank The increased its position in Microchip Technology by 8.0% in the 4th quarter. Norinchukin Bank The now owns 18,702 shares of the semiconductor company’s stock valued at $1,644,000 after acquiring an additional 1,380 shares during the period. FDx Advisors Inc. increased its position in Microchip Technology by 5.0% in the 4th quarter. FDx Advisors Inc. now owns 29,940 shares of the semiconductor company’s stock valued at $2,631,000 after acquiring an additional 1,430 shares during the period. American International Group Inc. increased its position in Microchip Technology by 8.3% in the 4th quarter. American International Group Inc. now owns 105,951 shares of the semiconductor company’s stock valued at $9,311,000 after acquiring an additional 8,139 shares during the period. Finally, Systematic Financial Management LP acquired a new position in Microchip Technology in the 4th quarter valued at about $1,628,000.

The stock has a market cap of $18,860.00, a PE ratio of 83.55, a PEG ratio of 1.16 and a beta of 1.05. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.71 and a current ratio of 2.98.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.35 by $0.01. The firm had revenue of $994.10 million for the quarter, compared to analysts’ expectations of $992.10 million. Microchip Technology had a return on equity of 36.54% and a net margin of 6.33%. The firm’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.05 EPS. equities analysts forecast that Microchip Technology Inc. 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. Investors of record on Wednesday, February 21st will be given a $0.363 dividend. This represents a $1.45 annualized dividend and a yield of 1.79%. The ex-dividend date of this dividend is Tuesday, February 20th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is 149.48%.

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Microchip Technology Company Profile

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.

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