Microchip Technology (NASDAQ:MCHP) Earns Outperform Rating from Analysts at Evercore ISI

Evercore ISI initiated coverage on shares of Microchip Technology (NASDAQ:MCHP) in a research note released on Tuesday morning, MarketBeat.com reports. The firm issued an outperform rating and a $106.00 price target on the semiconductor company’s stock.

MCHP has been the topic of several other reports. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $85.00 to $90.00 and gave the company a buy rating in a research report on Friday, February 2nd. Stifel Nicolaus reiterated a buy rating and issued a $94.00 price objective on shares of Microchip Technology in a research report on Thursday, March 14th. Rosenblatt Securities reiterated a buy rating and issued a $100.00 price objective on shares of Microchip Technology in a research report on Tuesday, January 30th. UBS Group lowered their target price on shares of Microchip Technology from $105.00 to $95.00 and set a buy rating on the stock in a research note on Friday, February 2nd. Finally, The Goldman Sachs Group lowered their target price on shares of Microchip Technology from $87.00 to $77.00 and set a neutral rating on the stock in a research note on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology presently has an average rating of Moderate Buy and an average target price of $92.50.

Microchip Technology Trading Down 3.0 %

Microchip Technology stock opened at $81.68 on Tuesday. The firm’s 50-day moving average is $86.50 and its 200-day moving average is $84.27. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. Microchip Technology has a 1 year low of $68.75 and a 1 year high of $94.30. The company has a market cap of $44.14 billion, a P/E ratio of 19.08, a PEG ratio of 2.60 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. Microchip Technology’s quarterly revenue was down 18.6% compared to the same quarter last year. During the same period last year, the firm posted $1.48 EPS. On average, equities analysts expect that Microchip Technology will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a $0.45 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $1.80 annualized dividend and a dividend yield of 2.20%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s payout ratio is currently 42.06%.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now directly owns 1,789 shares of the company’s stock, valued at $150,276. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. Corporate insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. FORVIS Wealth Advisors LLC boosted its holdings in shares of Microchip Technology by 13.6% during the first quarter. FORVIS Wealth Advisors LLC now owns 56,602 shares of the semiconductor company’s stock worth $5,078,000 after purchasing an additional 6,763 shares during the period. Horizon Bancorp Inc. IN boosted its holdings in shares of Microchip Technology by 11.8% during the first quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock worth $123,000 after purchasing an additional 145 shares during the period. Marshall Financial Group LLC boosted its holdings in shares of Microchip Technology by 12.7% during the first quarter. Marshall Financial Group LLC now owns 10,911 shares of the semiconductor company’s stock worth $979,000 after purchasing an additional 1,230 shares during the period. First Trust Direct Indexing L.P. boosted its holdings in shares of Microchip Technology by 10.7% during the first quarter. First Trust Direct Indexing L.P. now owns 12,600 shares of the semiconductor company’s stock worth $1,130,000 after purchasing an additional 1,223 shares during the period. Finally, Advisor Resource Council acquired a new stake in shares of Microchip Technology during the first quarter worth approximately $238,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Company Profile

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.