Microchip Technology Incorporated (NASDAQ:MCHP) Given Average Rating of “Moderate Buy” by Brokerages

Microchip Technology Incorporated (NASDAQ:MCHPGet Free Report) has been given an average recommendation of “Moderate Buy” by the eighteen brokerages that are currently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $101.06.

MCHP has been the topic of several recent analyst reports. Truist Financial raised their price objective on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Evercore ISI started coverage on Microchip Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price objective on the stock. KeyCorp lifted their target price on Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 7th. Jefferies Financial Group started coverage on Microchip Technology in a research note on Monday, May 13th. They set a “buy” rating and a $115.00 target price on the stock. Finally, Citigroup lifted their target price on Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th.

View Our Latest Research Report on Microchip Technology

Microchip Technology Stock Performance

NASDAQ MCHP opened at $92.34 on Wednesday. The company has a fifty day simple moving average of $93.36 and a 200 day simple moving average of $89.18. Microchip Technology has a 12-month low of $68.75 and a 12-month high of $100.57. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. The company has a market cap of $49.58 billion, a P/E ratio of 26.61 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHPGet Free Report) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period last year, the business earned $1.56 EPS. The business’s revenue was down 40.6% on a year-over-year basis. Sell-side analysts predict that Microchip Technology will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were issued a dividend of $0.452 per share. This represents a $1.81 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date was Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is presently 52.16%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of Microchip Technology stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Stephen V. Drehobl sold 7,830 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the completion of the transaction, the vice president now owns 79,509 shares of the company’s stock, valued at $7,558,125.54. The sale 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 3,188 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The disclosure for this sale can be found here. Insiders sold 23,993 shares of company stock valued at $2,251,857 in the last quarter. 2.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Horizon Bancorp Inc. IN purchased a new position in shares of Microchip Technology during the fourth quarter worth about $110,000. Rockline Wealth Management LLC purchased a new position in shares of Microchip Technology during the fourth quarter worth about $4,449,000. Caxton Associates LP grew its holdings in shares of Microchip Technology by 4,511.5% during the fourth quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock worth $36,072,000 after purchasing an additional 391,326 shares in the last quarter. RFG Advisory LLC grew its holdings in shares of Microchip Technology by 228.4% during the first quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock worth $1,152,000 after purchasing an additional 8,931 shares in the last quarter. Finally, 17 Capital Partners LLC purchased a new stake in Microchip Technology in the fourth quarter worth approximately $1,827,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

About Microchip Technology

(Get Free Report

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.

Recommended Stories

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.