Microchip Technology Incorporated (NASDAQ:MCHP) Receives Consensus Rating of “Moderate Buy” from Brokerages

Microchip Technology Incorporated (NASDAQ:MCHP) has earned a consensus rating of “Moderate Buy” from the nineteen research firms that are currently covering the firm, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation and fourteen have given a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $99.47.

Several analysts have weighed in on MCHP shares. Susquehanna lowered their price target on Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a report on Friday, August 2nd. TD Cowen lowered their price target on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. Citigroup decreased their price objective on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Needham & Company LLC decreased their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Finally, Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and decreased their price objective for the company from $89.00 to $80.00 in a report on Monday, September 23rd.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MCHP. Rise Advisors LLC purchased a new position in Microchip Technology during the first quarter valued at $28,000. Pineridge Advisors LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth $33,000. Steph & Co. raised its stake in shares of Microchip Technology by 57.4% in the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 151 shares during the last quarter. Pathway Financial Advisers LLC purchased a new position in shares of Microchip Technology in the first quarter worth $39,000. Finally, Richardson Capital Management LLC purchased a new position in shares of Microchip Technology in the first quarter worth $45,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 1.1 %

Shares of NASDAQ MCHP opened at $77.34 on Friday. Microchip Technology has a 52 week low of $68.75 and a 52 week high of $100.57. The business has a 50-day simple moving average of $78.18 and a two-hundred day simple moving average of $86.72. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The company has a market cap of $41.49 billion, a P/E ratio of 22.29 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the company earned $1.56 EPS. The firm’s revenue was down 45.8% compared to the same quarter last year. Research analysts anticipate that Microchip Technology will post 1.74 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were given a $0.454 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

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.