KeyCorp Issues Pessimistic Forecast for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP) had its price target decreased by research analysts at KeyCorp from $95.00 to $90.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s price objective suggests a potential upside of 46.01% from the company’s previous close.

A number of other equities analysts have also commented on MCHP. Citigroup dropped their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Rosenblatt Securities reissued a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research report on Wednesday, November 6th. Susquehanna decreased their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and decreased their target price for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Finally, Piper Sandler decreased their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.95.

Microchip Technology Trading Down 5.7 %

Microchip Technology stock opened at $61.64 on Tuesday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The business’s 50-day simple moving average is $73.04 and its 200-day simple moving average is $81.73. The firm has a market capitalization of $33.10 billion, a PE ratio of 43.11 and a beta of 1.50. Microchip Technology has a 52 week low of $61.07 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.54 earnings per share. Equities research analysts forecast that Microchip Technology will post 1.38 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. boosted its holdings in shares of Microchip Technology by 0.4% in the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock worth $846,046,000 after acquiring an additional 33,603 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Microchip Technology by 25.1% in the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after acquiring an additional 1,597,263 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Microchip Technology by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 4,455,317 shares of the semiconductor company’s stock worth $407,660,000 after acquiring an additional 103,807 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Microchip Technology by 30.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after acquiring an additional 776,408 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Microchip Technology by 21.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock worth $301,797,000 after acquiring an additional 575,087 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

About Microchip Technology

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.