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

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) have been given a consensus recommendation of “Moderate Buy” by the nineteen brokerages that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation and fourteen have issued a buy recommendation on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $89.63.

Several equities analysts have recently commented on MCHP shares. Piper Sandler reduced their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Citigroup decreased their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Evercore ISI reissued an “outperform” rating and set a $95.00 price target (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a report on Friday, December 13th. Finally, Needham & Company LLC reissued a “buy” rating and set a $85.00 target price on shares of Microchip Technology in a report on Tuesday, December 3rd.

Hedge Funds Weigh In On Microchip Technology

Large investors have recently bought and sold shares of the stock. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology during the third quarter valued at approximately $29,000. Peterson Financial Group Inc. acquired a new position in shares of Microchip Technology during the 3rd quarter valued at $34,000. Truvestments Capital LLC bought a new stake in shares of Microchip Technology in the 3rd quarter worth $34,000. Wolff Wiese Magana LLC lifted its holdings in shares of Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after buying an additional 218 shares during the period. Finally, Hobbs Group Advisors LLC lifted its holdings in shares of Microchip Technology by 390.6% in the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after buying an additional 500 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Up 1.2 %

NASDAQ:MCHP opened at $58.56 on Wednesday. The firm has a market capitalization of $31.45 billion, a PE ratio of 40.95 and a beta of 1.50. Microchip Technology has a 12 month low of $55.27 and a 12 month high of $100.57. The business’s 50-day moving average is $68.02 and its two-hundred day moving average is $78.19. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company’s revenue was down 48.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.54 earnings per share. Research analysts predict that Microchip Technology will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a $0.455 dividend. The ex-dividend date was Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 3.11%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is presently 127.27%.

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.