KeyCorp Cuts Microchip Technology (NASDAQ:MCHP) Price Target to $60.00

Microchip Technology (NASDAQ:MCHP) had its price target reduced by KeyCorp from $70.00 to $60.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

Several other brokerages have also issued reports on MCHP. Evercore ISI restated an “outperform” rating and issued a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Needham & Company LLC dropped their target price on Microchip Technology from $85.00 to $60.00 and set a “buy” rating for the company in a research report on Friday. TD Cowen dropped their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. The Goldman Sachs Group dropped their target price on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Finally, Susquehanna dropped their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $77.11.

Microchip Technology Stock Down 2.3 %

Shares of NASDAQ:MCHP opened at $51.89 on Friday. The company has a market capitalization of $27.87 billion, a price-to-earnings ratio of 92.66 and a beta of 1.50. Microchip Technology has a 12-month low of $50.21 and a 12-month high of $100.57. The business has a 50-day moving average price of $57.71 and a 200 day moving average price of $69.84. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.41%. Sell-side analysts expect that Microchip Technology will post 1.3 EPS for the current year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Institutional Investors Weigh In On Microchip Technology

Institutional investors have recently added to or reduced their stakes in the business. Prospera Private Wealth LLC purchased a new stake in Microchip Technology during the third quarter worth approximately $29,000. Peterson Financial Group Inc. purchased a new stake in Microchip Technology during the third quarter worth approximately $34,000. Truvestments Capital LLC purchased a new stake in Microchip Technology in the third quarter valued at approximately $34,000. Mainstream Capital Management LLC purchased a new stake in Microchip Technology in the fourth quarter valued at approximately $26,000. Finally, OFI Invest Asset Management purchased a new stake in Microchip Technology in the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

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.