Microchip Technology’s (MCHP) “Buy” Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Microchip Technology (NASDAQ:MCHP) in a report published on Tuesday,Benzinga reports. The brokerage currently has a $70.00 price objective on the semiconductor company’s stock.

MCHP has been the subject of several other research reports. StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. Needham & Company LLC lowered their target price on Microchip Technology from $85.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Piper Sandler reissued an “overweight” rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Jefferies Financial Group dropped their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and cut their price target for the company from $80.00 to $65.00 in a report on Monday, December 16th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $58.26 on Tuesday. Microchip Technology has a twelve month low of $50.21 and a twelve month high of $100.57. The stock’s 50 day moving average is $56.95 and its 200-day moving average is $66.93. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $31.33 billion, a price-to-earnings ratio of 104.04 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Sell-side analysts forecast that Microchip Technology will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be paid a $0.455 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.12%. Microchip Technology’s dividend payout ratio (DPR) is currently 325.00%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the sale, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Microchip Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Metis Global Partners LLC raised its holdings in shares of Microchip Technology by 1.0% during the third quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock valued at $1,378,000 after acquiring an additional 172 shares in the last quarter. Plato Investment Management Ltd raised its holdings in Microchip Technology by 5.8% in the 3rd quarter. Plato Investment Management Ltd now owns 3,499 shares of the semiconductor company’s stock worth $281,000 after purchasing an additional 191 shares in the last quarter. Summit Global Investments raised its holdings in Microchip Technology by 2.5% in the 3rd quarter. Summit Global Investments now owns 8,463 shares of the semiconductor company’s stock worth $679,000 after purchasing an additional 207 shares in the last quarter. Federated Hermes Inc. lifted its holdings in Microchip Technology by 0.5% in the fourth quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company’s stock worth $2,254,000 after buying an additional 209 shares during the period. Finally, Northwest Bank & Trust Co boosted its position in shares of Microchip Technology by 3.0% during the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company’s stock valued at $424,000 after purchasing an additional 217 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

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.