Needham & Company LLC Cuts Microchip Technology (NASDAQ:MCHP) Price Target to $60.00

Microchip Technology (NASDAQ:MCHP) had its price objective cut by Needham & Company LLC from $85.00 to $60.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

Several other research analysts also recently weighed in on the company. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Rosenblatt Securities restated a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a research note on Thursday. Mizuho dropped their price target on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. TD Cowen dropped their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Finally, Citigroup lowered 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. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and a consensus price target of $77.11.

Microchip Technology Stock Down 2.3 %

Shares of MCHP opened at $51.89 on Friday. The business’s 50 day moving average is $57.71 and its 200 day moving average is $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 has a 12-month low of $50.21 and a 12-month high of $100.57. The company has a market capitalization of $27.87 billion, a PE ratio of 92.66 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results 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 12.41% and a net margin of 6.49%. Research analysts expect that Microchip Technology will post 1.3 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be given 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 3.51%. Microchip Technology’s dividend payout ratio is presently 325.00%.

Institutional Trading of Microchip Technology

A number of institutional investors have recently bought and sold shares of the stock. Brookstone Capital Management grew its position in Microchip Technology by 3.1% in the 3rd quarter. Brookstone Capital Management now owns 7,410 shares of the semiconductor company’s stock valued at $595,000 after acquiring an additional 224 shares during the last quarter. CWM LLC grew its position in Microchip Technology by 1.2% in the 3rd quarter. CWM LLC now owns 32,955 shares of the semiconductor company’s stock valued at $2,646,000 after acquiring an additional 403 shares during the last quarter. Watts Gwilliam & Co. LLC bought a new position in Microchip Technology in the 3rd quarter valued at $592,000. First Affirmative Financial Network bought a new position in Microchip Technology in the 3rd quarter valued at $359,000. Finally, Octavia Wealth Advisors LLC bought a new position in Microchip Technology in the 3rd quarter valued at $201,000. 91.51% of the stock is currently owned by institutional investors.

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.