Microchip Technology’s (MCHP) Buy Rating Reiterated at B. Riley

B. Riley restated their buy rating on shares of Microchip Technology (NASDAQ:MCHP) in a report issued on Friday morning,Benzinga reports. They currently have a $75.00 price target on the semiconductor company’s stock, down from their prior price target of $85.00.

Several other analysts have also recently commented on the company. StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a report on Friday, December 13th. Morgan Stanley dropped their price target on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Piper Sandler reissued an “overweight” rating and issued a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday. TD Cowen dropped their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Finally, The Goldman Sachs Group dropped their price target on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $77.11.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $51.89 on Friday. The business’s 50 day simple moving average is $57.71 and its 200 day simple moving average is $69.84. Microchip Technology has a one year low of $50.21 and a one year high of $100.57. The stock has a market capitalization of $27.87 billion, a PE ratio of 92.66 and a beta of 1.50. 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 announced its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 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%. As a group, research analysts forecast that Microchip Technology will post 1.3 earnings per share for the current 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. This represents a $1.82 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s payout ratio is currently 325.00%.

Institutional Investors Weigh In On Microchip Technology

A number of institutional investors and hedge funds have recently bought and sold shares of MCHP. Van ECK Associates Corp raised its position in Microchip Technology by 39.3% in the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock valued at $636,184,000 after buying an additional 3,131,807 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in Microchip Technology by 9,901.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after purchasing an additional 2,829,082 shares during the period. Franklin Resources Inc. grew its stake in Microchip Technology by 30.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after purchasing an additional 776,408 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Microchip Technology by 20.1% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock valued at $220,957,000 after purchasing an additional 460,697 shares during the period. Finally, DF Dent & Co. Inc. bought a new position in Microchip Technology in the 3rd quarter valued at $27,744,000. 91.51% of the stock is owned by hedge funds and other 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.