Microchip Technology’s (MCHP) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Microchip Technology (NASDAQ:MCHP) in a report published on Friday,Benzinga reports. The brokerage currently has a $65.00 target price on the semiconductor company’s stock, down from their prior target price of $85.00.

MCHP has been the topic of a number of other reports. Stifel Nicolaus dropped their target price on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, December 3rd. B. Riley lowered their price target on shares of Microchip Technology from $93.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, January 24th. Needham & Company LLC lowered their price target on shares of Microchip Technology from $85.00 to $60.00 and set a “buy” rating for the company in a research report on Friday. Susquehanna lowered their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research report on Wednesday, November 6th. Finally, KeyCorp lowered their price target on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $77.11.

Microchip Technology Stock Down 2.3 %

Shares of NASDAQ:MCHP opened at $51.89 on Friday. The stock 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 1-year low of $50.21 and a 1-year high of $100.57. The company’s fifty day moving average is $57.71 and its two-hundred day moving average is $69.84. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88.

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

Microchip Technology Dividend Announcement

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

Institutional Investors Weigh In On Microchip Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Van ECK Associates Corp lifted its holdings 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 acquiring an additional 3,131,807 shares during the last quarter. Franklin Resources Inc. lifted its holdings 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 acquiring an additional 776,408 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Microchip Technology by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,143,769 shares of the semiconductor company’s stock valued at $180,295,000 after acquiring an additional 116,823 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings 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 acquiring an additional 2,829,082 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings 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 acquiring an additional 460,697 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

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.