Microchip Technology (NASDAQ:MCHP) Given New $100.00 Price Target at JPMorgan Chase & Co.

Microchip Technology (NASDAQ:MCHP) had its price target lowered by JPMorgan Chase & Co. from $110.00 to $100.00 in a research note released on Friday, Benzinga reports. The firm currently has an overweight rating on the semiconductor company’s stock.

Several other equities research analysts also recently issued reports on the company. The Goldman Sachs Group boosted their price objective on Microchip Technology from $77.00 to $88.00 and gave the company a neutral rating in a report on Tuesday, May 7th. Evercore ISI started coverage on Microchip Technology in a report on Tuesday, April 16th. They set an outperform rating and a $106.00 price target on the stock. Needham & Company LLC upped their price objective on Microchip Technology from $90.00 to $100.00 and gave the stock a buy rating in a research report on Tuesday, May 7th. UBS Group raised their price objective on Microchip Technology from $95.00 to $103.00 and gave the company a buy rating in a research note on Tuesday, May 7th. Finally, Rosenblatt Securities reiterated a buy rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $99.42.

Microchip Technology Trading Up 1.1 %

MCHP stock traded up $0.78 during midday trading on Friday, reaching $74.64. The company’s stock had a trading volume of 7,766,785 shares, compared to its average volume of 5,990,003. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. The stock has a fifty day simple moving average of $91.17 and a two-hundred day simple moving average of $89.38. Microchip Technology has a 1 year low of $68.75 and a 1 year high of $100.57. The firm has a market capitalization of $40.04 billion, a price-to-earnings ratio of 21.68 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same period last year, the business posted $1.56 earnings per share. On average, equities research analysts predict that Microchip Technology will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be given a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.43%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 22nd. Microchip Technology’s dividend payout ratio is presently 52.16%.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at $3,325,034.86. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $3,325,034.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the sale, the vice president now directly owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,993 shares of company stock worth $2,251,857. 2.07% of the stock is currently owned by company insiders.

Institutional Trading of Microchip Technology

Institutional investors have recently bought and sold shares of the business. Swedbank AB acquired a new position in shares of Microchip Technology in the 1st quarter valued at $1,079,000. Caxton Associates LP boosted its stake in Microchip Technology by 4,511.5% in the 4th quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock worth $36,072,000 after purchasing an additional 391,326 shares during the period. SageView Advisory Group LLC lifted its position in Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after buying an additional 14,458 shares in the last quarter. RFG Advisory LLC lifted its position in Microchip Technology by 228.4% during the 1st quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock worth $1,152,000 after buying an additional 8,931 shares in the last quarter. Finally, AIA Group Ltd grew its stake in Microchip Technology by 80.4% in the 4th quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock valued at $2,697,000 after buying an additional 13,326 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.