KeyCorp Cuts Microchip Technology (NASDAQ:MCHP) Price Target to $95.00

Microchip Technology (NASDAQ:MCHP) had its price objective lowered by KeyCorp from $100.00 to $95.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the semiconductor company’s stock.

Several other research analysts have also recently issued reports on MCHP. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a report on Wednesday, July 31st. TD Cowen cut their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday. Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $90.00 to $100.00 in a report on Friday, August 16th. Finally, Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $102.00 to $100.00 in a report on Thursday, July 11th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Stock Down 2.0 %

Shares of MCHP traded down $1.47 during mid-day trading on Wednesday, reaching $72.87. The company had a trading volume of 6,290,308 shares, compared to its average volume of 5,325,453. The firm has a 50-day moving average price of $76.73 and a 200 day moving average price of $84.98. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.08 and a current ratio of 0.88. The company has a market capitalization of $39.13 billion, a price-to-earnings ratio of 50.96 and a beta of 1.53. Microchip Technology has a 52 week low of $71.76 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the company earned $1.54 earnings per share. The business’s revenue for the quarter was down 48.4% compared to the same quarter last year. On average, sell-side analysts forecast that Microchip Technology will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date is Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 127.27%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

Several large investors have recently made changes to their positions in the business. SeaCrest Wealth Management LLC grew its position in Microchip Technology by 3.3% in the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after acquiring an additional 131 shares in the last quarter. Corundum Group Inc. grew its holdings in Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after purchasing an additional 143 shares in the last quarter. Commerzbank Aktiengesellschaft FI increased its stake in Microchip Technology by 4.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after buying an additional 148 shares during the period. Busey Bank lifted its holdings in Microchip Technology by 2.6% in the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock worth $550,000 after buying an additional 155 shares in the last quarter. Finally, Financial Advocates Investment Management boosted its position in Microchip Technology by 1.5% in the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock valued at $867,000 after buying an additional 158 shares during the last quarter. Institutional investors and hedge funds 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.