Microchip Technology (NASDAQ:MCHP) PT Lowered to $95.00

Microchip Technology (NASDAQ:MCHP) had its price objective reduced by Susquehanna from $105.00 to $95.00 in a report issued on Monday, Benzinga reports. Susquehanna currently has a positive rating on the semiconductor company’s stock.

A number of other research firms have also commented on MCHP. Needham & Company LLC lowered their price target on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $90.00 to $100.00 in a report on Friday, August 16th. JPMorgan Chase & Co. dropped their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. TD Cowen reduced their target price on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 2nd. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $97.89.

Microchip Technology Stock Up 0.8 %

Microchip Technology stock opened at $75.86 on Monday. The firm has a market capitalization of $40.70 billion, a price-to-earnings ratio of 21.86 and a beta of 1.52. The firm’s fifty day moving average price is $78.13 and its two-hundred day moving average price is $85.90. Microchip Technology has a 1-year low of $68.75 and a 1-year high of $100.57. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.56 EPS. On average, equities research analysts predict that Microchip Technology will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.39%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s payout ratio is presently 52.16%.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 2.07% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Pathway Financial Advisers LLC purchased a new position in Microchip Technology during the first quarter worth about $39,000. Richardson Capital Management LLC bought a new position in shares of Microchip Technology in the first quarter worth approximately $45,000. Versant Capital Management Inc raised its stake in Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 317 shares in the last quarter. Wolff Wiese Magana LLC lifted its position in Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares during the last quarter. Finally, GoalVest Advisory LLC grew its stake in Microchip Technology by 49.8% in the 1st quarter. GoalVest Advisory LLC now owns 602 shares of the semiconductor company’s stock worth $54,000 after buying an additional 200 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Company Profile

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.