Microchip Technology (NASDAQ:MCHP) Price Target Lowered to $60.00 at KeyCorp

Microchip Technology (NASDAQ:MCHP) had its price objective decreased by KeyCorp from $70.00 to $60.00 in a research report released on Friday morning,Benzinga reports. KeyCorp currently has an overweight rating on the semiconductor company’s stock.

A number of other research firms have also commented on MCHP. Piper Sandler decreased their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Bank of America cut Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. Jefferies Financial Group reduced their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, December 13th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.11.

Microchip Technology Stock Down 2.3 %

Shares of Microchip Technology stock opened at $51.89 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology has a 12-month low of $50.21 and a 12-month high of $100.57. The firm has a market capitalization of $27.87 billion, a PE ratio of 92.66 and a beta of 1.50. The stock’s fifty day moving average is $58.04 and its 200-day moving average is $70.26.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate 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 earnings per share for the current year.

Microchip Technology Dividend Announcement

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. 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 worth $636,184,000 after purchasing an additional 3,131,807 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Microchip Technology by 30.2% in the third 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. Charles Schwab Investment Management Inc. lifted its stake in shares of Microchip Technology by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,143,769 shares of the semiconductor company’s stock worth $180,295,000 after buying an additional 116,823 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Microchip Technology by 9,901.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after buying an additional 2,829,082 shares during the period. Finally, 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 buying an additional 460,697 shares during the last quarter. Institutional investors and hedge funds 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.