Microchip Technology (NASDAQ:MCHP) Price Target Raised to $68.00 at Mizuho

Microchip Technology (NASDAQ:MCHP) had its price objective lifted by Mizuho from $58.00 to $68.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have an outperform rating on the semiconductor company’s stock.

Several other analysts have also recently issued reports on the company. Bank of America cut Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $80.00 to $65.00 in a research report on Monday, December 16th. 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 research note on Wednesday, November 6th. StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Microchip Technology in a research report on Tuesday. Finally, Piper Sandler reissued an “overweight” rating and set a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $58.26 on Tuesday. Microchip Technology has a 12 month low of $50.21 and a 12 month high of $100.57. The stock’s fifty day moving average price is $56.95 and its 200-day moving average price is $66.93. The firm has a market cap of $31.33 billion, a P/E ratio of 104.04 and a beta of 1.52. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. On average, equities research analysts expect that Microchip Technology will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be paid 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 3.12%. Microchip Technology’s payout ratio is currently 325.00%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the sale, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Microchip Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Pallas Capital Advisors LLC purchased a new stake in Microchip Technology during the fourth quarter worth $5,917,000. Consolidated Planning Corp acquired a new position in shares of Microchip Technology in the fourth quarter worth about $308,000. Quadrature Capital Ltd purchased a new stake in shares of Microchip Technology during the 3rd quarter worth about $3,312,000. Symphony Financial Ltd. Co. acquired a new stake in shares of Microchip Technology during the 4th quarter valued at about $520,000. Finally, Benjamin Edwards Inc. increased its stake in shares of Microchip Technology by 5,185.4% in the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock valued at $755,000 after purchasing an additional 9,230 shares in 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.