Microchip Technology (NASDAQ:MCHP) Given New $70.00 Price Target at TD Cowen

Microchip Technology (NASDAQ:MCHP) had its target price cut by TD Cowen from $80.00 to $70.00 in a research note released on Wednesday morning, MarketBeat.com reports. They currently have a hold rating on the semiconductor company’s stock.

Other research analysts have also recently issued research reports about the stock. Susquehanna decreased their target price on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a research report on Monday, October 21st. Mizuho set a $95.00 target price on shares of Microchip Technology in a report on Friday, October 18th. StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and cut their price objective for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Finally, B. Riley dropped their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Trading Up 1.1 %

MCHP stock traded up $0.78 during trading on Wednesday, reaching $74.53. 1,346,125 shares of the stock were exchanged, compared to its average volume of 5,937,729. The business has a 50 day moving average price of $77.05 and a 200-day moving average price of $85.12. Microchip Technology has a 1 year low of $71.76 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. The firm has a market capitalization of $39.99 billion, a price-to-earnings ratio of 51.57 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the business posted $1.54 earnings per share. The firm’s revenue for the quarter was down 48.4% compared to the same quarter last year. On average, research analysts predict that Microchip Technology will post 1.73 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio is currently 126.57%.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

Several large investors have recently bought and sold shares of the stock. Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology in the 3rd quarter valued at about $34,000. Natixis Advisors LLC grew its position in shares of Microchip Technology by 35.8% during the third quarter. Natixis Advisors LLC now owns 488,263 shares of the semiconductor company’s stock worth $39,203,000 after acquiring an additional 128,809 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Microchip Technology by 25.7% in the 3rd quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock valued at $7,721,000 after acquiring an additional 19,663 shares during the period. Empirical Finance LLC raised its position in Microchip Technology by 2.1% in the 3rd quarter. Empirical Finance LLC now owns 18,650 shares of the semiconductor company’s stock valued at $1,497,000 after purchasing an additional 384 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its stake in Microchip Technology by 63.7% during the 3rd quarter. CIBC Asset Management Inc now owns 260,683 shares of the semiconductor company’s stock worth $20,930,000 after purchasing an additional 101,453 shares during the period. 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.