Microchip Technology (NASDAQ:MCHP) Earns Outperform Rating from Evercore ISI

Evercore ISI reaffirmed their outperform rating on shares of Microchip Technology (NASDAQ:MCHP) in a research report report published on Wednesday morning,Benzinga reports. They currently have a $95.00 target price on the semiconductor company’s stock, down from their prior target price of $101.00.

Other analysts have also issued research reports about the company. B. Riley lowered their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. 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. StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Needham & Company LLC dropped their price objective on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and reduced their target price for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Trading Down 2.0 %

Shares of MCHP stock opened at $72.87 on Wednesday. The business’s 50 day moving average is $76.73 and its two-hundred day moving average is $84.98. The company has a quick ratio of 1.08, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology has a 12 month low of $71.76 and a 12 month high of $100.57. The company has a market cap of $39.13 billion, a PE ratio of 50.96 and a beta of 1.53.

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

Microchip Technology Increases Dividend

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

Insider Transactions at Microchip Technology

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

Institutional Investors Weigh In On Microchip Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. Pinnacle Associates Ltd. boosted its holdings in Microchip Technology by 50.0% during the third quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock worth $8,486,000 after buying an additional 35,213 shares during the last quarter. Swedbank AB acquired a new position in Microchip Technology in the first quarter valued at about $1,079,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Microchip Technology by 12.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock worth $69,355,000 after acquiring an additional 93,464 shares in the last quarter. SageView Advisory Group LLC raised its position in shares of Microchip Technology by 507.5% during the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after purchasing an additional 14,458 shares during the period. Finally, Zurich Insurance Group Ltd FI bought a new position in shares of Microchip Technology during the 2nd quarter valued at about $42,538,000. 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.