KeyCorp Cuts Microchip Technology (NASDAQ:MCHP) Price Target to $70.00

Microchip Technology (NASDAQ:MCHP) had its price objective cut by KeyCorp from $90.00 to $70.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

Several other equities analysts also recently weighed in on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a research note on Wednesday, November 6th. Evercore ISI restated an “outperform” rating and set a $95.00 target price (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Susquehanna cut their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. Piper Sandler lowered their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Finally, Citigroup cut their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $86.05.

Microchip Technology Trading Down 1.4 %

Shares of Microchip Technology stock opened at $56.19 on Tuesday. Microchip Technology has a twelve month low of $54.47 and a twelve month high of $100.57. The firm’s 50-day moving average price is $61.77 and its 200 day moving average price is $74.20. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $30.17 billion, a PE ratio of 39.29 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the company posted $1.54 earnings per share. The business’s revenue was down 48.4% on a year-over-year basis. On average, sell-side analysts predict that Microchip Technology will post 1.32 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were paid a dividend of $0.455 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 3.24%. Microchip Technology’s dividend payout ratio is presently 127.27%.

Hedge Funds Weigh In On Microchip Technology

Institutional investors have recently bought and sold shares of the company. Corundum Group Inc. boosted its stake in shares of Microchip Technology by 3.4% in the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after purchasing an additional 143 shares during the period. Financial Advocates Investment Management grew its stake in shares of Microchip Technology by 1.5% in the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after acquiring an additional 158 shares in the last quarter. Bruce G. Allen Investments LLC increased its position in shares of Microchip Technology by 11.4% during the third quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company’s stock worth $127,000 after acquiring an additional 162 shares during the period. Metis Global Partners LLC raised its stake in shares of Microchip Technology by 1.0% in the third quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock valued at $1,378,000 after acquiring an additional 172 shares in the last quarter. Finally, Parallel Advisors LLC boosted its holdings in Microchip Technology by 2.9% in the second quarter. Parallel Advisors LLC now owns 6,351 shares of the semiconductor company’s stock valued at $581,000 after purchasing an additional 178 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

About Microchip Technology

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.