Morgan Stanley Cuts Microchip Technology (NASDAQ:MCHP) Price Target to $58.00

Microchip Technology (NASDAQ:MCHP) had its price target trimmed by Morgan Stanley from $71.00 to $58.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the semiconductor company’s stock.

MCHP has been the subject of a number of other research reports. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $80.00 to $65.00 in a research report on Monday, December 16th. B. Riley cut their price target on Microchip Technology from $93.00 to $85.00 and set a “buy” rating for the company in a report on Friday, January 24th. Rosenblatt Securities restated a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a report on Wednesday, November 6th. Citigroup dropped 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. Finally, StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, December 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $81.67.

Microchip Technology Trading Down 0.7 %

Shares of Microchip Technology stock opened at $53.11 on Tuesday. Microchip Technology has a 1 year low of $51.37 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The business has a 50 day moving average price of $58.34 and a 200 day moving average price of $70.38. The company has a market capitalization of $28.52 billion, a P/E ratio of 37.14 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last issued 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 net margin of 14.22% and a return on equity of 19.47%. Sell-side analysts anticipate that Microchip Technology will post 1.31 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.43%. Microchip Technology’s payout ratio is currently 127.27%.

Hedge Funds Weigh In On Microchip Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Mainstream Capital Management LLC acquired a new position in shares of Microchip Technology during the fourth quarter worth $26,000. Prospera Private Wealth LLC acquired a new position in Microchip Technology in the 3rd quarter worth $29,000. Financial Life Planners purchased a new position in Microchip Technology in the 4th quarter valued at about $32,000. Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology during the third quarter valued at about $34,000. Finally, Truvestments Capital LLC purchased a new stake in shares of Microchip Technology during the third quarter worth about $34,000. Hedge funds and other 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.