Microchip Technology (NASDAQ:MCHP) Price Target Cut to $95.00 by Analysts at Susquehanna

Microchip Technology (NASDAQ:MCHP) had its target price lowered by Susquehanna from $105.00 to $95.00 in a research report released on Monday morning, Benzinga reports. The firm currently has a positive rating on the semiconductor company’s stock.

Several other equities research analysts have also recently weighed in on the company. 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 report on Friday, August 2nd. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and dropped their price target for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. TD Cowen decreased their price objective on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. dropped their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $97.89.

Microchip Technology Stock Up 0.8 %

Shares of MCHP opened at $75.86 on Monday. Microchip Technology has a 1 year low of $68.75 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The stock has a 50 day simple moving average of $78.13 and a two-hundred day simple moving average of $85.90. The firm has a market cap of $40.70 billion, a P/E ratio of 21.86 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.56 EPS. On average, analysts forecast that Microchip Technology will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were given a $0.454 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s payout ratio is currently 52.16%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MCHP. Baker Tilly Wealth Management LLC raised its holdings in Microchip Technology by 27.9% in the 3rd quarter. Baker Tilly Wealth Management LLC now owns 3,836 shares of the semiconductor company’s stock worth $308,000 after acquiring an additional 836 shares during the last quarter. IVC Wealth Advisors LLC raised its stake in shares of Microchip Technology by 15.1% in the third quarter. IVC Wealth Advisors LLC now owns 3,789 shares of the semiconductor company’s stock worth $304,000 after purchasing an additional 497 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Microchip Technology by 6.1% during the third quarter. State of Alaska Department of Revenue now owns 62,342 shares of the semiconductor company’s stock valued at $5,005,000 after purchasing an additional 3,580 shares in the last quarter. Frank Rimerman Advisors LLC boosted its position in shares of Microchip Technology by 291.5% during the third quarter. Frank Rimerman Advisors LLC now owns 16,985 shares of the semiconductor company’s stock valued at $1,364,000 after buying an additional 12,647 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its position in shares of Microchip Technology by 6.1% during the third quarter. DekaBank Deutsche Girozentrale now owns 269,062 shares of the semiconductor company’s stock valued at $21,545,000 after buying an additional 15,373 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

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.