Microchip Technology (NASDAQ:MCHP) Given New $98.00 Price Target at Stifel Nicolaus

Microchip Technology (NASDAQ:MCHP) had its price target increased by Stifel Nicolaus from $94.00 to $98.00 in a research report report published on Thursday morning, Benzinga reports. Stifel Nicolaus currently has a buy rating on the semiconductor company’s stock.

Several other research analysts have also weighed in on MCHP. Truist Financial reduced their price objective on shares of Microchip Technology from $97.00 to $93.00 and set a buy rating on the stock in a research note on Tuesday, January 9th. UBS Group reduced their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a buy rating on the stock in a research note on Friday, February 2nd. Wolfe Research raised shares of Microchip Technology from a peer perform rating to an outperform rating and set a $105.00 price objective on the stock in a research note on Thursday, January 18th. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a buy rating in a research note on Friday, February 2nd. Finally, Evercore ISI started coverage on shares of Microchip Technology in a research note on Tuesday. They set an outperform rating and a $106.00 price objective on the stock. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $92.50.

Microchip Technology Stock Down 1.0 %

Shares of NASDAQ MCHP opened at $84.21 on Thursday. The firm has a market capitalization of $45.51 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 2.60 and a beta of 1.65. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. Microchip Technology has a 1 year low of $68.75 and a 1 year high of $94.30. The firm’s 50-day moving average is $86.58 and its 200-day moving average is $84.24.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.04. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company’s revenue for the quarter was down 18.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.48 EPS. Equities analysts expect that Microchip Technology will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were paid a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a yield of 2.14%. Microchip Technology’s dividend payout ratio is presently 42.06%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now directly owns 1,789 shares in the company, valued at $150,276. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in MCHP. Cullinan Associates Inc. raised its holdings in shares of Microchip Technology by 34.9% in the 1st quarter. Cullinan Associates Inc. now owns 11,600 shares of the semiconductor company’s stock valued at $1,041,000 after purchasing an additional 3,000 shares during the period. Iams Wealth Management LLC raised its holdings in shares of Microchip Technology by 7.5% in the 1st quarter. Iams Wealth Management LLC now owns 14,539 shares of the semiconductor company’s stock valued at $1,195,000 after purchasing an additional 1,012 shares during the period. Park Place Capital Corp raised its holdings in shares of Microchip Technology by 267.0% in the 1st quarter. Park Place Capital Corp now owns 3,644 shares of the semiconductor company’s stock valued at $327,000 after purchasing an additional 2,651 shares during the period. Claro Advisors LLC raised its holdings in shares of Microchip Technology by 24.3% in the 1st quarter. Claro Advisors LLC now owns 4,699 shares of the semiconductor company’s stock valued at $422,000 after purchasing an additional 920 shares during the period. Finally, Deltec Asset Management LLC bought a new stake in shares of Microchip Technology in the 1st quarter valued at about $897,000. 91.51% of the stock is owned by institutional investors.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.