Microchip Technology (NASDAQ:MCHP) Given New $90.00 Price Target at Jefferies Financial Group

Microchip Technology (NASDAQ:MCHP) had its target price trimmed by Jefferies Financial Group from $100.00 to $90.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the semiconductor company’s stock.

MCHP has been the subject of a number of other reports. KeyCorp decreased their target price on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday. Mizuho set a $95.00 price objective on shares of Microchip Technology in a report on Friday, October 18th. Evercore ISI reiterated an “outperform” rating and set a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday. Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded up $0.87 during mid-day trading on Wednesday, reaching $74.62. 874,410 shares of the company’s stock were exchanged, compared to its average volume of 5,936,867. The firm has a market capitalization of $40.03 billion, a price-to-earnings ratio of 51.57 and a beta of 1.53. The firm has a 50-day moving average price of $77.05 and a two-hundred day moving average price of $85.12. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. Microchip Technology has a 52 week low of $71.76 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the firm posted $1.54 earnings per share. The company’s revenue for the quarter was down 48.4% on a year-over-year basis. Analysts predict that Microchip Technology will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 126.57%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Microchip Technology

Hedge funds have recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Microchip Technology by 2,390.5% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock valued at $209,653,000 after buying an additional 2,199,290 shares in the last quarter. Clearbridge Investments LLC raised its stake in shares of Microchip Technology by 18,944.8% during the first quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock worth $177,002,000 after acquiring an additional 1,962,685 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Microchip Technology by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after acquiring an additional 1,921,497 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Microchip Technology by 25.1% in the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock valued at $599,239,000 after purchasing an additional 1,597,263 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Microchip Technology by 425.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after purchasing an additional 1,114,962 shares during the last quarter. 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.