Rosenblatt Securities Forecasts Strong Price Appreciation for Microchip Technology (NASDAQ:MCHP) Stock

Microchip Technology (NASDAQ:MCHP) had its target price upped by Rosenblatt Securities from $63.00 to $70.00 in a research note released on Friday morning,Benzinga reports. Rosenblatt Securities currently has a buy rating on the semiconductor company’s stock.

Several other equities research analysts have also recently issued reports on MCHP. Truist Financial raised their price objective on shares of Microchip Technology from $43.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, May 9th. Raymond James raised their price objective on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a “strong-buy” rating in a research report on Friday, May 9th. Piper Sandler restated an “overweight” rating and set a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. TD Cowen lifted their price target on shares of Microchip Technology from $35.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, May 9th. Finally, Stifel Nicolaus lifted their price target on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $67.68.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $57.22 on Friday. The company’s 50-day moving average price is $48.55 and its 200-day moving average price is $54.86. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The company has a market cap of $30.86 billion, a P/E ratio of 102.18 and a beta of 1.42. Microchip Technology has a twelve month low of $34.13 and a twelve month high of $98.10.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The firm had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same period last year, the firm posted $0.57 earnings per share. The company’s revenue for the quarter was down 26.8% on a year-over-year basis. On average, sell-side analysts forecast that Microchip Technology will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend is Thursday, May 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently -18,200.00%.

Insider Activity at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the business’s stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the transaction, the director now owns 3,468 shares in the company, valued at $210,472.92. The trade was a 12.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the sale, the chief financial officer now directly owns 34,313 shares in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

A number of hedge funds and other institutional investors have recently modified their holdings of MCHP. Norges Bank acquired a new stake in shares of Microchip Technology in the 4th quarter valued at $452,627,000. Orbis Allan Gray Ltd acquired a new stake in shares of Microchip Technology in the 1st quarter valued at $369,612,000. Invesco Ltd. raised its holdings in shares of Microchip Technology by 63.0% in the 1st quarter. Invesco Ltd. now owns 16,707,031 shares of the semiconductor company’s stock valued at $808,787,000 after purchasing an additional 6,459,123 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Microchip Technology by 138.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,834,550 shares of the semiconductor company’s stock valued at $427,681,000 after purchasing an additional 5,136,154 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of Microchip Technology by 273.2% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company’s stock valued at $306,541,000 after purchasing an additional 3,912,895 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.