Microchip Technology (NASDAQ:MCHP) Price Target Raised to $60.00 at UBS Group

Microchip Technology (NASDAQ:MCHP) had its price target increased by UBS Group from $55.00 to $60.00 in a research report released on Friday, MarketBeat reports. They currently have a buy rating on the semiconductor company’s stock.

Other equities analysts also recently issued research reports about the stock. Bank of America raised shares of Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price for the company in a research note on Friday. Stifel Nicolaus boosted their price objective on Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. Raymond James reissued a “strong-buy” rating and issued a $60.00 price target (down from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, KeyCorp reduced their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.42.

Microchip Technology Stock Up 12.6 %

Shares of NASDAQ:MCHP opened at $55.33 on Friday. The business has a fifty day simple moving average of $47.06 and a 200 day simple moving average of $56.57. Microchip Technology has a 12-month low of $34.13 and a 12-month high of $100.57. The firm has a market cap of $29.76 billion, a P/E ratio of 98.80 and a beta of 1.42. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12.

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

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be issued a dividend of $0.455 per share. The ex-dividend date is Thursday, May 22nd. This represents a $1.82 annualized dividend and a yield of 3.29%. Microchip Technology’s dividend payout ratio (DPR) is currently -18,200.00%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Microchip Technology

Several institutional investors have recently added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new position in Microchip Technology during the 4th quarter valued at $26,000. Rakuten Securities Inc. lifted its holdings in shares of Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 359 shares in the last quarter. OFI Invest Asset Management purchased a new stake in Microchip Technology in the fourth quarter worth approximately $29,000. Garde Capital Inc. bought a new position in shares of Microchip Technology in the 1st quarter worth approximately $30,000. Finally, Financial Life Planners purchased a new position in shares of Microchip Technology during the 4th quarter worth $32,000. 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.