Cowen Lowers Microchip Technology (NASDAQ:MCHP) Price Target to $89.00

Microchip Technology (NASDAQ:MCHP) had its target price cut by Cowen from $90.00 to $89.00 in a research report sent to investors on Wednesday morning, Briefing.com Automated Import reports. They currently have a market perform rating on the semiconductor company’s stock.

Several other research firms also recently commented on MCHP. Wells Fargo & Co upped their target price on Microchip Technology from $105.00 to $115.00 and gave the company an outperform rating in a research report on Monday, July 29th. They noted that the move was a valuation call. ValuEngine raised Microchip Technology from a sell rating to a hold rating in a research report on Monday, November 4th. B. Riley set a $120.00 target price on Microchip Technology and gave the company a buy rating in a research report on Wednesday, September 4th. BidaskClub raised Microchip Technology from a sell rating to a hold rating in a research report on Tuesday, September 10th. Finally, Piper Jaffray Companies reaffirmed a buy rating on shares of Microchip Technology in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $105.66.

NASDAQ:MCHP traded up $0.85 on Wednesday, reaching $96.21. The company’s stock had a trading volume of 1,777,500 shares, compared to its average volume of 2,568,865. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.63 and a current ratio of 0.93. The business’s 50-day moving average price is $94.12 and its two-hundred day moving average price is $90.20. The firm has a market cap of $23.81 billion, a PE ratio of 15.82, a PEG ratio of 1.83 and a beta of 1.44. Microchip Technology has a 1-year low of $65.67 and a 1-year high of $101.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.13. The firm had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.35 billion. Microchip Technology had a return on equity of 25.74% and a net margin of 7.15%. The business’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.81 earnings per share. As a group, sell-side analysts expect that Microchip Technology will post 5.21 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Thursday, November 21st will be given a dividend of $0.366 per share. This represents a $1.46 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend is Wednesday, November 20th. Microchip Technology’s dividend payout ratio is currently 24.01%.

In related news, CFO James Eric Bjornholt sold 1,937 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total transaction of $171,618.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Richard J. Simoncic sold 3,437 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total value of $304,518.20. Following the sale, the vice president now directly owns 18,178 shares in the company, valued at approximately $1,610,570.80. The disclosure for this sale can be found here. Corporate insiders own 2.21% of the company’s stock.

Several hedge funds have recently modified their holdings of the business. Meeder Asset Management Inc. bought a new position in shares of Microchip Technology in the 2nd quarter valued at $37,000. Spectrum Management Group Inc. raised its position in Microchip Technology by 127.1% during the 2nd quarter. Spectrum Management Group Inc. now owns 452 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 253 shares during the last quarter. Oakworth Capital Inc. bought a new position in Microchip Technology during the 2nd quarter worth $40,000. TCI Wealth Advisors Inc. raised its position in Microchip Technology by 118.0% during the 3rd quarter. TCI Wealth Advisors Inc. now owns 447 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 242 shares during the last quarter. Finally, Coastal Investment Advisors Inc. raised its position in Microchip Technology by 74.9% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 502 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 215 shares during the last quarter.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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