Microchip Technology (NASDAQ:MCHP) Given New $55.00 Price Target at Citigroup

Microchip Technology (NASDAQ:MCHP) had its target price raised by Citigroup from $50.00 to $55.00 in a research report released on Friday morning, MarketBeat.com reports. The firm currently has a buy rating on the semiconductor company’s stock.

Several other research analysts have also commented on MCHP. Piper Sandler reissued an “overweight” rating and issued a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. TD Cowen boosted their price target on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday. B. Riley increased their price objective on Microchip Technology from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Friday. Raymond James reissued a “strong-buy” rating and set a $60.00 target price (down from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $66.00 price target on shares of Microchip Technology in a research report on Friday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.42.

Microchip Technology Stock Up 12.6 %

Shares of NASDAQ MCHP opened at $55.33 on Friday. Microchip Technology has a 52-week low of $34.13 and a 52-week high of $100.57. The business’s 50 day moving average is $47.06 and its two-hundred day moving average is $56.57. The firm has a market cap of $29.76 billion, a price-to-earnings 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 posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The firm had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. During the same quarter in the prior year, the company earned $0.57 EPS. Microchip Technology’s revenue was down 26.8% on a year-over-year basis. Research analysts predict that Microchip Technology will post 1.03 EPS 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 paid a dividend of $0.455 per share. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.82 annualized dividend and a yield of 3.29%. Microchip Technology’s dividend payout ratio is currently -18,200.00%.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction that occurred 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 transaction, the chief financial officer now owns 33,272 shares of the company’s stock, valued at $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 2.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Microchip Technology

A number of hedge funds have recently modified their holdings of MCHP. Vanguard Group Inc. grew its position in Microchip Technology by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 69,302,614 shares of the semiconductor company’s stock worth $3,354,940,000 after purchasing an additional 390,269 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Microchip Technology by 39.3% during the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock worth $636,184,000 after buying an additional 3,131,807 shares during the period. Invesco Ltd. boosted its stake in shares of Microchip Technology by 9.5% during the fourth quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company’s stock worth $587,718,000 after buying an additional 890,819 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Microchip Technology by 138.9% during the first quarter. Goldman Sachs Group Inc. now owns 8,834,550 shares of the semiconductor company’s stock worth $427,681,000 after buying an additional 5,136,154 shares during the last quarter. Finally, Norges Bank acquired a new position in Microchip Technology in the 4th quarter valued at about $452,627,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

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.