Microchip Technology (NASDAQ:MCHP) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Microchip Technology (NASDAQ:MCHP) had its price objective raised by Morgan Stanley from $39.00 to $50.00 in a research report released on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the semiconductor company’s stock.

Several other equities research analysts have also weighed in on the company. Citigroup raised their price objective on Microchip Technology from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday. B. Riley lifted their price target on Microchip Technology from $60.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday. Stifel Nicolaus upped their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday. The Goldman Sachs Group cut their price target on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Finally, Mizuho upped their price target on shares of Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $67.42.

Microchip Technology Price Performance

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 company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The firm has a market cap of $29.76 billion, a P/E ratio of 98.80 and a beta of 1.42. The business’s 50-day moving average price is $47.06 and its 200 day moving average price is $56.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data 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. The company had revenue of $970.50 million for the quarter, compared to analysts’ expectations of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The business’s revenue was down 26.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS. As a group, sell-side analysts predict that Microchip Technology will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The company 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 $0.455 dividend. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 3.29%. Microchip Technology’s payout ratio is -18,200.00%.

Insider Buying and Selling

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

Institutional Trading of Microchip Technology

Large investors have recently made changes to their positions in the stock. Mainstream Capital Management LLC acquired a new stake in Microchip Technology in the 4th quarter worth approximately $26,000. Rakuten Securities Inc. lifted its stake in shares of Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after buying an additional 359 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Microchip Technology during the 4th quarter worth $29,000. Financial Life Planners acquired a new position in Microchip Technology in the 4th quarter valued at $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in Microchip Technology in the 4th quarter worth $34,000. Institutional investors own 91.51% of the company’s stock.

About Microchip Technology

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.