Microchip Technology (NASDAQ:MCHP) Price Target Raised to $68.00

Microchip Technology (NASDAQ:MCHP) had its target price upped by Citigroup from $55.00 to $68.00 in a report published on Monday morning,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

Several other research firms have also commented on MCHP. Raymond James upped their target price on Microchip Technology from $60.00 to $65.00 and gave the company a “strong-buy” rating in a research note on Friday, May 9th. Bank of America raised Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price for the company in a research report on Friday, May 9th. UBS Group upped their target price on Microchip Technology from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, May 30th. Evercore ISI increased their price target on Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $66.00 price target on shares of Microchip Technology in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus price target of $68.37.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $69.60 on Monday. The stock has a fifty day moving average price of $51.57 and a 200 day moving average price of $55.02. The stock has a market cap of $37.54 billion, a PE ratio of 124.29 and a beta of 1.48. Microchip Technology has a 1 year low of $34.13 and a 1 year high of $96.98. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25.

Microchip Technology (NASDAQ:MCHP) last issued 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. 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 during the quarter, compared to analysts’ expectations of $962.86 million. During the same period in the previous year, the firm posted $0.57 earnings per share. Microchip Technology’s revenue was down 26.8% on a year-over-year basis. 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 announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were given a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology’s dividend payout ratio is currently -18,200.00%.

Insider Activity

In related news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value 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. This trade represents a 12.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the transaction, the chief financial officer now owns 34,313 shares of the company’s stock, valued at $1,913,979.14. This trade represents a 5.55% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. lifted its position in shares of Microchip Technology by 0.5% during the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company’s stock worth $2,254,000 after purchasing an additional 209 shares during the last quarter. Northwest Bank & Trust Co grew its position in Microchip Technology by 3.0% during the 4th quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company’s stock worth $424,000 after acquiring an additional 217 shares during the last quarter. Clearstead Trust LLC grew its position in Microchip Technology by 10.5% during the 1st quarter. Clearstead Trust LLC now owns 2,356 shares of the semiconductor company’s stock worth $114,000 after acquiring an additional 224 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in Microchip Technology by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company’s stock worth $2,238,000 after buying an additional 230 shares in the last quarter. Finally, Greenleaf Trust lifted its holdings in Microchip Technology by 1.0% during the 1st quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company’s stock worth $1,207,000 after buying an additional 242 shares in the last quarter. Hedge funds and other 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.