Microchip Technology (NASDAQ:MCHP) Price Target Raised to $110.00

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Microchip Technology (NASDAQ:MCHP) had its target price increased by Needham & Company LLC to $110.00 in a research note released on Wednesday, The Fly reports. Needham & Company LLC currently has an in-line rating on the semiconductor company’s stock.

Other research analysts also recently issued reports about the company. B. Riley set a $120.00 target price on Microchip Technology and gave the stock a buy rating in a research note on Wednesday, September 4th. Rosenblatt Securities restated a buy rating and set a $115.00 target price on shares of Microchip Technology in a research note on Wednesday. Cfra set a $100.00 target price on Microchip Technology and gave the stock a hold rating in a research note on Saturday, September 7th. Zacks Investment Research downgraded Microchip Technology from a hold rating to a sell rating and set a $105.00 target price on the stock. in a research note on Thursday, July 25th. Finally, Cowen dropped their target price on Microchip Technology from $90.00 to $89.00 and set a market perform rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and an average target price of $105.66.

Shares of MCHP stock traded up $0.85 on Wednesday, reaching $96.21. 1,777,500 shares of the company’s stock were exchanged, compared to its average volume of 2,568,865. Microchip Technology has a 52 week low of $65.67 and a 52 week high of $101.57. The company’s fifty day simple moving average is $94.12 and its 200 day simple moving average is $90.20. The company has a current ratio of 0.93, a quick ratio of 0.63 and a debt-to-equity ratio of 1.65. The stock has a market capitalization of $23.81 billion, a PE ratio of 15.82, a P/E/G ratio of 1.83 and a beta of 1.44.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $1.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.13. Microchip Technology had a return on equity of 25.74% and a net margin of 7.15%. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same period in the previous year, the business earned $1.81 EPS. The firm’s revenue for the quarter was down 6.6% on a year-over-year basis. As a group, sell-side analysts predict that Microchip Technology will post 5.21 earnings per share for the current fiscal year.

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

In other news, VP Richard J. Simoncic sold 3,437 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total transaction of $304,518.20. Following the completion of the transaction, the vice president now directly owns 18,178 shares of the company’s stock, valued at approximately $1,610,570.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 1,937 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total transaction of $171,618.20. The disclosure for this sale can be found here. 2.21% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in MCHP. Boltwood Capital Management raised its stake in shares of Microchip Technology by 4.3% in the second quarter. Boltwood Capital Management now owns 21,265 shares of the semiconductor company’s stock worth $1,844,000 after acquiring an additional 870 shares during the last quarter. Park National Corp OH acquired a new stake in shares of Microchip Technology during the 2nd quarter worth approximately $208,000. WINTON GROUP Ltd acquired a new stake in shares of Microchip Technology during the 2nd quarter worth approximately $1,144,000. Crossmark Global Holdings Inc. grew its position in shares of Microchip Technology by 16.1% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 111,237 shares of the semiconductor company’s stock worth $9,644,000 after buying an additional 15,432 shares during the period. Finally, Retirement Systems of Alabama grew its position in shares of Microchip Technology by 0.6% during the 2nd quarter. Retirement Systems of Alabama now owns 110,955 shares of the semiconductor company’s stock worth $9,620,000 after buying an additional 612 shares during the period.

About Microchip Technology

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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