Morgan Stanley Boosts Microchip Technology (NASDAQ:MCHP) Price Target to $82.00

Microchip Technology (NASDAQ:MCHPGet Rating) had its target price hoisted by Morgan Stanley from $81.00 to $82.00 in a research note published on Wednesday morning, Marketbeat reports. They currently have an overweight rating on the semiconductor company’s stock.

Several other research analysts have also recently commented on the company. The Goldman Sachs Group lowered their target price on Microchip Technology from $76.00 to $61.00 in a research note on Friday, July 15th. Stifel Nicolaus raised Microchip Technology from a hold rating to a buy rating and boosted their target price for the stock from $70.00 to $75.00 in a research note on Tuesday, June 28th. Mizuho lowered their target price on Microchip Technology from $75.00 to $72.00 in a research note on Tuesday, May 10th. Bank of America lowered their target price on Microchip Technology from $85.00 to $74.00 and set a buy rating for the company in a research note on Wednesday, June 29th. Finally, Needham & Company LLC upped their price objective on Microchip Technology from $75.00 to $92.00 and gave the stock a buy rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology presently has an average rating of Moderate Buy and a consensus target price of $89.73.

Microchip Technology Price Performance

MCHP stock opened at $71.46 on Wednesday. The company has a current ratio of 1.78, a quick ratio of 1.14 and a debt-to-equity ratio of 1.27. The company has a market capitalization of $39.48 billion, a PE ratio of 26.27, a P/E/G ratio of 0.96 and a beta of 1.62. Microchip Technology has a 12-month low of $54.33 and a 12-month high of $90.00. The business’s fifty day moving average price is $63.66 and its 200 day moving average price is $68.36.

Microchip Technology (NASDAQ:MCHPGet Rating) last released its earnings results on Tuesday, August 2nd. The semiconductor company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.27 by $0.10. Microchip Technology had a return on equity of 44.90% and a net margin of 21.34%. During the same quarter in the previous year, the business posted $0.88 earnings per share. On average, sell-side analysts anticipate that Microchip Technology will post 5.19 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 2nd. Stockholders of record on Friday, August 19th will be issued a $0.301 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.28. This represents a $1.20 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend is Thursday, August 18th. Microchip Technology’s payout ratio is presently 40.44%.

Insider Activity

In other news, CEO Ganesh Moorthy bought 8,000 shares of Microchip Technology stock in a transaction dated Friday, June 17th. The stock was acquired at an average cost of $57.29 per share, with a total value of $458,320.00. Following the acquisition, the chief executive officer now owns 720,313 shares of the company’s stock, valued at $41,266,731.77. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Ganesh Moorthy acquired 8,000 shares of Microchip Technology stock in a transaction on Friday, June 17th. The stock was purchased at an average cost of $57.29 per share, with a total value of $458,320.00. Following the purchase, the chief executive officer now directly owns 720,313 shares in the company, valued at $41,266,731.77. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karlton D. Johnson sold 594 shares of the company’s stock in a transaction that occurred on Friday, May 13th. The shares were sold at an average price of $67.35, for a total value of $40,005.90. The disclosure for this sale can be found here. In the last three months, insiders sold 9,564 shares of company stock valued at $637,217. Insiders own 2.00% of the company’s stock.

Institutional Trading of Microchip Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in MCHP. Catalyst Capital Advisors LLC raised its stake in Microchip Technology by 83.6% during the 4th quarter. Catalyst Capital Advisors LLC now owns 303 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 138 shares during the last quarter. Riverview Trust Co purchased a new position in shares of Microchip Technology during the 1st quarter worth approximately $26,000. AdvisorNet Financial Inc raised its stake in shares of Microchip Technology by 1,083.3% during the 1st quarter. AdvisorNet Financial Inc now owns 355 shares of the semiconductor company’s stock worth $27,000 after buying an additional 325 shares in the last quarter. Tortoise Investment Management LLC raised its stake in shares of Microchip Technology by 100.0% during the 4th quarter. Tortoise Investment Management LLC now owns 334 shares of the semiconductor company’s stock worth $29,000 after buying an additional 167 shares in the last quarter. Finally, Industrial Alliance Investment Management Inc. purchased a new position in shares of Microchip Technology during the 4th quarter worth approximately $29,000. 89.36% of the stock is owned by hedge funds and other institutional investors.

About Microchip Technology

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Microchip Technology Incorporated develops, manufactures, and sells 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 microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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