Microchip Technology (NASDAQ:MCHP) Price Target Cut to $103.00 by Analysts at B. Riley

Microchip Technology (NASDAQ:MCHP) had its price objective reduced by B. Riley from $110.00 to $103.00 in a research report released on Friday morning, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

MCHP has been the topic of a number of other research reports. Mizuho raised Microchip Technology from a neutral rating to a buy rating and lifted their price target for the stock from $85.00 to $115.00 in a research note on Friday, May 24th. Truist Financial lowered their target price on Microchip Technology from $96.00 to $89.00 and set a buy rating on the stock in a research note on Friday. Piper Sandler reaffirmed a neutral rating and set a $90.00 target price (up previously from $80.00) on shares of Microchip Technology in a research note on Tuesday, May 7th. TD Cowen lowered their target price on Microchip Technology from $90.00 to $80.00 and set a hold rating on the stock in a research note on Friday. Finally, Susquehanna lowered their target price on Microchip Technology from $115.00 to $105.00 and set a positive rating on the stock in a research note on Friday. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $99.42.

Microchip Technology Price Performance

NASDAQ:MCHP traded up $1.70 during mid-day trading on Friday, reaching $75.56. 5,766,293 shares of the stock were exchanged, compared to its average volume of 5,975,340. The business has a fifty day moving average price of $91.17 and a 200 day moving average price of $89.38. The firm has a market capitalization of $40.54 billion, a PE ratio of 21.68 and a beta of 1.54. Microchip Technology has a 1-year low of $68.75 and a 1-year high of $100.57. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. Microchip Technology’s revenue was down 45.8% on a year-over-year basis. During the same quarter last year, the business posted $1.56 EPS. Research analysts expect that Microchip Technology will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be issued a $0.454 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.40%. The ex-dividend date is Thursday, August 22nd. Microchip Technology’s payout ratio is 52.16%.

Insider Buying and Selling

In related news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the sale, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the transaction, the director now directly owns 35,682 shares in the company, valued at $3,349,826.16. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,993 shares of company stock worth $2,251,857. 2.07% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MCHP. Norden Group LLC increased its position in shares of Microchip Technology by 9.0% during the second quarter. Norden Group LLC now owns 3,727 shares of the semiconductor company’s stock valued at $341,000 after purchasing an additional 309 shares during the period. Parcion Private Wealth LLC increased its position in shares of Microchip Technology by 1.5% during the second quarter. Parcion Private Wealth LLC now owns 85,630 shares of the semiconductor company’s stock valued at $7,835,000 after purchasing an additional 1,243 shares during the period. SVB Wealth LLC increased its position in shares of Microchip Technology by 32.4% during the second quarter. SVB Wealth LLC now owns 111,084 shares of the semiconductor company’s stock valued at $10,164,000 after purchasing an additional 27,162 shares during the period. Candriam S.C.A. increased its position in shares of Microchip Technology by 15.7% during the second quarter. Candriam S.C.A. now owns 11,702 shares of the semiconductor company’s stock valued at $1,071,000 after purchasing an additional 1,584 shares during the period. Finally, New York Life Investment Management LLC increased its position in shares of Microchip Technology by 0.5% during the second quarter. New York Life Investment Management LLC now owns 74,367 shares of the semiconductor company’s stock valued at $6,805,000 after purchasing an additional 376 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

About Microchip Technology

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 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.