Microchip Technology (NASDAQ:MCHP) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Microchip Technology (NASDAQ:MCHP) from a sell rating to a hold rating in a report issued on Thursday.

A number of other equities research analysts have also recently issued reports on MCHP. Citigroup decreased their price objective on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Susquehanna cut their price objective on Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a research note on Friday, August 2nd. Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and decreased their target price for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Finally, Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $99.47.

Microchip Technology Price Performance

MCHP opened at $76.58 on Thursday. The stock has a fifty day moving average price of $78.26 and a 200 day moving average price of $86.25. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. Microchip Technology has a 1 year low of $68.75 and a 1 year high of $100.57. The stock has a market cap of $41.09 billion, a price-to-earnings ratio of 22.07 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.52 by $0.01. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.56 EPS. Analysts forecast that Microchip Technology will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a $0.454 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.37%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is presently 52.16%.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.07% of the stock is owned by company insiders.

Institutional Investors Weigh In On Microchip Technology

Large investors have recently bought and sold shares of the business. Rise Advisors LLC bought a new stake in shares of Microchip Technology during the first quarter worth $28,000. Steph & Co. increased its position in Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 151 shares in the last quarter. Pathway Financial Advisers LLC acquired a new position in shares of Microchip Technology during the first quarter worth approximately $39,000. Richardson Capital Management LLC bought a new stake in shares of Microchip Technology during the first quarter valued at approximately $45,000. Finally, SOA Wealth Advisors LLC. increased its holdings in shares of Microchip Technology by 90.0% in the first quarter. SOA Wealth Advisors LLC. now owns 530 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 251 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Company Profile

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.