Microchip Technology (NASDAQ:MCHP) Given New $95.00 Price Target at KeyCorp

Microchip Technology (NASDAQ:MCHP) had its target price trimmed by KeyCorp from $100.00 to $95.00 in a research report report published on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the semiconductor company’s stock.

Several other research firms also recently commented on MCHP. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a report on Wednesday, July 31st. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and decreased their price objective for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Citigroup dropped their target price on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. B. Riley lowered their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, Mizuho set a $95.00 target price on Microchip Technology in a report on Friday, October 18th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Trading Up 1.2 %

MCHP stock traded up $0.86 during midday trading on Wednesday, hitting $74.61. 1,371,204 shares of the company’s stock were exchanged, compared to its average volume of 5,939,167. The company has a market cap of $40.03 billion, a PE ratio of 51.57 and a beta of 1.53. Microchip Technology has a one year low of $71.76 and a one year high of $100.57. The stock’s fifty day moving average price is $77.05 and its 200-day moving average price is $85.12. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the firm earned $1.54 earnings per share. The firm’s revenue for the quarter was down 48.4% compared to the same quarter last year. Research analysts predict that Microchip Technology will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 126.57%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Norden Group LLC increased its position in Microchip Technology by 23.9% in the 1st quarter. Norden Group LLC now owns 3,418 shares of the semiconductor company’s stock valued at $307,000 after buying an additional 660 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of Microchip Technology by 7.0% during the first quarter. Nordea Investment Management AB now owns 39,455 shares of the semiconductor company’s stock valued at $3,539,000 after acquiring an additional 2,576 shares in the last quarter. Rehmann Capital Advisory Group raised its position in shares of Microchip Technology by 8.2% during the first quarter. Rehmann Capital Advisory Group now owns 3,237 shares of the semiconductor company’s stock worth $290,000 after purchasing an additional 246 shares during the period. Larson Financial Group LLC bought a new position in shares of Microchip Technology in the 1st quarter worth $85,000. Finally, Advisory Services Network LLC lifted its holdings in shares of Microchip Technology by 4.7% in the 1st quarter. Advisory Services Network LLC now owns 33,927 shares of the semiconductor company’s stock worth $3,044,000 after purchasing an additional 1,531 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

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.