Microchip Technology Incorporated (NASDAQ:MCHP) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Microchip Technology Incorporated (NASDAQ:MCHP) has been given a consensus recommendation of “Moderate Buy” by the eighteen ratings firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $85.00.

Several equities analysts have recently issued reports on the company. KeyCorp decreased their price objective on Microchip Technology from $90.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, January 14th. Bank of America lowered Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. Susquehanna cut their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. TD Cowen lowered their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Finally, Citigroup cut their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, November 6th.

Microchip Technology Trading Up 1.9 %

Shares of NASDAQ:MCHP opened at $59.57 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology has a 52-week low of $54.47 and a 52-week high of $100.57. The stock has a market cap of $31.99 billion, a price-to-earnings ratio of 41.66 and a beta of 1.52. The business has a 50-day moving average price of $60.53 and a 200-day moving average price of $72.98.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the business posted $1.54 EPS. The business’s quarterly revenue was down 48.4% compared to the same quarter last year. Equities analysts predict that Microchip Technology will post 1.31 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a dividend of $0.455 per share. The ex-dividend date was Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 3.06%. Microchip Technology’s dividend payout ratio is 127.27%.

Institutional Investors Weigh In On Microchip Technology

A number of hedge funds have recently bought and sold shares of MCHP. Boomfish Wealth Group LLC raised its holdings in Microchip Technology by 36.1% in the fourth quarter. Boomfish Wealth Group LLC now owns 38,863 shares of the semiconductor company’s stock valued at $2,229,000 after acquiring an additional 10,311 shares in the last quarter. Gilbert & Cook Inc. raised its holdings in shares of Microchip Technology by 15.9% in the 4th quarter. Gilbert & Cook Inc. now owns 5,343 shares of the semiconductor company’s stock valued at $306,000 after purchasing an additional 734 shares in the last quarter. Swedbank AB lifted its position in shares of Microchip Technology by 6.4% during the 4th quarter. Swedbank AB now owns 37,132 shares of the semiconductor company’s stock worth $2,130,000 after purchasing an additional 2,247 shares during the last quarter. Iams Wealth Management LLC grew its stake in shares of Microchip Technology by 38.9% during the fourth quarter. Iams Wealth Management LLC now owns 26,194 shares of the semiconductor company’s stock worth $1,502,000 after purchasing an additional 7,338 shares in the last quarter. Finally, Forsta AP Fonden increased its holdings in Microchip Technology by 3.9% in the fourth quarter. Forsta AP Fonden now owns 116,200 shares of the semiconductor company’s stock valued at $6,664,000 after buying an additional 4,400 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

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.