Rosenblatt Securities Reaffirms “Buy” Rating for Microchip Technology (NASDAQ:MCHP)

Rosenblatt Securities reissued their buy rating on shares of Microchip Technology (NASDAQ:MCHP) in a report issued on Wednesday morning,Benzinga reports. Rosenblatt Securities currently has a $90.00 price objective on the semiconductor company’s stock.

MCHP has been the topic of several other reports. 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 report on Monday, September 23rd. Susquehanna reduced their target price on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a research note on Monday, October 21st. Citigroup reduced their price objective 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. TD Cowen cut their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday. Finally, Morgan Stanley lowered Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $102.00 to $100.00 in a research report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP traded down $1.47 on Wednesday, reaching $72.87. The company’s stock had a trading volume of 6,290,308 shares, compared to its average volume of 5,325,453. The company has a market cap of $39.13 billion, a P/E ratio of 50.96 and a beta of 1.53. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.08 and a current ratio of 0.88. The company has a 50-day simple moving average of $76.73 and a 200 day simple moving average of $84.98. Microchip Technology has a 52-week low of $71.76 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the prior year, the business posted $1.54 EPS. The firm’s quarterly revenue was down 48.4% on a year-over-year basis. As a group, equities research analysts anticipate that Microchip Technology will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a $0.455 dividend. The ex-dividend date is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.50%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 127.27%.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction on 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 owns 33,257 shares in the company, valued at approximately $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 accessible through this link. 2.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Microchip Technology

A number of institutional investors have recently made changes to their positions in the stock. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Microchip Technology by 2,390.5% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after purchasing an additional 2,199,290 shares during the period. Clearbridge Investments LLC lifted its position in shares of Microchip Technology by 18,944.8% during the first quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock valued at $177,002,000 after purchasing an additional 1,962,685 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Microchip Technology by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares during the period. Van ECK Associates Corp lifted its stake in Microchip Technology by 25.1% in the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock valued at $599,239,000 after purchasing an additional 1,597,263 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in Microchip Technology by 425.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after acquiring an additional 1,114,962 shares during the period. Institutional investors 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.