Microchip Technology (NASDAQ:MCHP) Given New $85.00 Price Target at Needham & Company LLC

Microchip Technology (NASDAQ:MCHP) had its target price decreased by Needham & Company LLC from $96.00 to $85.00 in a research note published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the semiconductor company’s stock.

MCHP has been the subject of a number of other reports. JPMorgan Chase & Co. dropped their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Citigroup dropped their price target on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. B. Riley dropped their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $90.00 to $100.00 in a research report on Friday, August 16th. Finally, Susquehanna dropped their price target on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating for the company in a research report on Monday, October 21st. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Trading Down 2.0 %

Shares of MCHP stock opened at $72.87 on Wednesday. The firm has a 50 day moving average price of $76.73 and a two-hundred day moving average price of $84.98. The company has a quick ratio of 1.08, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $39.13 billion, a PE ratio of 50.96 and a beta of 1.53. Microchip Technology has a 12-month low of $71.76 and a 12-month 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 (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same period last year, the business posted $1.54 earnings per share. As a group, analysts predict that Microchip Technology will post 1.73 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a dividend of $0.455 per share. The ex-dividend date is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.50%. Microchip Technology’s dividend payout ratio is 127.27%.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on 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 directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Pinnacle Associates Ltd. increased its holdings in Microchip Technology by 50.0% in the third quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock valued at $8,486,000 after purchasing an additional 35,213 shares during the period. Swedbank AB acquired a new stake in Microchip Technology in the first quarter valued at $1,079,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Microchip Technology by 12.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock valued at $69,355,000 after purchasing an additional 93,464 shares during the period. SageView Advisory Group LLC increased its holdings in Microchip Technology by 507.5% in the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after purchasing an additional 14,458 shares during the period. Finally, Zurich Insurance Group Ltd FI acquired a new stake in Microchip Technology in the second quarter valued at $42,538,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.