Microchip Technology’s (MCHP) Overweight Rating Reaffirmed at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Microchip Technology (NASDAQ:MCHP) in a research report sent to investors on Friday morning,Benzinga reports. Piper Sandler currently has a $65.00 price objective on the semiconductor company’s stock, down from their previous price objective of $85.00.

Several other research analysts also recently issued reports on MCHP. Needham & Company LLC dropped their target price on shares of Microchip Technology from $85.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday. B. Riley decreased their price objective on shares of Microchip Technology from $93.00 to $85.00 and set a “buy” rating for the company in a report on Friday, January 24th. Jefferies Financial Group cut their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Stifel Nicolaus decreased their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price of $77.11.

Microchip Technology Stock Performance

Microchip Technology stock opened at $51.89 on Friday. The stock’s 50 day moving average is $58.04 and its 200 day moving average is $70.26. The company has a market capitalization of $27.87 billion, a P/E ratio of 92.66 and a beta of 1.50. Microchip Technology has a twelve month low of $50.21 and a twelve month high of $100.57. 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 (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.41%. On average, equities research analysts predict that Microchip Technology will post 1.3 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s dividend payout ratio is presently 325.00%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in MCHP. Pallas Capital Advisors LLC purchased a new stake in Microchip Technology in the 4th quarter worth approximately $5,917,000. Quadrature Capital Ltd bought a new position in shares of Microchip Technology in the third quarter worth approximately $3,312,000. Symphony Financial Ltd. Co. purchased a new stake in shares of Microchip Technology in the fourth quarter worth $520,000. Benjamin Edwards Inc. raised its position in shares of Microchip Technology by 5,185.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock valued at $755,000 after purchasing an additional 9,230 shares during the period. Finally, Empowered Funds LLC lifted its stake in shares of Microchip Technology by 25.7% during the 3rd quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock valued at $7,721,000 after buying an additional 19,663 shares in the last quarter. 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.