Rosenblatt Securities Reiterates Buy Rating for Microchip Technology (NASDAQ:MCHP)

Rosenblatt Securities restated their buy rating on shares of Microchip Technology (NASDAQ:MCHP) in a research report released on Tuesday morning,Benzinga reports. The firm currently has a $70.00 price objective on the semiconductor company’s stock.

A number of other equities analysts have also weighed in on MCHP. KeyCorp decreased their target price on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. Raymond James reissued a “strong-buy” rating and set a $60.00 price objective (down from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Bank of America cut shares of Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $80.00 to $65.00 in a report on Monday, December 16th. TD Cowen decreased their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Finally, Needham & Company LLC dropped their price target on Microchip Technology from $85.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $74.37.

Microchip Technology Price Performance

MCHP opened at $58.26 on Tuesday. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The firm has a market cap of $31.33 billion, a PE ratio of 104.04 and a beta of 1.52. Microchip Technology has a 1 year low of $50.21 and a 1 year high of $100.57. The stock has a 50-day moving average price of $56.95 and a 200-day moving average price of $66.93.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Sell-side analysts predict that Microchip Technology will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be paid a $0.455 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 3.12%. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Microchip Technology

Large investors have recently bought and sold shares of the company. Mainstream Capital Management LLC acquired a new stake in Microchip Technology during the 4th quarter valued at approximately $26,000. Rakuten Securities Inc. lifted its position in Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 359 shares during the period. Prospera Private Wealth LLC purchased a new stake in Microchip Technology in the third quarter valued at $29,000. OFI Invest Asset Management acquired a new stake in Microchip Technology during the 4th quarter worth about $29,000. Finally, Financial Life Planners purchased a new position in shares of Microchip Technology during the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

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.