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

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) have received a consensus rating of “Moderate Buy” from the nineteen research firms that are currently covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $92.00.

A number of analysts have issued reports on MCHP shares. Rosenblatt Securities reissued a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a research note on Wednesday, November 6th. Jefferies Financial Group decreased their target price on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Piper Sandler dropped their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price target for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Finally, Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and lowered their price objective for the company from $89.00 to $80.00 in a research note on Monday, September 23rd.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC boosted its holdings in shares of Microchip Technology by 25.7% during the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock valued at $7,721,000 after acquiring an additional 19,663 shares during the period. Harvest Fund Management Co. Ltd boosted its stake in Microchip Technology by 52.1% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 24,713 shares of the semiconductor company’s stock valued at $1,984,000 after purchasing an additional 8,467 shares during the period. Cerity Partners LLC grew its position in Microchip Technology by 14.2% in the 3rd quarter. Cerity Partners LLC now owns 260,063 shares of the semiconductor company’s stock worth $20,880,000 after purchasing an additional 32,340 shares during the last quarter. Pinnacle Associates Ltd. increased its stake in shares of 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. Finally, Swedbank AB bought a new stake in shares of Microchip Technology during the first quarter valued at approximately $1,079,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Up 0.4 %

Microchip Technology stock opened at $68.17 on Friday. The stock has a market cap of $36.61 billion, a PE ratio of 47.67 and a beta of 1.53. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The stock has a 50-day moving average price of $73.71 and a 200 day moving average price of $82.42. Microchip Technology has a 52 week low of $62.63 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $1.15 billion. During the same quarter in the previous year, the business posted $1.54 earnings per share. The company’s revenue was down 48.4% on a year-over-year basis. Equities research analysts predict that Microchip Technology will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a $0.455 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date is Friday, November 22nd. Microchip Technology’s payout ratio is presently 127.27%.

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.