Analysts Set Microchip Technology Incorporated (NASDAQ:MCHP) PT at $74.37

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) have been assigned an average rating of “Moderate Buy” from the nineteen analysts that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation, thirteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $74.37.

A number of equities research analysts have issued reports on MCHP shares. Bank of America cut shares of Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $80.00 to $65.00 in a report on Monday, December 16th. Needham & Company LLC boosted their price target on shares of Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday, March 4th. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. Piper Sandler restated an “overweight” rating and issued a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, Mizuho lifted their price target on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $36.22 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The stock has a fifty day simple moving average of $54.29 and a two-hundred day simple moving average of $62.67. Microchip Technology has a 1-year low of $36.10 and a 1-year high of $100.57. The firm has a market cap of $19.48 billion, a price-to-earnings ratio of 64.68 and a beta of 1.51.

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 the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Analysts anticipate that Microchip Technology will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a $0.455 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 5.02%. Microchip Technology’s dividend payout ratio (DPR) is currently 325.00%.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction dated Tuesday, February 25th. The shares were 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 directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MCHP. Federated Hermes Inc. boosted its stake in shares of Microchip Technology by 0.5% during the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company’s stock valued at $2,254,000 after purchasing an additional 209 shares in the last quarter. Northwest Bank & Trust Co boosted its position in Microchip Technology by 3.0% during the 4th quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company’s stock valued at $424,000 after acquiring an additional 217 shares in the last quarter. Coldstream Capital Management Inc. raised its position in shares of Microchip Technology by 2.4% in the 3rd quarter. Coldstream Capital Management Inc. now owns 11,052 shares of the semiconductor company’s stock worth $878,000 after acquiring an additional 260 shares in the last quarter. EP Wealth Advisors LLC lifted its stake in shares of Microchip Technology by 1.8% in the 3rd quarter. EP Wealth Advisors LLC now owns 14,725 shares of the semiconductor company’s stock valued at $1,182,000 after purchasing an additional 264 shares during the period. Finally, Lebenthal Global Advisors LLC boosted its position in shares of Microchip Technology by 7.3% during the fourth quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company’s stock valued at $223,000 after purchasing an additional 266 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.