Microchip Technology (NASDAQ:MCHP) Given New $98.00 Price Target at Stifel Nicolaus

Microchip Technology (NASDAQ:MCHP) had its price objective lifted by Stifel Nicolaus from $94.00 to $98.00 in a research report released on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

Other analysts have also issued reports about the stock. TD Cowen upped their price target on shares of Microchip Technology from $75.00 to $80.00 and gave the stock a market perform rating in a research note on Friday, February 2nd. Truist Financial reduced their price target on shares of Microchip Technology from $97.00 to $93.00 and set a buy rating for the company in a research note on Tuesday, January 9th. StockNews.com lowered shares of Microchip Technology from a buy rating to a hold rating in a research note on Friday, December 29th. Evercore ISI assumed coverage on shares of Microchip Technology in a research note on Tuesday. They issued an outperform rating and a $106.00 price target for the company. Finally, Wolfe Research raised shares of Microchip Technology from a peer perform rating to an outperform rating and set a $105.00 target price for the company in a research note on Thursday, January 18th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of Moderate Buy and an average target price of $92.50.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $84.21 on Thursday. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The firm has a 50-day simple moving average of $86.58 and a 200 day simple moving average of $84.24. The company has a market cap of $45.51 billion, a PE ratio of 19.68, a P/E/G ratio of 2.60 and a beta of 1.65. Microchip Technology has a fifty-two week low of $68.75 and a fifty-two week high of $94.30.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. Microchip Technology’s revenue was down 18.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.48 EPS. On average, sell-side analysts anticipate that Microchip Technology will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were issued a dividend of $0.45 per share. The ex-dividend date was Thursday, February 22nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.14%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s payout ratio is currently 42.06%.

Insider Activity

In other news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now owns 1,789 shares in the company, valued at $150,276. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Cullinan Associates Inc. grew its position in Microchip Technology by 34.9% in the first quarter. Cullinan Associates Inc. now owns 11,600 shares of the semiconductor company’s stock worth $1,041,000 after acquiring an additional 3,000 shares in the last quarter. Iams Wealth Management LLC grew its position in Microchip Technology by 7.5% in the first quarter. Iams Wealth Management LLC now owns 14,539 shares of the semiconductor company’s stock worth $1,195,000 after acquiring an additional 1,012 shares in the last quarter. Park Place Capital Corp grew its position in Microchip Technology by 267.0% in the first quarter. Park Place Capital Corp now owns 3,644 shares of the semiconductor company’s stock worth $327,000 after acquiring an additional 2,651 shares in the last quarter. Claro Advisors LLC grew its position in Microchip Technology by 24.3% in the first quarter. Claro Advisors LLC now owns 4,699 shares of the semiconductor company’s stock worth $422,000 after acquiring an additional 920 shares in the last quarter. Finally, Deltec Asset Management LLC bought a new stake in Microchip Technology in the first quarter worth approximately $897,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.