Microchip Technology (NASDAQ:MCHP) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

Microchip Technology (NASDAQ:MCHPFree Report) had its price objective raised by Stifel Nicolaus from $60.00 to $70.00 in a research report report published on Friday morning, MarketBeat Ratings reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

Several other brokerages also recently commented on MCHP. Mizuho lifted their target price on Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Rosenblatt Securities reiterated a “buy” rating and issued a $70.00 target price on shares of Microchip Technology in a report on Tuesday, March 4th. Evercore ISI raised their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. KeyCorp reduced their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research note on Friday, February 7th. Finally, Needham & Company LLC reissued a “buy” rating and set a $66.00 target price on shares of Microchip Technology in a research note on Friday. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $67.42.

View Our Latest Stock Analysis on Microchip Technology

Microchip Technology Stock Performance

Shares of MCHP stock opened at $55.33 on Friday. The business’s 50-day moving average price is $47.06 and its 200-day moving average price is $56.57. Microchip Technology has a 12 month low of $34.13 and a 12 month high of $100.57. 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 firm has a market capitalization of $29.76 billion, a price-to-earnings ratio of 98.80 and a beta of 1.42.

Microchip Technology (NASDAQ:MCHPGet Free Report) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. The firm had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The company’s revenue for the quarter was down 26.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.57 EPS. Equities research analysts forecast that Microchip Technology will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend is Thursday, May 22nd. Microchip Technology’s dividend payout ratio is currently -18,200.00%.

Insider Activity at Microchip Technology

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

Institutional Trading of Microchip Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. Federated Hermes Inc. lifted its position 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 worth $2,254,000 after buying an additional 209 shares in the last quarter. Northwest Bank & Trust Co increased its position in shares of Microchip Technology by 3.0% during the fourth 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 during the last quarter. Clearstead Trust LLC lifted its holdings in Microchip Technology by 10.5% during the first quarter. Clearstead Trust LLC now owns 2,356 shares of the semiconductor company’s stock worth $114,000 after acquiring an additional 224 shares during the period. Oregon Public Employees Retirement Fund boosted its position in Microchip Technology by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company’s stock worth $2,238,000 after purchasing an additional 230 shares during the last quarter. Finally, Greenleaf Trust increased its position in shares of Microchip Technology by 1.0% during the 1st quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company’s stock valued at $1,207,000 after purchasing an additional 242 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.