Microchip Technology’s (MCHP) “Neutral” Rating Reaffirmed at Piper Sandler

Piper Sandler reaffirmed their neutral rating on shares of Microchip Technology (NASDAQ:MCHP) in a research report report published on Tuesday morning, Benzinga reports. Piper Sandler currently has a $90.00 price objective on the semiconductor company’s stock, up from their prior price objective of $80.00.

Several other equities research analysts have also recently weighed in on MCHP. Stifel Nicolaus upped their target price on Microchip Technology from $98.00 to $102.00 and gave the stock a buy rating in a report on Wednesday, May 1st. TD Cowen lifted their price objective on Microchip Technology from $80.00 to $90.00 and gave the company a hold rating in a report on Tuesday. Mizuho increased their target price on shares of Microchip Technology from $82.00 to $85.00 and gave the stock a neutral rating in a report on Tuesday. UBS Group reduced their price target on shares of Microchip Technology from $105.00 to $95.00 and set a buy rating for the company in a report on Friday, February 2nd. Finally, Rosenblatt Securities reaffirmed a buy rating and issued a $100.00 price target on shares of Microchip Technology in a research report on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $98.47.

Microchip Technology Trading Down 1.8 %

MCHP stock opened at $92.06 on Tuesday. Microchip Technology has a 12 month low of $68.75 and a 12 month high of $96.14. The firm’s 50-day moving average is $88.45 and its 200 day moving average is $85.37. The company has a market capitalization of $49.75 billion, a PE ratio of 21.51, a P/E/G ratio of 2.79 and a beta of 1.60. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting analysts’ consensus estimates of $0.57. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company’s quarterly revenue was down 40.6% compared to the same quarter last year. During the same period last year, the company posted $1.56 earnings per share. On average, research analysts anticipate that Microchip Technology will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be paid a $0.452 dividend. The ex-dividend date is Tuesday, May 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a yield of 1.96%. Microchip Technology’s dividend payout ratio (DPR) is 42.06%.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Horizon Bancorp Inc. IN acquired a new position in shares of Microchip Technology in the 4th quarter valued at $110,000. Rockline Wealth Management LLC acquired a new position in shares of Microchip Technology in the fourth quarter valued at about $4,449,000. 17 Capital Partners LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth about $1,827,000. AIA Group Ltd lifted its holdings in shares of Microchip Technology by 80.4% during the fourth quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock worth $2,697,000 after purchasing an additional 13,326 shares during the period. Finally, GAM Holding AG lifted its holdings in shares of Microchip Technology by 13.9% during the fourth quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company’s stock worth $13,128,000 after purchasing an additional 17,776 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Company Profile

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.