Raymond James Issues Positive Forecast for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP) had its price target increased by Raymond James from $60.00 to $65.00 in a research note issued to investors on Friday, MarketBeat Ratings reports. They currently have a strong-buy rating on the semiconductor company’s stock.

Several other research analysts have also recently commented on MCHP. Evercore ISI upped their target price on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Piper Sandler reissued an “overweight” rating and issued a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $70.00 target price on shares of Microchip Technology in a research note on Tuesday, March 4th. Needham & Company LLC reiterated a “buy” rating and set a $66.00 price target on shares of Microchip Technology in a research report on Friday. Finally, KeyCorp lowered their price target on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $67.42.

Microchip Technology Stock Up 12.6 %

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

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

Microchip Technology Dividend Announcement

The firm 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 dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date is Thursday, May 22nd. Microchip Technology’s payout ratio is -18,200.00%.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was 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 of the company’s stock, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Microchip Technology

Several hedge funds have recently modified their holdings of the stock. Pallas Capital Advisors LLC purchased a new position in Microchip Technology in the 4th quarter worth about $5,917,000. Consolidated Planning Corp acquired a new position in shares of Microchip Technology in the fourth quarter worth about $308,000. one8zero8 LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth approximately $384,000. Symphony Financial Ltd. Co. acquired a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $520,000. Finally, Truist Financial Corp lifted its position in shares of Microchip Technology by 5.8% in the 4th quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company’s stock valued at $55,024,000 after acquiring an additional 52,222 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

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.