Microchip Technology (NASDAQ:MCHP) Upgraded to Hold at StockNews.com

by · The Cerbat Gem

StockNews.com upgraded shares of Microchip Technology (NASDAQ:MCHP – Free Report) from a sell rating to a hold rating in a research report report published on Thursday morning.

A number of other brokerages have also weighed in on MCHP. B. Riley reduced their target price on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. TD Cowen reduced their price objective on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and dropped their target price for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $110.00 to $90.00 in a research report on Friday, August 2nd. Finally, Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $90.00 to $100.00 in a report on Friday, August 16th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $99.47.

Check Out Our Latest Stock Report on Microchip Technology

Microchip Technology Stock Performance

MCHP stock opened at $76.58 on Thursday. Microchip Technology has a twelve month low of $68.75 and a twelve month high of $100.57. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The company has a market cap of $41.09 billion, a P/E ratio of 22.07 and a beta of 1.52. The business’s fifty day moving average is $78.26 and its 200-day moving average is $86.25.

Microchip Technology (NASDAQ:MCHP – Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the previous year, the business earned $1.56 EPS. The firm’s revenue was down 45.8% on a year-over-year basis. Equities research analysts forecast that Microchip Technology will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were given a $0.454 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.37%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.07% of the stock is owned by insiders.

Hedge Funds Weigh In On Microchip Technology

Large investors have recently modified their holdings of the stock. Rise Advisors LLC acquired a new position in Microchip Technology in the 1st quarter valued at about $28,000. Steph & Co. boosted its holdings in shares of Microchip Technology by 57.4% during the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 151 shares during the period. Pathway Financial Advisers LLC acquired a new position in shares of Microchip Technology in the first quarter valued at approximately $39,000. Richardson Capital Management LLC bought a new position in shares of Microchip Technology during the first quarter worth approximately $45,000. Finally, SOA Wealth Advisors LLC. lifted its holdings in Microchip Technology by 90.0% during the 1st quarter. SOA Wealth Advisors LLC. now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 251 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

About Microchip Technology

(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.

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