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

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

A number of other equities analysts have also recently weighed in on the company. Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $90.00 to $100.00 in a report on Friday, August 16th. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a report on Wednesday, July 31st. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and reduced their target price for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $102.00 to $100.00 in a research report on Thursday, July 11th. Finally, Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their price target for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $98.42.

Microchip Technology Price Performance

MCHP stock opened at $77.34 on Thursday. The firm has a 50 day simple moving average of $78.29 and a two-hundred day simple moving average of $86.14. The stock has a market cap of $41.49 billion, a PE ratio of 22.29 and a beta of 1.52. Microchip Technology has a one year low of $68.75 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping 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 period in the previous year, the business earned $1.56 earnings per share. The firm’s quarterly revenue was down 45.8% compared to the same quarter last year. On average, analysts predict that Microchip Technology will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a $0.454 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.35%. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Insider Activity at Microchip Technology

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

Hedge Funds Weigh In On Microchip Technology

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Godsey & Gibb Inc. boosted its position in Microchip Technology by 2.1% during the 3rd quarter. Godsey & Gibb Inc. now owns 250,381 shares of the semiconductor company’s stock valued at $20,103,000 after acquiring an additional 5,234 shares in the last quarter. Compass Ion Advisors LLC lifted its stake in shares of Microchip Technology by 4.2% in the 3rd quarter. Compass Ion Advisors LLC now owns 13,554 shares of the semiconductor company’s stock valued at $1,088,000 after purchasing an additional 548 shares during the period. Vest Financial LLC boosted its position in shares of Microchip Technology by 85.3% during the third quarter. Vest Financial LLC now owns 7,178 shares of the semiconductor company’s stock valued at $576,000 after purchasing an additional 3,304 shares in the last quarter. OLD National Bancorp IN grew its stake in Microchip Technology by 1.2% in the third quarter. OLD National Bancorp IN now owns 89,408 shares of the semiconductor company’s stock worth $7,179,000 after purchasing an additional 1,023 shares during the period. Finally, First Citizens Bank & Trust Co. raised its holdings in Microchip Technology by 14.8% in the third quarter. First Citizens Bank & Trust Co. now owns 12,010 shares of the semiconductor company’s stock worth $964,000 after purchasing an additional 1,549 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

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.