Microchip Technology Incorporated (NASDAQ:MCHP) Receives Consensus Rating of “Moderate Buy” from Analysts

by · The Markets Daily

Shares of Microchip Technology Incorporated (NASDAQ:MCHP – Get Free Report) have received an average recommendation of “Moderate Buy” from the nineteen research firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $89.63.

Several equities research analysts recently commented on the stock. Citigroup cut their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and cut their price target for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Mizuho set a $95.00 price objective on Microchip Technology in a report on Friday, October 18th. Bank of America lowered Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Finally, TD Cowen reduced their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th.

Read Our Latest Report on Microchip Technology

Institutional Investors Weigh In On Microchip Technology

A number of large investors have recently added to or reduced their stakes in MCHP. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology in the third quarter valued at $29,000. Peterson Financial Group Inc. acquired a new position in Microchip Technology in the 3rd quarter valued at about $34,000. Truvestments Capital LLC acquired a new position in Microchip Technology in the 3rd quarter valued at about $34,000. Wolff Wiese Magana LLC raised its holdings in Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares during the period. Finally, Hobbs Group Advisors LLC lifted its position in Microchip Technology by 390.6% during the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after acquiring an additional 500 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Up 0.4 %

Shares of Microchip Technology stock opened at $57.35 on Wednesday. The company has a market capitalization of $30.80 billion, a P/E ratio of 40.11 and a beta of 1.50. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The business has a 50-day moving average of $65.87 and a two-hundred day moving average of $76.71. Microchip Technology has a 1 year low of $55.27 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP – Get Free Report) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the prior year, the business earned $1.54 EPS. Microchip Technology’s revenue for the quarter was down 48.4% compared to the same quarter last year. As a group, equities analysts predict that Microchip Technology will post 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a dividend of $0.455 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology’s payout ratio is currently 127.27%.

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.

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