Brokerages Set Microchip Technology Incorporated (NASDAQ:MCHP) PT at $92.00

Microchip Technology Incorporated (NASDAQ:MCHP) has been given a consensus recommendation of “Moderate Buy” by the nineteen brokerages that are currently covering the stock, Marketbeat.com reports. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $92.00.

Several equities analysts have commented on MCHP shares. Mizuho set a $95.00 price target on Microchip Technology in a report on Friday, October 18th. Piper Sandler dropped their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. KeyCorp cut their target price on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, TD Cowen cut their price objective 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.

Institutional Investors Weigh In On Microchip Technology

Several large investors have recently modified their holdings of the stock. Prospera Private Wealth LLC acquired a new stake in Microchip Technology in the 3rd quarter valued at $29,000. Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology in the 3rd quarter valued at $34,000. Truvestments Capital LLC bought a new stake in shares of Microchip Technology in the 3rd quarter worth about $34,000. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology in the 1st quarter worth about $39,000. Finally, Versant Capital Management Inc increased its position in shares of Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 317 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Stock Up 3.1 %

Microchip Technology stock opened at $70.31 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology has a 1-year low of $62.63 and a 1-year high of $100.57. The firm’s fifty day simple moving average is $73.57 and its 200-day simple moving average is $82.08. The company has a market capitalization of $37.76 billion, a P/E ratio of 49.17 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.54 earnings per share. Sell-side analysts forecast that Microchip Technology will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.59%. The ex-dividend date is Friday, November 22nd. Microchip Technology’s payout ratio is 127.27%.

About Microchip Technology

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.