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

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

A number of other analysts also recently commented on MCHP. Piper Sandler dropped their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Mizuho set a $95.00 price target on shares of Microchip Technology in a research report on Friday, October 18th. Jefferies Financial Group reduced their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Susquehanna dropped their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. Finally, Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their target price for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $90.95.

Microchip Technology Stock Performance

Shares of MCHP opened at $59.93 on Friday. The firm has a market capitalization of $32.18 billion, a PE ratio of 41.91 and a beta of 1.50. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The firm has a 50-day moving average price of $70.49 and a 200 day moving average price of $79.80. Microchip Technology has a 52-week low of $57.96 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the firm posted $1.54 earnings per share. The business’s revenue was down 48.4% on a year-over-year basis. On average, sell-side analysts anticipate that Microchip Technology will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were issued a dividend of $0.455 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.04%. Microchip Technology’s payout ratio is currently 127.27%.

Institutional Investors Weigh In On Microchip Technology

Several hedge funds have recently bought and sold shares of the business. Quadrature Capital Ltd acquired a new position in shares of Microchip Technology in the 3rd quarter valued at about $3,312,000. Benjamin Edwards Inc. grew its position in Microchip Technology by 5,185.4% during the third quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock valued at $755,000 after purchasing an additional 9,230 shares in the last quarter. Empowered Funds LLC increased its stake in Microchip Technology by 25.7% in the 3rd quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock valued at $7,721,000 after buying an additional 19,663 shares during the period. Harvest Fund Management Co. Ltd lifted its position in Microchip Technology by 52.1% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 24,713 shares of the semiconductor company’s stock worth $1,984,000 after buying an additional 8,467 shares in the last quarter. Finally, Harvey Partners LLC acquired a new stake in shares of Microchip Technology during the 3rd quarter valued at $20,554,000. 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.