Microchip Technology (NASDAQ:MCHP) Upgraded 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 released on Thursday morning.

A number of other equities analysts have also recently weighed in on the stock. Citigroup reduced their price target on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Bank of America cut shares of 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. Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. B. Riley dropped their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Susquehanna dropped their price objective on shares of Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a report on Friday, August 2nd. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $98.42.

Microchip Technology Price Performance

Shares of MCHP stock opened at $77.34 on Thursday. Microchip Technology has a 52-week low of $68.75 and a 52-week high of $100.57. The stock has a market cap of $41.49 billion, a PE ratio of 22.29 and a beta of 1.52. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The firm’s 50 day moving average price is $78.29 and its two-hundred day moving average price is $86.15.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same period last year, the firm posted $1.56 earnings per share. As a group, analysts forecast that Microchip Technology will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.454 per share. The ex-dividend date was Thursday, August 22nd. 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 2.35%. Microchip Technology’s payout ratio is currently 52.16%.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

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.