Microchip Technology (NASDAQ:MCHP) Given New $60.00 Price Target at Needham & Company LLC

Microchip Technology (NASDAQ:MCHP) had its price objective lowered by Needham & Company LLC from $85.00 to $60.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

A number of other equities analysts also recently issued reports on MCHP. Stifel Nicolaus dropped their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, December 3rd. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $80.00 to $65.00 in a research report on Monday, December 16th. 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 report on Wednesday, November 6th. TD Cowen dropped their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $77.11.

Microchip Technology Price Performance

MCHP opened at $51.89 on Friday. Microchip Technology has a 12-month low of $50.21 and a 12-month high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The business’s fifty day simple moving average is $57.71 and its 200-day simple moving average is $69.84. The company has a market capitalization of $27.87 billion, a price-to-earnings ratio of 92.66 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.41% and a net margin of 6.49%. On average, equities research analysts anticipate that Microchip Technology will post 1.3 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be paid a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 3.51%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Van ECK Associates Corp raised its stake in shares of Microchip Technology by 39.3% in the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock worth $636,184,000 after purchasing an additional 3,131,807 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Microchip Technology by 30.2% in the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after purchasing an additional 776,408 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Microchip Technology by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,143,769 shares of the semiconductor company’s stock worth $180,295,000 after purchasing an additional 116,823 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Microchip Technology by 9,901.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after purchasing an additional 2,829,082 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Microchip Technology by 20.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock worth $220,957,000 after purchasing an additional 460,697 shares during the last quarter. 91.51% of the stock is currently 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.