Brokerages Set Microchip Technology Inc. (MCHP) PT at $102.75

Microchip Technology Inc. (NASDAQ:MCHP) has been given a consensus recommendation of “Hold” by the twenty-one analysts that are currently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $102.75.

MCHP has been the topic of a number of recent analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $115.00 target price on shares of Microchip Technology in a research report on Monday, February 11th. BidaskClub upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a research note on Thursday, December 20th. TheStreet upgraded Microchip Technology from a “c+” rating to a “b-” rating in a research report on Thursday, February 21st. Needham & Company LLC cut Microchip Technology from a “strong-buy” rating to a “buy” rating and dropped their price target for the company from $100.00 to $90.00 in a research report on Thursday, January 24th. Finally, Morgan Stanley raised their price target on Microchip Technology from $72.00 to $75.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 19th.

MCHP traded up $3.53 during trading on Wednesday, reaching $86.49. 151,978 shares of the company’s stock were exchanged, compared to its average volume of 2,041,436. Microchip Technology has a 1 year low of $60.70 and a 1 year high of $104.20. The company has a current ratio of 2.92, a quick ratio of 1.83 and a debt-to-equity ratio of 2.04. The firm has a market capitalization of $20.04 billion, a PE ratio of 16.67, a P/E/G ratio of 1.05 and a beta of 1.23.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, February 5th. The semiconductor company reported $1.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.21. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. Microchip Technology had a net margin of 6.53% and a return on equity of 32.30%. Microchip Technology’s revenue for the quarter was up 42.5% compared to the same quarter last year. During the same period last year, the firm posted $1.36 EPS. As a group, analysts predict that Microchip Technology will post 5.9 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Thursday, February 21st were paid a $0.365 dividend. This represents a $1.46 dividend on an annualized basis and a yield of 1.69%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date was Wednesday, February 20th. Microchip Technology’s dividend payout ratio (DPR) is presently 28.13%.

In other Microchip Technology news, Director L B. Day sold 3,500 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $84.82, for a total value of $296,870.00. Following the transaction, the director now owns 9,238 shares in the company, valued at $783,567.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP James Eric Bjornholt sold 2,356 shares of the business’s stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $89.24, for a total value of $210,249.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,101 shares of company stock worth $1,258,210. 2.13% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of MCHP. Clarfeld Financial Advisors LLC purchased a new stake in Microchip Technology during the fourth quarter worth about $26,000. Morgan Dempsey Capital Management LLC acquired a new position in shares of Microchip Technology in the 4th quarter valued at about $28,000. Lindbrook Capital LLC acquired a new position in shares of Microchip Technology in the 4th quarter valued at about $32,000. Enlightenment Research LLC acquired a new position in shares of Microchip Technology in the 4th quarter valued at about $43,000. Finally, JOYN Advisors Inc. lifted its stake in shares of Microchip Technology by 323.6% in the 4th quarter. JOYN Advisors Inc. now owns 610 shares of the semiconductor company’s stock valued at $44,000 after purchasing an additional 466 shares in the last quarter.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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