KeyCorp Cuts Microchip Technology (NASDAQ:MCHP) Price Target to $95.00

by · The Markets Daily

Microchip Technology (NASDAQ:MCHP – Free Report) had its price target trimmed by KeyCorp from $100.00 to $95.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the semiconductor company’s stock.

Several other research firms have also recently commented on MCHP. Citigroup lowered their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and upped their target price for the company from $90.00 to $100.00 in a report on Friday, August 16th. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and decreased their price objective for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $92.00.

View Our Latest Analysis on MCHP

Microchip Technology Trading Down 2.0 %

NASDAQ:MCHP traded down $1.47 during trading hours on Wednesday, hitting $72.87. The company had a trading volume of 6,290,308 shares, compared to its average volume of 5,325,453. The company has a current ratio of 0.88, a quick ratio of 1.08 and a debt-to-equity ratio of 0.71. Microchip Technology has a 1 year low of $71.76 and a 1 year high of $100.57. The company has a 50-day moving average of $76.73 and a 200 day moving average of $84.98. The company has a market cap of $39.13 billion, a P/E ratio of 50.96 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP – Get Free Report) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the firm earned $1.54 earnings per share. The firm’s quarterly revenue was down 48.4% compared to the same quarter last year. Sell-side analysts expect that Microchip Technology will post 1.73 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a $0.455 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.50%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 127.27%.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Microchip Technology

Large investors have recently modified their holdings of the stock. Prospera Private Wealth LLC bought a new stake in shares of Microchip Technology during the 3rd quarter worth approximately $29,000. Peterson Financial Group Inc. bought a new stake in Microchip Technology during the third quarter valued at $34,000. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology in the 1st quarter valued at $39,000. Versant Capital Management Inc raised its position in shares of Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 317 shares during the period. Finally, Wolff Wiese Magana LLC boosted its stake in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Microchip Technology Company Profile

(Get Free Report)

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.

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