Evercore ISI Initiates Coverage on Microchip Technology (NASDAQ:MCHP)

Evercore ISI began coverage on shares of Microchip Technology (NASDAQ:MCHP) in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $106.00 price objective on the semiconductor company’s stock.

Other equities research analysts have also issued reports about the company. Piper Sandler lowered Microchip Technology from an overweight rating to a neutral rating and set a $80.00 target price for the company. in a report on Thursday, January 4th. Needham & Company LLC boosted their target price on Microchip Technology from $85.00 to $90.00 and gave the stock a buy rating in a report on Friday, February 2nd. Truist Financial cut their price target on Microchip Technology from $97.00 to $93.00 and set a buy rating for the company in a report on Tuesday, January 9th. Stifel Nicolaus reiterated a buy rating and set a $94.00 price target on shares of Microchip Technology in a report on Thursday, March 14th. Finally, TD Cowen upped their price target on Microchip Technology from $75.00 to $80.00 and gave the stock a market perform rating in a report on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $92.25.

Microchip Technology Trading Up 0.3 %

Shares of NASDAQ MCHP opened at $85.93 on Tuesday. The business has a 50 day simple moving average of $86.55 and a 200 day simple moving average of $84.24. Microchip Technology has a 52 week low of $68.75 and a 52 week high of $94.30. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The stock has a market cap of $46.44 billion, a price-to-earnings ratio of 20.08, a PEG ratio of 2.61 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the previous year, the company earned $1.48 EPS. The company’s revenue for the quarter was down 18.6% on a year-over-year basis. On average, research analysts predict that Microchip Technology will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.09%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s dividend payout ratio is presently 42.06%.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the sale, the director now owns 1,789 shares in the company, valued at $150,276. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Microchip Technology

Large investors have recently bought and sold shares of the stock. OFI Invest Asset Management bought a new stake in Microchip Technology in the third quarter valued at $26,000. BKM Wealth Management LLC bought a new stake in Microchip Technology in the fourth quarter valued at $27,000. Rakuten Securities Inc. bought a new stake in shares of Microchip Technology during the fourth quarter worth $27,000. Rise Advisors LLC bought a new stake in shares of Microchip Technology during the first quarter worth $28,000. Finally, Almanack Investment Partners LLC. bought a new stake in shares of Microchip Technology during the third quarter worth $29,000. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.