Susquehanna Raises Microchip Technology (NASDAQ:MCHP) Price Target to $105.00

Microchip Technology (NASDAQ:MCHP) had its price objective upped by Susquehanna from $100.00 to $105.00 in a research note published on Tuesday morning, Benzinga reports. They currently have a positive rating on the semiconductor company’s stock.

MCHP has been the topic of several other research reports. TD Cowen lifted their price target on shares of Microchip Technology from $80.00 to $90.00 and gave the stock a hold rating in a research note on Tuesday. Wolfe Research raised shares of Microchip Technology from a peer perform rating to an outperform rating and set a $105.00 target price for the company in a research report on Thursday, January 18th. Truist Financial reduced their price target on shares of Microchip Technology from $97.00 to $93.00 and set a buy rating on the stock in a research report on Tuesday, January 9th. UBS Group lowered their price objective on Microchip Technology from $105.00 to $95.00 and set a buy rating for the company in a report on Friday, February 2nd. Finally, Needham & Company LLC increased their target price on Microchip Technology from $90.00 to $100.00 and gave the stock a buy rating in a report on Tuesday. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $98.47.

Microchip Technology Trading Down 1.8 %

NASDAQ MCHP opened at $92.06 on Tuesday. The firm has a market capitalization of $49.75 billion, a price-to-earnings ratio of 21.51, a PEG ratio of 2.79 and a beta of 1.60. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. Microchip Technology has a one year low of $68.75 and a one year high of $96.14. The company’s 50 day moving average price is $88.45 and its 200 day moving average price is $85.37.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting analysts’ consensus estimates of $0.57. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter last year, the firm posted $1.56 EPS. The business’s revenue for the quarter was down 40.6% compared to the same quarter last year. On average, sell-side analysts predict that Microchip Technology will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd will be issued a dividend of $0.452 per share. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date is Tuesday, May 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is 42.06%.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 1,970 shares of the 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 owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Inspire Investing LLC raised its holdings in Microchip Technology by 14.0% during the first quarter. Inspire Investing LLC now owns 64,491 shares of the semiconductor company’s stock worth $5,785,000 after purchasing an additional 7,903 shares in the last quarter. Donoghue Forlines LLC lifted its holdings in shares of Microchip Technology by 13.3% in the first quarter. Donoghue Forlines LLC now owns 12,934 shares of the semiconductor company’s stock valued at $1,160,000 after buying an additional 1,521 shares during the period. Meeder Advisory Services Inc. boosted its stake in Microchip Technology by 3.0% during the first quarter. Meeder Advisory Services Inc. now owns 9,989 shares of the semiconductor company’s stock valued at $896,000 after buying an additional 290 shares in the last quarter. Meeder Asset Management Inc. grew its holdings in Microchip Technology by 33.7% during the first quarter. Meeder Asset Management Inc. now owns 86,518 shares of the semiconductor company’s stock worth $7,762,000 after acquiring an additional 21,785 shares during the period. Finally, NorthRock Partners LLC raised its position in Microchip Technology by 53.7% in the first quarter. NorthRock Partners LLC now owns 8,753 shares of the semiconductor company’s stock worth $785,000 after acquiring an additional 3,059 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

About Microchip Technology

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.