Microchip Technology Incorporated (NASDAQ:MCHP) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Microchip Technology Incorporated (NASDAQ:MCHP) has received a consensus recommendation of “Moderate Buy” from the nineteen research firms that are covering the stock, Marketbeat.com reports. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $67.42.

MCHP has been the topic of several research reports. B. Riley upped their price target on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Rosenblatt Securities reiterated a “buy” rating and set a $70.00 price target on shares of Microchip Technology in a research report on Tuesday, March 4th. Wall Street Zen downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. KeyCorp reduced their price target on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This represents a 10.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the company’s stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the sale, the director now directly owns 3,468 shares of the company’s stock, valued at $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

Institutional Trading of Microchip Technology

A number of large investors have recently bought and sold shares of the business. Geneos Wealth Management Inc. increased its stake in Microchip Technology by 101.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,221 shares of the semiconductor company’s stock worth $59,000 after purchasing an additional 616 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Microchip Technology by 9.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,348,465 shares of the semiconductor company’s stock worth $162,099,000 after purchasing an additional 302,460 shares in the last quarter. Logan Capital Management Inc. increased its stake in Microchip Technology by 44.1% during the 1st quarter. Logan Capital Management Inc. now owns 66,109 shares of the semiconductor company’s stock worth $3,200,000 after purchasing an additional 20,228 shares in the last quarter. Dean Capital Management increased its stake in Microchip Technology by 20.1% during the 1st quarter. Dean Capital Management now owns 28,077 shares of the semiconductor company’s stock worth $1,359,000 after purchasing an additional 4,703 shares in the last quarter. Finally, MBB Public Markets I LLC bought a new stake in Microchip Technology during the 1st quarter worth approximately $294,000. 91.51% of the stock is owned by institutional investors.

Microchip Technology Stock Down 3.2%

Shares of NASDAQ MCHP opened at $56.19 on Friday. The firm’s 50-day simple moving average is $48.07 and its 200 day simple moving average is $55.50. The company has a market cap of $30.27 billion, a price-to-earnings ratio of 100.34 and a beta of 1.42. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. Microchip Technology has a 12-month low of $34.13 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. The business had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The firm’s quarterly revenue was down 26.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 EPS. On average, research analysts expect that Microchip Technology will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd will be paid a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.24%. The ex-dividend date of this dividend is Thursday, May 22nd. Microchip Technology’s payout ratio is presently -18,200.00%.

About Microchip Technology

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.