Microchip Technology (NASDAQ:MCHP) Price Target Raised to $83.00 at Evercore ISI

Microchip Technology (NASDAQ:MCHP) had its price target increased by Evercore ISI from $69.00 to $83.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has an outperform rating on the semiconductor company’s stock.

MCHP has been the subject of a number of other research reports. Mizuho increased their target price on shares of Microchip Technology from $68.00 to $78.00 and gave the stock an “outperform” rating in a research report on Thursday. Morgan Stanley increased their target price on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, May 9th. Stifel Nicolaus increased their target price on shares of Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Bank of America upgraded shares of Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price for the company in a research report on Friday, May 9th. Finally, UBS Group increased their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $69.53.

Microchip Technology Trading Down 2.4%

Shares of MCHP stock opened at $67.93 on Thursday. Microchip Technology has a 52-week low of $34.13 and a 52-week high of $96.98. The stock has a market cap of $36.64 billion, a price-to-earnings ratio of 121.30 and a beta of 1.48. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The firm has a fifty day moving average of $52.17 and a 200-day moving average of $55.01.

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

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date was Thursday, May 22nd. Microchip Technology’s dividend payout ratio is currently -18,200.00%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,015 shares of the firm’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the transaction, the chief financial officer now owns 34,313 shares of the company’s stock, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 3,468 shares in the company, valued at $210,472.92. This trade represents 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 Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Mainstream Capital Management LLC bought a new position in shares of Microchip Technology in the 4th quarter valued at about $26,000. Rakuten Securities Inc. boosted its stake in shares of Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 359 shares during the last quarter. OFI Invest Asset Management bought a new position in shares of Microchip Technology in the 4th quarter valued at about $29,000. Kohmann Bosshard Financial Services LLC bought a new position in shares of Microchip Technology in the 4th quarter valued at about $34,000. Finally, Millstone Evans Group LLC bought a new position in shares of Microchip Technology in the 4th quarter valued at about $34,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Company Profile

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.