Microchip Technology (NASDAQ:MCHP) Given New $64.00 Price Target at Truist Financial

Microchip Technology (NASDAQ:MCHP) had its target price lifted by Truist Financial from $52.00 to $64.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a hold rating on the semiconductor company’s stock.

Other equities analysts have also issued reports about the company. Needham & Company LLC restated a “buy” rating and set a $66.00 price target on shares of Microchip Technology in a research report on Friday, May 9th. B. Riley raised their price target on Microchip Technology from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Evercore ISI raised their price target on Microchip Technology from $69.00 to $83.00 and gave the stock an “outperform” rating in a research report on Thursday, June 12th. Stifel Nicolaus raised their price target on Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Finally, Citigroup raised their price target on Microchip Technology from $55.00 to $68.00 and gave the stock a “buy” rating in a research report on Monday, June 9th. One analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target of $70.15.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $68.02 on Wednesday. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $36.69 billion, a PE ratio of -6,802.00, a price-to-earnings-growth ratio of 2.02 and a beta of 1.48. The business’s 50-day moving average price is $54.35 and its 200-day moving average price is $54.99. Microchip Technology has a 12 month low of $34.13 and a 12 month high of $96.98.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. The firm had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The company’s revenue was down 26.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.57 EPS. Sell-side analysts forecast that Microchip Technology will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

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

Insider Transactions at Microchip Technology

In related news, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director now directly owns 3,468 shares in the company, valued at $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the sale, the chief financial officer now owns 34,313 shares in the company, valued at $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

Several hedge funds have recently made changes to their positions in MCHP. Mainstream Capital Management LLC bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $26,000. Rakuten Securities Inc. boosted its position in shares of Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 359 shares in the last quarter. OFI Invest Asset Management bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $29,000. Garde Capital Inc. bought a new stake in shares of Microchip Technology during the first quarter valued at approximately $30,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $34,000. 91.51% of the stock is currently owned by institutional investors.

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.