Microchip Technology (NASDAQ:MCHP) Now Covered by Analysts at Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of Microchip Technology (NASDAQ:MCHP) in a research note released on Wednesday morning, MarketBeat reports. The brokerage issued a neutral rating and a $70.00 price objective on the semiconductor company’s stock.

A number of other research analysts also recently commented on the stock. Bank of America upgraded shares of Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 price objective on the stock in a research note on Friday, May 9th. Raymond James Financial increased their price objective on shares of Microchip Technology from $60.00 to $65.00 and gave the company a “strong-buy” rating in a research note on Friday, May 9th. Needham & Company LLC reiterated a “buy” rating and set a $66.00 price objective on shares of Microchip Technology in a research note on Friday, May 9th. Stifel Nicolaus increased their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Finally, Mizuho increased their price objective on shares of Microchip Technology from $68.00 to $78.00 and gave the company an “outperform” rating in a research note on Thursday, June 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.15.

Microchip Technology Price Performance

MCHP opened at $68.02 on Wednesday. The company has a fifty day simple moving average of $54.35 and a 200 day simple moving average of $54.99. The firm has a market cap of $36.69 billion, a price-to-earnings ratio of -6,802.00, a PEG ratio of 2.02 and a beta of 1.48. Microchip Technology has a twelve month low of $34.13 and a twelve month high of $96.98. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80.

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

Microchip Technology Announces Dividend

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

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the business’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the sale, the chief financial officer now directly owns 34,313 shares in the company, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Karlton D. Johnson sold 494 shares of the business’s stock in a transaction dated 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 owns 3,468 shares in the company, valued at $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by insiders.

Institutional Trading of Microchip Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Microchip Technology by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 69,302,614 shares of the semiconductor company’s stock worth $3,354,940,000 after buying an additional 390,269 shares in the last quarter. Invesco Ltd. raised its position in shares of Microchip Technology by 63.0% during the 1st quarter. Invesco Ltd. now owns 16,707,031 shares of the semiconductor company’s stock worth $808,787,000 after buying an additional 6,459,123 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of Microchip Technology by 0.9% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 16,630,574 shares of the semiconductor company’s stock worth $805,087,000 after buying an additional 152,434 shares in the last quarter. Boston Partners raised its position in shares of Microchip Technology by 35.3% during the 1st quarter. Boston Partners now owns 10,726,413 shares of the semiconductor company’s stock worth $517,082,000 after buying an additional 2,795,650 shares in the last quarter. Finally, Amundi raised its position in shares of Microchip Technology by 22.7% during the 1st quarter. Amundi now owns 10,013,285 shares of the semiconductor company’s stock worth $484,743,000 after buying an additional 1,849,866 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

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.