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Research analysts at Stifel Nicolaus increased their price objective on shares of Microchip Technology (NASDAQ:MCHP) from $51.00 to $56.00 in a report released on Friday, Analyst Ratings Network.com reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price target indicates a potential upside of 25.53% from the company’s current price.

Shares of Microchip Technology (NASDAQ:MCHP) traded down 1.10% during mid-day trading on Friday, hitting $44.86. The stock had a trading volume of 2,879,999 shares. Microchip Technology has a 52-week low of $33.72 and a 52-week high of $46.73. The stock has a 50-day moving average of $44.51 and a 200-day moving average of $41.62. The company has a market cap of $8.899 billion and a P/E ratio of 38.51.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, January 30th. The company reported $0.61 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.60 by $0.01. The company had revenue of $482.40 million for the quarter, compared to the consensus estimate of $479.27 million. On average, analysts predict that Microchip Technology will post $2.42 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Friday, March 7th. Investors of record on Friday, February 21st will be given a dividend of 0.355 per share. This represents a $1.42 dividend on an annualized basis and a yield of 3.18%.

Other equities research analysts have also recently issued reports about the stock. Analysts at Susquehanna raised their price target on shares of Microchip Technology to $46.00 in a research note to investors on Tuesday, January 14th. Separately, analysts at Drexel Hamilton initiated coverage on shares of Microchip Technology in a research note to investors on Wednesday, December 11th. They set a “buy” rating on the stock. Finally, analysts at Stephens downgraded shares of Microchip Technology from an “overweight” rating to an “equal weight” rating in a research note to investors on Monday, November 18th. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Microchip Technology has an average rating of “Buy” and an average target price of $46.46.

Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a range of embedded control applications.

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