Microchip Technology (NASDAQ:MCHP) Coverage Initiated by Analysts at Evercore ISI

Evercore ISI initiated coverage on shares of Microchip Technology (NASDAQ:MCHP) in a research report sent to investors on Tuesday morning, Marketbeat.com reports. The brokerage issued an outperform rating and a $106.00 target price on the semiconductor company’s stock.

Other analysts also recently issued research reports about the stock. UBS Group lowered their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a buy rating for the company in a research report on Friday, February 2nd. The Goldman Sachs Group lowered their price objective on shares of Microchip Technology from $87.00 to $77.00 and set a neutral rating for the company in a research report on Friday, February 2nd. Rosenblatt Securities reaffirmed a buy rating and issued a $100.00 price objective on shares of Microchip Technology in a research report on Tuesday, January 30th. Needham & Company LLC increased their price objective on shares of Microchip Technology from $85.00 to $90.00 and gave the company a buy rating in a research report on Friday, February 2nd. Finally, Susquehanna reaffirmed a positive rating and issued a $100.00 price objective on shares of Microchip Technology in a research report on Monday, April 8th. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $92.25.

Microchip Technology Stock Up 0.3 %

MCHP opened at $85.93 on Tuesday. The firm has a 50 day moving average price of $86.55 and a 200 day moving average price of $84.24. The company has a market cap of $46.44 billion, a PE ratio of 20.08, a price-to-earnings-growth ratio of 2.61 and a beta of 1.65. Microchip Technology has a 1 year low of $68.75 and a 1 year high of $94.30. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company’s revenue was down 18.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.48 EPS. Sell-side analysts expect that Microchip Technology will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were paid a dividend of $0.45 per share. The ex-dividend date was Thursday, February 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 annualized dividend and a yield of 2.09%. Microchip Technology’s dividend payout ratio (DPR) is 42.06%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the sale, the director now owns 1,789 shares in the company, valued at $150,276. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Microchip Technology

Hedge funds have recently added to or reduced their stakes in the stock. OFI Invest Asset Management bought a new stake in Microchip Technology in the third quarter valued at $26,000. BKM Wealth Management LLC acquired a new position in shares of Microchip Technology during the fourth quarter valued at $27,000. Rakuten Securities Inc. acquired a new position in shares of Microchip Technology during the fourth quarter valued at $27,000. Rise Advisors LLC acquired a new position in shares of Microchip Technology during the first quarter valued at $28,000. Finally, Almanack Investment Partners LLC. acquired a new position in shares of Microchip Technology during the third quarter valued at $29,000. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.