Microchip Technology (NASDAQ:MCHP) Given New $104.00 Price Target at Citigroup

Microchip Technology (NASDAQ:MCHP) had its target price boosted by Citigroup from $100.00 to $104.00 in a report issued on Tuesday, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

A number of other equities analysts have also weighed in on MCHP. Evercore ISI began coverage on Microchip Technology in a research report on Tuesday, April 16th. They issued an outperform rating and a $106.00 target price for the company. Rosenblatt Securities restated a buy rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Tuesday, January 30th. UBS Group lifted their target price on shares of Microchip Technology from $95.00 to $103.00 and gave the stock a buy rating in a research report on Tuesday. Piper Sandler restated a neutral rating and issued a $90.00 price target (up from $80.00) on shares of Microchip Technology in a research note on Tuesday. Finally, Mizuho upped their price objective on Microchip Technology from $82.00 to $85.00 and gave the company a neutral rating in a research report on Tuesday. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Microchip Technology presently has a consensus rating of Moderate Buy and an average price target of $98.47.

Microchip Technology Stock Down 1.8 %

NASDAQ:MCHP opened at $92.06 on Tuesday. The firm has a 50-day simple moving average of $88.45 and a two-hundred day simple moving average of $85.37. The firm has a market cap of $49.75 billion, a P/E ratio of 21.51, a P/E/G ratio of 2.79 and a beta of 1.60. Microchip Technology has a fifty-two week low of $68.75 and a fifty-two week high of $96.14. 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 issued its earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the business posted $1.56 EPS. The company’s revenue was down 40.6% compared to the same quarter last year. Analysts predict that Microchip Technology will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd will be issued a $0.452 dividend. The ex-dividend date of this dividend is Tuesday, May 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a yield of 1.96%. Microchip Technology’s payout ratio is currently 42.06%.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.07% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MCHP. Cambridge Investment Research Advisors Inc. increased its stake in Microchip Technology by 4.7% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 39,162 shares of the semiconductor company’s stock worth $3,057,000 after acquiring an additional 1,769 shares during the last quarter. Stratos Wealth Partners LTD. grew its holdings in shares of Microchip Technology by 7.1% in the third quarter. Stratos Wealth Partners LTD. now owns 5,799 shares of the semiconductor company’s stock valued at $453,000 after purchasing an additional 383 shares in the last quarter. Brown Advisory Inc. increased its position in Microchip Technology by 2.1% in the third quarter. Brown Advisory Inc. now owns 104,768 shares of the semiconductor company’s stock worth $8,177,000 after purchasing an additional 2,201 shares during the last quarter. Brighton Jones LLC raised its stake in Microchip Technology by 3.9% during the third quarter. Brighton Jones LLC now owns 3,988 shares of the semiconductor company’s stock valued at $311,000 after purchasing an additional 150 shares in the last quarter. Finally, Strs Ohio raised its stake in Microchip Technology by 1.8% during the third quarter. Strs Ohio now owns 212,895 shares of the semiconductor company’s stock valued at $16,616,000 after purchasing an additional 3,776 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

About Microchip Technology

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.