Microchip Technology (NASDAQ:MCHP) Given New $110.00 Price Target at B. Riley

Microchip Technology (NASDAQ:MCHP) had its target price upped by B. Riley from $105.00 to $110.00 in a research note published on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the semiconductor company’s stock.

Several other equities analysts have also weighed in on the stock. Evercore ISI began coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They set an outperform rating and a $106.00 price objective on the stock. Truist Financial raised their price target on shares of Microchip Technology from $93.00 to $96.00 and gave the company a buy rating in a report on Tuesday. Rosenblatt Securities reiterated a buy rating and issued a $100.00 price objective on shares of Microchip Technology in a report on Tuesday, January 30th. Susquehanna raised their target price on Microchip Technology from $100.00 to $105.00 and gave the company a positive rating in a report on Tuesday. Finally, Wolfe Research upgraded Microchip Technology from a peer perform rating to an outperform rating and set a $105.00 price target for the company in a research note on Thursday, January 18th. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Microchip Technology currently has an average rating of Moderate Buy and an average price target of $98.47.

Microchip Technology Trading Down 1.8 %

Shares of NASDAQ:MCHP opened at $92.06 on Tuesday. The firm has a fifty day moving average of $88.45 and a two-hundred day moving average of $85.37. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. Microchip Technology has a 12-month low of $68.75 and a 12-month high of $96.14. The firm has a market capitalization of $49.75 billion, a P/E ratio of 21.51, a price-to-earnings-growth ratio of 2.79 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.57. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter last year, the firm earned $1.56 earnings per share. The business’s revenue for the quarter was down 40.6% on a year-over-year basis. On average, equities analysts expect that Microchip Technology will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

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

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.07% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. BKM Wealth Management LLC bought a new stake in Microchip Technology in the 4th quarter valued at $27,000. Rakuten Securities Inc. bought a new stake in Microchip Technology in the fourth quarter valued at about $27,000. Rise Advisors LLC acquired a new position in Microchip Technology in the first quarter worth about $28,000. Fortitude Family Office LLC bought a new position in Microchip Technology during the fourth quarter worth about $29,000. Finally, OFI Invest Asset Management bought a new position in Microchip Technology during the third quarter worth about $26,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.