Microchip Technology (NASDAQ:MCHP) Price Target Lowered to $82.00 at Citigroup

Microchip Technology (NASDAQ:MCHP) had its price objective trimmed by Citigroup from $92.00 to $82.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the semiconductor company’s stock.

Several other research analysts have also commented on the stock. Susquehanna decreased their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday. Needham & Company LLC decreased their price target on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday. StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Finally, Morgan Stanley lowered shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Trading Up 1.2 %

NASDAQ MCHP traded up $0.87 during trading on Wednesday, hitting $74.62. The company had a trading volume of 874,410 shares, compared to its average volume of 5,936,867. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. Microchip Technology has a one year low of $71.76 and a one year high of $100.57. The company has a market cap of $40.03 billion, a price-to-earnings ratio of 51.57 and a beta of 1.53. The company’s fifty day moving average is $77.05 and its 200-day moving average is $85.12.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the business earned $1.54 EPS. The company’s revenue for the quarter was down 48.4% on a year-over-year basis. On average, sell-side analysts predict that Microchip Technology will post 1.73 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $0.455 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.44%. Microchip Technology’s dividend payout ratio (DPR) is presently 126.57%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Microchip Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Peterson Financial Group Inc. bought a new stake in Microchip Technology during the 3rd quarter worth approximately $34,000. Pathway Financial Advisers LLC bought a new stake in Microchip Technology during the 1st quarter worth approximately $39,000. Versant Capital Management Inc raised its stake in Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after acquiring an additional 317 shares during the period. Wolff Wiese Magana LLC raised its stake in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 218 shares during the period. Finally, CarsonAllaria Wealth Management Ltd. bought a new stake in Microchip Technology during the 1st quarter worth approximately $54,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

About Microchip Technology

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.