UBS Group Issues Positive Forecast for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP) had its target price increased by UBS Group from $55.00 to $60.00 in a research note issued to investors on Friday morning, MarketBeat reports. They currently have a buy rating on the semiconductor company’s stock.

Other equities analysts also recently issued research reports about the stock. StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. KeyCorp dropped their price objective on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Piper Sandler reiterated an “overweight” rating and issued a $65.00 target price (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Morgan Stanley lowered their price target on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. Finally, TD Cowen boosted their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $67.42.

Microchip Technology Price Performance

Shares of MCHP stock opened at $55.33 on Friday. The stock has a market capitalization of $29.76 billion, a price-to-earnings ratio of 98.80 and a beta of 1.42. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology has a twelve month low of $34.13 and a twelve month high of $100.57. The stock has a fifty day simple moving average of $47.06 and a two-hundred day simple moving average of $56.57.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The company had revenue of $970.50 million for the quarter, compared to analysts’ expectations of $962.86 million. During the same period in the prior year, the business earned $0.57 EPS. The firm’s quarterly revenue was down 26.8% on a year-over-year basis. On average, analysts predict that Microchip Technology will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend is Thursday, May 22nd. Microchip Technology’s dividend payout ratio is presently -18,200.00%.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.10% of the company’s stock.

Institutional Trading of Microchip Technology

Several large investors have recently made changes to their positions in MCHP. Federated Hermes Inc. grew its stake in shares of Microchip Technology by 0.5% during the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company’s stock worth $2,254,000 after purchasing an additional 209 shares during the period. Northwest Bank & Trust Co boosted its holdings in Microchip Technology by 3.0% during the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company’s stock worth $424,000 after buying an additional 217 shares in the last quarter. Clearstead Trust LLC grew its position in Microchip Technology by 10.5% during the first quarter. Clearstead Trust LLC now owns 2,356 shares of the semiconductor company’s stock valued at $114,000 after buying an additional 224 shares during the period. Oregon Public Employees Retirement Fund increased its holdings in Microchip Technology by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 46,235 shares of the semiconductor company’s stock valued at $2,238,000 after buying an additional 230 shares in the last quarter. Finally, Greenleaf Trust increased its holdings in Microchip Technology by 1.0% in the first quarter. Greenleaf Trust now owns 24,933 shares of the semiconductor company’s stock valued at $1,207,000 after buying an additional 242 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Company Profile

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.