Evercore ISI Increases Microchip Technology (NASDAQ:MCHP) Price Target to $83.00

Microchip Technology (NASDAQ:MCHP) had its price target increased by Evercore ISI from $69.00 to $83.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the semiconductor company’s stock.

MCHP has been the subject of several other reports. Wall Street Zen lowered Microchip Technology from a “hold” rating to a “sell” rating in a research report on Saturday, June 7th. Needham & Company LLC reiterated a “buy” rating and issued a $66.00 target price on shares of Microchip Technology in a report on Friday, May 9th. Truist Financial boosted their price target on Microchip Technology from $43.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, May 9th. TD Cowen raised their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, May 9th. Finally, B. Riley lifted their price objective on shares of Microchip Technology from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, May 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $69.53.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $65.73 on Thursday. The business’s 50 day simple moving average is $52.78 and its 200 day simple moving average is $54.90. Microchip Technology has a one year low of $34.13 and a one year high of $96.98. The stock has a market capitalization of $35.45 billion, a PE ratio of 117.38 and a beta of 1.48. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

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

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were paid a $0.455 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.77%. Microchip Technology’s dividend payout ratio is currently -18,200.00%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the firm’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the sale, the chief financial officer now owns 34,313 shares in the company, valued at $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the company’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the transaction, the director now owns 3,468 shares of the company’s stock, valued at $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

A number of large investors have recently modified their holdings of MCHP. Mainstream Capital Management LLC bought a new position in Microchip Technology during the fourth quarter valued at approximately $26,000. Rakuten Securities Inc. boosted its stake in shares of Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 359 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Microchip Technology during the 4th quarter valued at $29,000. Garde Capital Inc. purchased a new position in Microchip Technology in the 1st quarter worth $30,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in Microchip Technology in the 4th quarter worth $34,000. 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.