Zacks Research lowered shares of Microchip Technology (NASDAQ:MCHP – Free Report) from a strong-buy rating to a hold rating in a research report report published on Monday morning,Zacks.com reports.
MCHP has been the subject of several other reports. Barclays raised their price target on shares of Microchip Technology from $80.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Monday, May 11th. JPMorgan Chase & Co. increased their target price on shares of Microchip Technology from $95.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Wells Fargo & Company lowered their price target on shares of Microchip Technology from $95.00 to $88.00 and set an “equal weight” rating on the stock in a research note on Monday, July 20th. Weiss Ratings raised shares of Microchip Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Finally, Needham & Company LLC increased their price objective on shares of Microchip Technology from $84.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $98.85.
View Our Latest Stock Report on MCHP
Microchip Technology Trading Down 2.6%
Microchip Technology (NASDAQ:MCHP – Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.06. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.46 billion. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The business’s revenue for the quarter was up 38.0% on a year-over-year basis. During the same period last year, the firm earned $0.27 earnings per share. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. On average, sell-side analysts anticipate that Microchip Technology will post 3.16 earnings per share for the current year.
Microchip Technology Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Monday, August 24th will be issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Monday, August 24th. Microchip Technology’s dividend payout ratio is currently 271.64%.
Insiders Place Their Bets
In other Microchip Technology news, COO Richard J. Simoncic sold 5,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $97.52, for a total transaction of $487,600.00. Following the transaction, the chief operating officer owned 130,508 shares in the company, valued at $12,727,140.16. This trade represents a 3.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew W. Chapman sold 3,000 shares of Microchip Technology stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $97.52, for a total value of $292,560.00. Following the completion of the transaction, the director directly owned 17,665 shares of the company’s stock, valued at $1,722,690.80. This represents a 14.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 16,667 shares of company stock worth $1,580,580 in the last quarter. Corporate insiders own 1.79% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the stock. Continuum Advisory LLC acquired a new stake in Microchip Technology during the second quarter worth about $30,000. Johnson Financial Group Inc. acquired a new position in shares of Microchip Technology in the 2nd quarter valued at approximately $31,000. Rakuten Securities Inc. bought a new stake in shares of Microchip Technology during the 2nd quarter worth approximately $34,000. PenderFund Capital Management Ltd. bought a new stake in shares of Microchip Technology during the 2nd quarter worth approximately $36,000. Finally, EFG International AG acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $29,000. Institutional investors own 91.51% of the company’s stock.
Microchip Technology Company Profile
Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.
Microchip’s products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.
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