Microchip Technology (NASDAQ:MCHP) Price Target Lowered to $72.00 at Mizuho

Microchip Technology (NASDAQ:MCHP) had its price target cut by Mizuho from $85.00 to $72.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an outperform rating on the semiconductor company’s stock.

Several other brokerages also recently commented on MCHP. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their price target for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Stifel Nicolaus cut their target price on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, December 3rd. Jefferies Financial Group dropped their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. TD Cowen reduced their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Finally, Evercore ISI reissued an “outperform” rating and set a $95.00 target price (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $87.11.

Microchip Technology Price Performance

MCHP stock opened at $55.19 on Friday. Microchip Technology has a 52 week low of $54.47 and a 52 week high of $100.57. The firm has a market capitalization of $29.64 billion, a P/E ratio of 38.59 and a beta of 1.52. The company has a fifty day simple moving average of $62.84 and a two-hundred day simple moving average of $75.00. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.54 EPS. Analysts anticipate that Microchip Technology will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a dividend of $0.455 per share. The ex-dividend date was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 3.30%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Institutional Trading of Microchip Technology

Hedge funds have recently modified their holdings of the company. Corundum Group Inc. raised its stake in shares of Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after acquiring an additional 143 shares in the last quarter. Financial Advocates Investment Management lifted its holdings in shares of Microchip Technology by 1.5% during the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock valued at $867,000 after purchasing an additional 158 shares during the last quarter. Bruce G. Allen Investments LLC boosted its position in shares of Microchip Technology by 11.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company’s stock worth $127,000 after purchasing an additional 162 shares in the last quarter. Metis Global Partners LLC grew its stake in Microchip Technology by 1.0% during the 3rd quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock worth $1,378,000 after buying an additional 172 shares during the last quarter. Finally, Parallel Advisors LLC increased its position in Microchip Technology by 2.9% during the 2nd quarter. Parallel Advisors LLC now owns 6,351 shares of the semiconductor company’s stock valued at $581,000 after buying an additional 178 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.