StockNews.com Upgrades Microchip Technology (NASDAQ:MCHP) to Hold

StockNews.com upgraded shares of Microchip Technology (NASDAQ:MCHP) from a sell rating to a hold rating in a research report sent to investors on Friday.

Several other research analysts have also issued reports on MCHP. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price target on shares of Microchip Technology in a research report on Tuesday, December 3rd. Rosenblatt Securities reissued a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a research note on Wednesday, November 6th. Citigroup lowered their target price on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Stifel Nicolaus dropped their target price on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, December 3rd. Finally, Susquehanna cut their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $90.95.

Microchip Technology Trading Down 2.6 %

NASDAQ:MCHP opened at $59.93 on Friday. Microchip Technology has a 1-year low of $57.96 and a 1-year high of $100.57. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $32.18 billion, a price-to-earnings ratio of 41.91 and a beta of 1.50. The stock has a fifty day simple moving average of $70.49 and a 200 day simple moving average of $80.04.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the business earned $1.54 EPS. Microchip Technology’s quarterly revenue was down 48.4% compared to the same quarter last year. Sell-side analysts forecast that Microchip Technology will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were paid a $0.455 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 3.04%. The ex-dividend date was Friday, November 22nd. Microchip Technology’s payout ratio is 127.27%.

Hedge Funds Weigh In On Microchip Technology

Hedge funds have recently added to or reduced their stakes in the stock. SeaCrest Wealth Management LLC increased its position in shares of Microchip Technology by 3.3% in the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock worth $379,000 after purchasing an additional 131 shares during the period. Corundum Group Inc. increased its holdings in Microchip Technology by 3.4% in the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after buying an additional 143 shares during the period. Commerzbank Aktiengesellschaft FI raised its position in shares of Microchip Technology by 4.5% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after buying an additional 148 shares in the last quarter. Busey Bank lifted its holdings in shares of Microchip Technology by 2.6% during the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock worth $550,000 after acquiring an additional 155 shares during the period. Finally, Financial Advocates Investment Management boosted its position 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 worth $867,000 after acquiring an additional 158 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

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.