Microchip Technology (NASDAQ:MCHP) Upgraded at Wall Street Zen

by · The Markets Daily

Wall Street Zen upgraded shares of Microchip Technology (NASDAQ:MCHP – Free Report) from a sell rating to a hold rating in a research note issued to investors on Friday morning.

Several other equities analysts have also recently commented on MCHP. Raymond James Financial boosted their price target on shares of Microchip Technology from $60.00 to $65.00 and gave the company a “strong-buy” rating in a report on Friday, May 9th. TD Cowen upped their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, May 9th. Morgan Stanley upped their price objective on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, May 9th. Needham & Company LLC reiterated a “buy” rating and issued a $66.00 price objective on shares of Microchip Technology in a report on Friday, May 9th. Finally, Stifel Nicolaus upped their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Seven equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus target price of $70.15.

Get Our Latest Report on Microchip Technology

Microchip Technology Trading Down 0.4%

Microchip Technology stock opened at $70.49 on Friday. The company’s fifty day simple moving average is $58.73 and its 200-day simple moving average is $55.25. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. Microchip Technology has a 12 month low of $34.13 and a 12 month high of $96.98. The stock has a market cap of $38.02 billion, a P/E ratio of -7,049.00, a P/E/G ratio of 2.10 and a beta of 1.48.

Microchip Technology (NASDAQ:MCHP – Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business had revenue of $970.50 million for the quarter, compared to analysts’ expectations of $962.86 million. During the same period in the previous year, the company posted $0.57 EPS. Microchip Technology’s revenue was down 26.8% on a year-over-year basis. As a group, sell-side analysts forecast that Microchip Technology will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date was Thursday, May 22nd. Microchip Technology’s dividend payout ratio is -18,200.00%.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,015 shares of the company’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the transaction, the chief financial officer now owns 34,313 shares of the company’s stock, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the company’s stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director now directly owns 3,468 shares of the company’s stock, valued at $210,472.92. This represents a 12.47% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MCHP. Mainstream Capital Management LLC acquired a new position in Microchip Technology in the fourth quarter worth about $26,000. Rakuten Securities Inc. raised its position in Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 359 shares in the last quarter. OFI Invest Asset Management acquired a new position in Microchip Technology in the fourth quarter worth about $29,000. Garde Capital Inc. acquired a new position in Microchip Technology in the first quarter worth about $30,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in Microchip Technology in the fourth quarter worth about $34,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Company Profile

(Get Free Report)

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.

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