Microchip Technology (NASDAQ:MCHP) Price Target Cut to $70.00 by Analysts at KeyCorp

Microchip Technology (NASDAQ:MCHP) had its price target lowered by KeyCorp from $90.00 to $70.00 in a research note published on Tuesday,Benzinga reports. KeyCorp currently has an overweight rating on the semiconductor company’s stock.

A number of other analysts have also issued reports on MCHP. Rosenblatt Securities restated a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a research note on Wednesday, November 6th. Stifel Nicolaus lowered their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. Piper Sandler reduced their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Jefferies Financial Group reduced their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Finally, Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and dropped their target price for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.05.

Microchip Technology Price Performance

Shares of MCHP stock opened at $56.88 on Tuesday. The firm has a fifty day simple moving average of $62.10 and a 200-day simple moving average of $74.32. The company has a market capitalization of $30.55 billion, a PE ratio of 39.78 and a beta of 1.52. Microchip Technology has a twelve month low of $54.47 and a twelve month high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

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

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date was Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 127.27%.

Hedge Funds Weigh In On Microchip Technology

Several large investors have recently made changes to their positions in the business. Rovin Capital UT ADV lifted its stake in Microchip Technology by 47.4% during the fourth quarter. Rovin Capital UT ADV now owns 7,160 shares of the semiconductor company’s stock valued at $411,000 after purchasing an additional 2,303 shares during the last quarter. Godsey & Gibb Inc. lifted its position in shares of Microchip Technology by 2.8% during the 4th quarter. Godsey & Gibb Inc. now owns 257,334 shares of the semiconductor company’s stock valued at $14,758,000 after acquiring an additional 6,953 shares during the last quarter. Park Avenue Securities LLC boosted its stake in shares of Microchip Technology by 31.7% during the 4th quarter. Park Avenue Securities LLC now owns 62,418 shares of the semiconductor company’s stock worth $3,580,000 after acquiring an additional 15,041 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Microchip Technology by 9,901.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after purchasing an additional 2,829,082 shares during the period. Finally, Pallas Capital Advisors LLC acquired a new stake in shares of Microchip Technology during the fourth quarter worth $5,917,000. Institutional investors own 91.51% of the company’s stock.

About Microchip Technology

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.