Microchip Technology (NASDAQ:MCHP) Price Target Lowered to $60.00 at KeyCorp

Microchip Technology (NASDAQ:MCHP) had its price target lowered by KeyCorp from $70.00 to $60.00 in a report released on Friday,Benzinga reports. The brokerage currently has an overweight rating on the semiconductor company’s stock.

MCHP has been the subject of a number of other research reports. Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research report on Thursday. Morgan Stanley reduced their target price on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday. Mizuho lowered their price target on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Citigroup dropped their price objective 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. Finally, Needham & Company LLC decreased their target price on shares of Microchip Technology from $85.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $77.11.

Microchip Technology Trading Down 2.3 %

Shares of MCHP stock opened at $51.89 on Friday. 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 has a 1 year low of $50.21 and a 1 year high of $100.57. The firm’s fifty day simple moving average is $58.04 and its 200 day simple moving average is $70.26. The firm has a market capitalization of $27.87 billion, a P/E ratio of 92.66 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.41% and a net margin of 6.49%. As a group, sell-side analysts predict that Microchip Technology will post 1.3 EPS for the current year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s dividend payout ratio is currently 325.00%.

Institutional Trading of Microchip Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Mainstream Capital Management LLC bought a new stake in Microchip Technology during the 4th quarter worth about $26,000. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology during the third quarter worth approximately $29,000. OFI Invest Asset Management bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $29,000. Financial Life Planners bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $32,000. Finally, Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology in the third quarter valued at approximately $34,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.