Microchip Technology Incorporated (MCHP) Lowered to Hold at ValuEngine

ValuEngine downgraded shares of Microchip Technology Incorporated (NASDAQ:MCHP) from a buy rating to a hold rating in a research note released on Wednesday.

A number of other research analysts also recently issued reports on MCHP. B. Riley restated a buy rating and set a $120.00 price target on shares of Microchip Technology in a report on Friday, August 4th. Mizuho restated a neutral rating and set a $84.00 price target (up previously from $80.00) on shares of Microchip Technology in a report on Wednesday, August 9th. Jefferies Group LLC restated a buy rating and set a $94.00 price target (up previously from $92.00) on shares of Microchip Technology in a report on Friday, August 4th. BidaskClub upgraded Microchip Technology from a hold rating to a buy rating in a report on Wednesday, August 9th. Finally, Stifel Nicolaus restated a buy rating and set a $94.00 price target on shares of Microchip Technology in a report on Thursday, September 28th. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $99.41.

Microchip Technology (NASDAQ:MCHP) opened at $91.30 on Wednesday. Microchip Technology has a twelve month low of $60.77 and a twelve month high of $95.92. The stock has a market capitalization of $21,355.53, a PE ratio of 19.34, a P/E/G ratio of 1.46 and a beta of 1.05. The company has a current ratio of 3.33, a quick ratio of 2.71 and a debt-to-equity ratio of 0.85.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.14. Microchip Technology had a return on equity of 35.48% and a net margin of 16.23%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the previous year, the business earned $0.94 EPS. Microchip Technology’s revenue was up 16.2% compared to the same quarter last year. equities analysts forecast that Microchip Technology will post 5.12 earnings per share for the current year.

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The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 5th. Stockholders of record on Tuesday, November 21st will be given a $0.3625 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date is Monday, November 20th. Microchip Technology’s payout ratio is currently 58.00%.

In other news, CFO James Eric Bjornholt sold 2,453 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $200,876.17. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 3,076 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $251,893.64. Following the completion of the sale, the vice president now directly owns 14,263 shares in the company, valued at $1,167,997.07. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in MCHP. Janus Henderson Group PLC lifted its position in Microchip Technology by 2,959.9% in the 2nd quarter. Janus Henderson Group PLC now owns 8,073,264 shares of the semiconductor company’s stock valued at $623,093,000 after acquiring an additional 7,809,422 shares in the last quarter. Principal Financial Group Inc. lifted its position in Microchip Technology by 66.5% in the 2nd quarter. Principal Financial Group Inc. now owns 6,276,677 shares of the semiconductor company’s stock valued at $484,434,000 after acquiring an additional 2,507,707 shares in the last quarter. Fred Alger Management Inc. lifted its position in Microchip Technology by 80.9% in the 2nd quarter. Fred Alger Management Inc. now owns 3,349,037 shares of the semiconductor company’s stock valued at $258,479,000 after acquiring an additional 1,497,699 shares in the last quarter. Vanguard Group Inc. lifted its position in Microchip Technology by 4.6% in the 2nd quarter. Vanguard Group Inc. now owns 23,622,558 shares of the semiconductor company’s stock valued at $1,823,190,000 after acquiring an additional 1,042,622 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in Microchip Technology by 75.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,403,141 shares of the semiconductor company’s stock valued at $185,475,000 after acquiring an additional 1,033,992 shares in the last quarter.

About Microchip Technology

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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