Microchip Technology (MCHP) Given New $99.00 Price Target at Morgan Stanley

Microchip Technology (NASDAQ:MCHP) had its price target boosted by Morgan Stanley from $97.00 to $99.00 in a report issued on Wednesday morning. Morgan Stanley currently has an equal weight rating on the semiconductor company’s stock.

A number of other equities analysts have also issued reports on the stock. ValuEngine lowered shares of Microchip Technology from a buy rating to a hold rating in a research report on Wednesday, November 15th. Zacks Investment Research raised shares of Microchip Technology from a hold rating to a buy rating and set a $102.00 target price on the stock in a research report on Friday, November 10th. Jefferies Group boosted their target price on shares of Microchip Technology from $106.00 to $110.00 and gave the stock a buy rating in a research report on Tuesday, November 7th. B. Riley reaffirmed a buy rating and set a $123.00 target price (up previously from $120.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Finally, Credit Suisse Group reaffirmed an outperform rating and set a $110.00 target price (up previously from $95.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Microchip Technology currently has a consensus rating of Buy and a consensus price target of $99.71.

Microchip Technology (MCHP) traded up $0.56 during trading hours on Wednesday, hitting $86.40. 1,482,400 shares of the stock were exchanged, compared to its average volume of 2,514,249. Microchip Technology has a 12 month low of $62.21 and a 12 month high of $95.92. The company has a market capitalization of $20,110.00, a price-to-earnings ratio of 18.19, a price-to-earnings-growth ratio of 1.37 and a beta of 0.99. The company has a debt-to-equity ratio of 0.85, a quick ratio of 2.71 and a current ratio of 3.33.

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

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st were paid a dividend of $0.3625 per share. The ex-dividend date of this dividend was Monday, November 20th. This represents a $1.45 dividend on an annualized basis and a yield of 1.68%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is currently 58.00%.

In other news, CFO James Eric Bjornholt sold 1,801 shares of the business’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $165,079.66. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Stephen V. Drehobl sold 2,852 shares of the business’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $261,414.32. Following the completion of the sale, the vice president now owns 15,767 shares in the company, valued at approximately $1,445,203.22. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.

Several large investors have recently modified their holdings of MCHP. Zions Bancorporation raised its holdings in shares of Microchip Technology by 215.5% in the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock valued at $110,000 after buying an additional 836 shares during the last quarter. Amica Retiree Medical Trust bought a new position in shares of Microchip Technology in the third quarter valued at about $121,000. Valeo Financial Advisors LLC bought a new position in shares of Microchip Technology in the third quarter valued at about $146,000. Commonwealth Bank of Australia raised its holdings in shares of Microchip Technology by 1.4% in the second quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock valued at $163,000 after buying an additional 29 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in shares of Microchip Technology by 608.4% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock valued at $189,000 after buying an additional 1,807 shares during the last quarter.

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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.

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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