Rosenblatt Securities Reaffirms Buy Rating for Microchip Technology (MCHP)

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Rosenblatt Securities reissued their buy rating on shares of Microchip Technology (NASDAQ:MCHP) in a research note published on Monday. They currently have a $115.00 price target on the semiconductor company’s stock.

A number of other research analysts have also recently weighed in on the stock. Citigroup reaffirmed a buy rating and issued a $105.00 price objective on shares of Microchip Technology in a report on Thursday, February 7th. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $90.00 to $100.00 and gave the company a buy rating in a report on Wednesday, February 6th. ValuEngine raised shares of Microchip Technology from a sell rating to a hold rating in a report on Monday, February 4th. BidaskClub raised shares of Microchip Technology from a buy rating to a strong-buy rating in a report on Wednesday, January 30th. Finally, Morgan Stanley lifted their price objective on shares of Microchip Technology from $72.00 to $75.00 and gave the company an equal weight rating in a report on Wednesday, December 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $103.95.

MCHP opened at $88.96 on Monday. Microchip Technology has a fifty-two week low of $60.70 and a fifty-two week high of $104.20. The company has a debt-to-equity ratio of 2.04, a current ratio of 2.92 and a quick ratio of 1.83. The firm has a market capitalization of $20.64 billion, a price-to-earnings ratio of 17.14, a PEG ratio of 1.11 and a beta of 1.21.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, February 5th. The semiconductor company reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.21. Microchip Technology had a net margin of 6.53% and a return on equity of 32.30%. The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the company earned $1.36 earnings per share. The firm’s revenue for the quarter was up 42.5% on a year-over-year basis. As a group, equities analysts anticipate that Microchip Technology will post 5.89 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 7th. Stockholders of record on Thursday, February 21st will be paid a dividend of $0.365 per share. The ex-dividend date is Wednesday, February 20th. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.64%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is currently 28.13%.

In related news, CFO James Eric Bjornholt sold 1,866 shares of the company’s stock in a transaction dated Friday, November 23rd. The shares were sold at an average price of $72.06, for a total transaction of $134,463.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Stephen V. Drehobl sold 4,271 shares of the company’s stock in a transaction dated Friday, November 23rd. The shares were sold at an average price of $72.06, for a total transaction of $307,768.26. Following the sale, the vice president now directly owns 17,173 shares of the company’s stock, valued at approximately $1,237,486.38. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in MCHP. Oregon Public Employees Retirement Fund boosted its holdings in Microchip Technology by 7,043.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,841,512 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 1,815,732 shares during the last quarter. Lindbrook Capital LLC acquired a new position in Microchip Technology in the 4th quarter valued at about $32,000. Enlightenment Research LLC acquired a new position in Microchip Technology in the 4th quarter valued at about $43,000. Doyle Wealth Management acquired a new position in Microchip Technology in the 4th quarter valued at about $44,000. Finally, CWM LLC boosted its holdings in Microchip Technology by 294.9% in the 4th quarter. CWM LLC now owns 774 shares of the semiconductor company’s stock valued at $56,000 after purchasing an additional 578 shares during the last quarter.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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