ValuEngine cut shares of Microchip Technology Incorporated (NASDAQ:MCHP) from a buy rating to a hold rating in a research report report published on Wednesday morning.

Other equities analysts have also issued research reports about the stock. B. Riley reiterated a buy rating and set a $120.00 target price on shares of Microchip Technology in a research report on Friday, August 4th. Jefferies Group LLC reiterated a buy rating and set a $94.00 target price (up previously from $92.00) on shares of Microchip Technology in a research report on Friday, August 4th. BidaskClub lowered shares of Microchip Technology from a buy rating to a hold rating in a research report on Monday, July 31st. Needham & Company LLC reiterated a buy rating and set a $120.00 target price on shares of Microchip Technology in a research report on Tuesday, September 19th. Finally, Mizuho reiterated a neutral rating and set a $84.00 target price (up previously from $80.00) on shares of Microchip Technology in a research report on Wednesday, August 9th. Five equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Microchip Technology has a consensus rating of Buy and an average target price of $99.41.

Shares of Microchip Technology (NASDAQ:MCHP) traded up $0.52 during trading hours on Wednesday, reaching $91.30. 2,029,301 shares of the company’s stock were exchanged, compared to its average volume of 2,542,515. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.33 and a quick ratio of 2.71. The company has a market capitalization of $21,130.00, a price-to-earnings ratio of 19.28, a PEG ratio of 1.46 and a beta of 1.05. Microchip Technology has a 12-month low of $60.77 and a 12-month high of $95.92.

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

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The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st will be given a dividend of $0.3625 per share. The ex-dividend date is Monday, November 20th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a yield of 1.59%. Microchip Technology’s payout ratio is presently 58.00%.

In other Microchip Technology news, VP Stephen V. Drehobl sold 3,076 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,453 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total transaction of $200,876.17. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. raised its stake in shares of Microchip Technology by 66.5% during the second quarter. Principal Financial Group Inc. now owns 6,276,677 shares of the semiconductor company’s stock worth $484,434,000 after acquiring an additional 2,507,707 shares in the last quarter. Fox Run Management L.L.C. raised its stake in shares of Microchip Technology by 248.8% during the third quarter. Fox Run Management L.L.C. now owns 15,000 shares of the semiconductor company’s stock worth $1,347,000 after acquiring an additional 10,700 shares in the last quarter. Nicolet Bankshares Inc. raised its stake in shares of Microchip Technology by 0.3% during the second quarter. Nicolet Bankshares Inc. now owns 3,641 shares of the semiconductor company’s stock worth $281,000 after acquiring an additional 11 shares in the last quarter. 361 Capital LLC raised its stake in shares of Microchip Technology by 35.3% during the second quarter. 361 Capital LLC now owns 48,830 shares of the semiconductor company’s stock worth $3,769,000 after acquiring an additional 12,730 shares in the last quarter. Finally, Norinchukin Bank The raised its stake in shares of Microchip Technology by 13.2% during the second quarter. Norinchukin Bank The now owns 15,920 shares of the semiconductor company’s stock worth $1,229,000 after acquiring an additional 1,857 shares in the last quarter.

Microchip Technology Company Profile

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.

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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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