Microchip Technology (MCHP) Price Target Lowered to $111.00 at KeyCorp
Microchip Technology (NASDAQ:MCHP) had its price target reduced by KeyCorp from $116.00 to $111.00 in a report issued on Friday, MarketBeat Ratings reports. They currently have an overweight rating on the semiconductor company’s stock.
A number of other equities research analysts also recently weighed in on the stock. B. Riley lifted their price target on shares of Microchip Technology from $123.00 to $135.00 and gave the company a buy rating in a research report on Friday, June 1st. SunTrust Banks boosted their price objective on shares of Microchip Technology from $115.00 to $117.00 and gave the company a buy rating in a research report on Wednesday, May 30th. JPMorgan Chase & Co. started coverage on shares of Microchip Technology in a research report on Tuesday, June 5th. They set an overweight rating and a $125.00 price objective for the company. BidaskClub downgraded shares of Microchip Technology from a buy rating to a hold rating in a research report on Wednesday, April 18th. Finally, Nomura started coverage on shares of Microchip Technology in a research report on Wednesday, July 18th. They set a buy rating and a $110.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Microchip Technology presently has a consensus rating of Buy and a consensus target price of $116.35.
Shares of Microchip Technology traded down $10.67, reaching $87.41, during midday trading on Friday, according to MarketBeat Ratings. The company’s stock had a trading volume of 19,237,055 shares, compared to its average volume of 1,826,081. The company has a current ratio of 1.66, a quick ratio of 1.43 and a debt-to-equity ratio of 0.54. Microchip Technology has a fifty-two week low of $78.33 and a fifty-two week high of $104.20. The company has a market cap of $23.02 billion, a price-to-earnings ratio of 16.84, a PEG ratio of 1.13 and a beta of 1.13.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Shareholders of record on Tuesday, August 21st will be given a dividend of $0.364 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.46 annualized dividend and a yield of 1.67%. The ex-dividend date is Monday, August 20th. Microchip Technology’s payout ratio is currently 27.94%.
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,308 shares of the business’s stock in a transaction on Tuesday, May 22nd. The shares were sold at an average price of $93.55, for a total transaction of $215,913.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Stephen V. Drehobl sold 4,696 shares of the business’s stock in a transaction on Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total transaction of $439,310.80. Following the sale, the vice president now directly owns 19,711 shares in the company, valued at approximately $1,843,964.05. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of MCHP. Barings LLC grew its stake in shares of Microchip Technology by 33.2% during the first quarter. Barings LLC now owns 8,028,245 shares of the semiconductor company’s stock worth $13,872,000 after buying an additional 2,000,000 shares during the last quarter. Artisan Partners Limited Partnership bought a new stake in shares of Microchip Technology during the second quarter worth $96,187,000. Mar Vista Investment Partners LLC bought a new stake in shares of Microchip Technology during the first quarter worth $81,168,000. Janus Henderson Group PLC grew its stake in shares of Microchip Technology by 4.7% during the second quarter. Janus Henderson Group PLC now owns 12,919,605 shares of the semiconductor company’s stock worth $1,175,042,000 after buying an additional 582,965 shares during the last quarter. Finally, Platinum Investment Management Ltd. grew its stake in shares of Microchip Technology by 138.7% during the first quarter. Platinum Investment Management Ltd. now owns 651,200 shares of the semiconductor company’s stock worth $59,493,000 after buying an additional 378,400 shares during the last quarter.
About Microchip Technology
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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