Microchip Technology (NASDAQ:MCHP) had its target price hoisted by Needham & Company LLC to $110.00 in a report issued on Wednesday morning, The Fly reports. Needham & Company LLC currently has an in-line rating on the semiconductor company’s stock.

Several other analysts have also issued reports on the company. Jefferies Financial Group upped their target price on Microchip Technology from $104.00 to $119.00 and gave the stock a buy rating in a research note on Wednesday. ValuEngine raised Microchip Technology from a sell rating to a hold rating in a research note on Monday, November 4th. B. Riley set a $120.00 target price on Microchip Technology and gave the stock a buy rating in a research note on Wednesday, September 4th. Longbow Research assumed coverage on Microchip Technology in a research note on Tuesday, July 9th. They issued a neutral rating and a $87.93 target price for the company. Finally, Cowen cut their target price on Microchip Technology from $90.00 to $89.00 and set a market perform rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $105.66.

Microchip Technology stock traded up $0.85 during mid-day trading on Wednesday, hitting $96.21. 1,777,500 shares of the stock were exchanged, compared to its average volume of 2,568,865. The stock has a market capitalization of $23.81 billion, a price-to-earnings ratio of 15.82, a PEG ratio of 1.83 and a beta of 1.44. The firm’s fifty day simple moving average is $94.12 and its two-hundred day simple moving average is $90.20. The company has a quick ratio of 0.63, a current ratio of 0.93 and a debt-to-equity ratio of 1.65. Microchip Technology has a 12 month low of $65.67 and a 12 month high of $101.57.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, November 5th. The semiconductor company reported $1.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.13. The business had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.35 billion. Microchip Technology had a return on equity of 25.74% and a net margin of 7.15%. Microchip Technology’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.81 earnings per share. As a group, analysts forecast that Microchip Technology will post 5.21 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Thursday, November 21st will be given a $0.366 dividend. The ex-dividend date is Wednesday, November 20th. This represents a $1.46 annualized dividend and a yield of 1.52%. Microchip Technology’s payout ratio is currently 24.01%.

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,937 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total value of $171,618.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Richard J. Simoncic sold 3,437 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total value of $304,518.20. Following the completion of the sale, the vice president now owns 18,178 shares of the company’s stock, valued at approximately $1,610,570.80. The disclosure for this sale can be found here. Insiders own 2.21% of the company’s stock.

Several institutional investors have recently made changes to their positions in MCHP. Boltwood Capital Management raised its holdings in shares of Microchip Technology by 4.3% during the second quarter. Boltwood Capital Management now owns 21,265 shares of the semiconductor company’s stock valued at $1,844,000 after acquiring an additional 870 shares in the last quarter. Park National Corp OH bought a new position in shares of Microchip Technology during the second quarter valued at approximately $208,000. WINTON GROUP Ltd bought a new position in shares of Microchip Technology during the second quarter valued at approximately $1,144,000. Crossmark Global Holdings Inc. raised its holdings in shares of Microchip Technology by 16.1% during the second quarter. Crossmark Global Holdings Inc. now owns 111,237 shares of the semiconductor company’s stock valued at $9,644,000 after acquiring an additional 15,432 shares in the last quarter. Finally, Retirement Systems of Alabama raised its holdings in shares of Microchip Technology by 0.6% during the second quarter. Retirement Systems of Alabama now owns 110,955 shares of the semiconductor company’s stock valued at $9,620,000 after acquiring an additional 612 shares in 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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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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