Microchip Technology (NASDAQ:MCHP) Given New $100.00 Price Target at JPMorgan Chase & Co.

Microchip Technology (NASDAQ:MCHP) had its target price trimmed by JPMorgan Chase & Co. from $120.00 to $100.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an overweight rating on the semiconductor company’s stock.

MCHP has been the subject of several other research reports. KeyCorp cut their price target on Microchip Technology from $135.00 to $120.00 and set an “overweight” rating for the company in a report on Friday. B. Riley Financial decreased their price objective on Microchip Technology from $98.00 to $85.00 and set a “buy” rating on the stock in a report on Friday. Cantor Fitzgerald lowered their price objective on Microchip Technology from $125.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday. Wall Street Zen lowered Microchip Technology from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Truist Financial reduced their target price on Microchip Technology from $90.00 to $62.00 and set a “hold” rating for the company in a research report on Friday. Three analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $90.73.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $58.35 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.24 and a quick ratio of 1.33. The firm has a market capitalization of $31.68 billion, a price-to-earnings ratio of 44.20, a P/E/G ratio of 0.40 and a beta of 1.84. The company’s fifty day moving average is $74.85 and its two-hundred day moving average is $79.41. Microchip Technology has a 52-week low of $48.52 and a 52-week high of $105.91.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, November 5th. The semiconductor company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.03. Microchip Technology had a net margin of 14.96% and a return on equity of 20.32%. The business had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the prior year, the business earned $0.35 earnings per share. The firm’s revenue for the quarter was up 42.2% on a year-over-year basis. Equities research analysts forecast that Microchip Technology will post 3.20 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 8th. Shareholders of record on Monday, November 23rd will be paid a dividend of $0.4550 per share. This represents a $1.82 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Monday, November 23rd. Microchip Technology’s dividend payout ratio is currently 137.88%.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Bjornholt sold 4,112 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $75.32, for a total transaction of $309,715.84. Following the completion of the sale, the chief financial officer owned 28,573 shares of the company’s stock, valued at approximately $2,152,118.36. This trade represents a 12.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.79% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Private Capital Advisors Inc. bought a new position in Microchip Technology during the 3rd quarter worth about $21,230,000. Viking Fund Management LLC bought a new stake in shares of Microchip Technology in the third quarter valued at about $8,555,000. Junto Capital Management LP bought a new stake in shares of Microchip Technology in the second quarter valued at about $38,537,000. Hsbc Holdings PLC lifted its holdings in shares of Microchip Technology by 13.0% in the first quarter. Hsbc Holdings PLC now owns 1,160,129 shares of the semiconductor company’s stock valued at $74,649,000 after purchasing an additional 133,813 shares in the last quarter. Finally, LGT Fund Management Co Ltd. acquired a new position in shares of Microchip Technology during the first quarter worth about $3,428,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Company Profile