KeyCorp Lowers Microchip Technology (NASDAQ:MCHP) Price Target to $70.00

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its price target reduced by investment analysts at KeyCorp from $90.00 to $70.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the semiconductor company's stock. KeyCorp's price target indicates a potential upside of 23.07% from the company's previous close.

A number of other analysts have also recently weighed in on the company. Stifel Nicolaus lowered their price objective on Microchip Technology from $90.00 to $87.00 and set a "buy" rating for the company in a research report on Tuesday, December 3rd. Piper Sandler lowered their target price on shares of Microchip Technology from $100.00 to $85.00 and set an "overweight" rating for the company in a research note on Wednesday, November 6th. Citigroup dropped their price target on Microchip Technology from $92.00 to $82.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. StockNews.com upgraded shares of Microchip Technology from a "sell" rating to a "hold" rating in a research note on Friday, December 13th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $90.00 price target on shares of Microchip Technology in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $86.05.

Microchip Technology Stock Up 1.7 %

Shares of MCHP traded up $0.97 during trading hours on Tuesday, hitting $56.88. The company had a trading volume of 6,015,319 shares, compared to its average volume of 7,412,809. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $30.55 billion, a PE ratio of 39.78 and a beta of 1.52. Microchip Technology has a one year low of $54.47 and a one year high of $100.57. The company's fifty day moving average price is $62.10 and its two-hundred day moving average price is $74.32.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the previous year, the company posted $1.54 earnings per share. The firm's revenue was down 48.4% on a year-over-year basis. As a group, equities analysts forecast that Microchip Technology will post 1.33 earnings per share for the current fiscal year.

Institutional Trading of Microchip Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Assenagon Asset Management S.A. raised its stake in shares of Microchip Technology by 9,901.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company's stock valued at $163,886,000 after acquiring an additional 2,829,082 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its position in Microchip Technology by 2,390.5% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company's stock valued at $209,653,000 after purchasing an additional 2,199,290 shares during the period. Van ECK Associates Corp lifted its stake in Microchip Technology by 25.1% during the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company's stock worth $599,239,000 after purchasing an additional 1,597,263 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Microchip Technology by 78.3% during the second quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company's stock worth $200,329,000 after buying an additional 961,801 shares during the period. Finally, Franklin Resources Inc. grew its stake in shares of Microchip Technology by 30.2% in the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company's stock valued at $264,430,000 after buying an additional 776,408 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.