Microchip Technology (NASDAQ:MCHP) Stock Price Expected to Rise, Mizuho Analyst Says

Microchip Technology (NASDAQ:MCHP - Free Report) had its target price boosted by Mizuho from $58.00 to $68.00 in a research report released on Tuesday morning,Benzinga reports. They currently have an outperform rating on the semiconductor company's stock.

Several other analysts also recently issued reports on MCHP. KeyCorp reduced their price target on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating for the company in a research note on Friday, February 7th. Jefferies Financial Group cut their target price on Microchip Technology from $100.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, November 6th. Stifel Nicolaus decreased their price target on Microchip Technology from $90.00 to $87.00 and set a "buy" rating on the stock in a research report on Tuesday, December 3rd. StockNews.com downgraded Microchip Technology from a "hold" rating to a "sell" rating in a research note on Monday, February 10th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $70.00 target price on shares of Microchip Technology in a report on Tuesday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Microchip Technology has an average rating of "Moderate Buy" and an average target price of $74.37.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded up $1.50 on Tuesday, hitting $59.64. The company had a trading volume of 8,303,148 shares, compared to its average volume of 9,989,396. The stock has a market cap of $32.08 billion, a price-to-earnings ratio of 106.50 and a beta of 1.50. The stock has a 50 day moving average price of $56.93 and a 200 day moving average price of $67.04. Microchip Technology has a 1-year low of $50.21 and a 1-year high of $100.57. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Analysts expect that Microchip Technology will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be given a dividend of $0.455 per share. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.05%. Microchip Technology's dividend payout ratio is currently 325.00%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.10% of the company's stock.

Hedge Funds Weigh In On Microchip Technology

A number of hedge funds have recently modified their holdings of MCHP. Prospera Private Wealth LLC acquired a new stake in Microchip Technology in the third quarter valued at $29,000. Peterson Financial Group Inc. bought a new stake in shares of Microchip Technology in the 3rd quarter valued at about $34,000. Truvestments Capital LLC acquired a new stake in shares of Microchip Technology in the third quarter valued at about $34,000. Mainstream Capital Management LLC bought a new position in shares of Microchip Technology during the fourth quarter worth about $26,000. Finally, Rakuten Securities Inc. raised its position in shares of Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 359 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

About Microchip Technology

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.