Microchip Technology's (MCHP) Buy Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Microchip Technology (NASDAQ:MCHP - Free Report) in a research report sent to investors on Tuesday morning,Benzinga reports. Rosenblatt Securities currently has a $70.00 target price on the semiconductor company's stock.

MCHP has been the topic of several other reports. Bank of America lowered shares of Microchip Technology from a "neutral" rating to an "underperform" rating and lowered their price target for the company from $80.00 to $65.00 in a research note on Monday, December 16th. KeyCorp decreased their price target on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Friday, February 7th. Piper Sandler reaffirmed an "overweight" rating and set a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Stifel Nicolaus decreased their target price 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. Finally, Morgan Stanley dropped their price target on Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating for the company in a research note on Tuesday, February 4th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $74.37.

Microchip Technology Trading Up 2.6 %

Shares of NASDAQ:MCHP traded up $1.50 during mid-day trading on Tuesday, reaching $59.64. The stock had a trading volume of 8,303,148 shares, compared to its average volume of 9,989,396. The firm has a 50 day simple moving average of $56.93 and a two-hundred day simple moving average of $67.04. The firm has a market cap of $32.08 billion, a PE ratio of 106.50 and a beta of 1.50. Microchip Technology has a twelve month low of $50.21 and a twelve month 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 posted its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. On average, research analysts predict that Microchip Technology will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

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

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction dated 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 owns 33,272 shares in the company, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Microchip Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Siemens Fonds Invest GmbH boosted its holdings in Microchip Technology by 9.4% in the 4th quarter. Siemens Fonds Invest GmbH now owns 47,419 shares of the semiconductor company's stock valued at $2,709,000 after purchasing an additional 4,079 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Microchip Technology in the 4th quarter worth approximately $24,175,000. Capital A Wealth Management LLC purchased a new stake in shares of Microchip Technology during the 4th quarter valued at $123,000. LM Advisors LLC bought a new stake in shares of Microchip Technology during the 4th quarter worth $651,000. Finally, B. Riley Wealth Advisors Inc. grew its position in Microchip Technology by 4.7% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 6,859 shares of the semiconductor company's stock worth $393,000 after acquiring an additional 305 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

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.