Microchip Technology (MCHP) Price Target Lowered to $102.00 at Jefferies Financial Group

Microchip Technology (NASDAQ:MCHP) had its price target decreased by Jefferies Financial Group from $115.00 to $102.00 in a report published on Thursday. Jefferies Financial Group currently has a buy rating on the semiconductor company’s stock.

A number of other research firms also recently commented on MCHP. Nomura cut their target price on shares of Microchip Technology from $110.00 to $105.00 and set a buy rating for the company in a research report on Friday, August 10th. Raymond James downgraded shares of Microchip Technology from an outperform rating to a market perform rating and set a $105.00 target price for the company. in a research report on Tuesday, September 25th. Morgan Stanley cut their target price on shares of Microchip Technology from $95.00 to $75.00 and set an equal weight rating for the company in a research report on Wednesday, October 10th. Piper Jaffray Companies set a $130.00 target price on shares of Microchip Technology and gave the stock a buy rating in a research report on Thursday. Finally, KeyCorp initiated coverage on shares of Microchip Technology in a research report on Tuesday, September 25th. They issued a sector weight rating for the company. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the company. Microchip Technology presently has a consensus rating of Hold and an average price target of $105.11.

Shares of MCHP traded down $2.32 on Thursday, hitting $72.13. 4,342,194 shares of the stock traded hands, compared to its average volume of 4,948,862. The company has a market capitalization of $16.50 billion, a P/E ratio of 13.90, a price-to-earnings-growth ratio of 0.77 and a beta of 1.24. The company has a quick ratio of 0.80, a current ratio of 1.32 and a debt-to-equity ratio of 1.96. Microchip Technology has a one year low of $60.70 and a one year high of $104.20.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Wednesday, November 7th. The semiconductor company reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.03. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the previous year, the firm posted $1.41 EPS. The firm’s revenue was up 49.5% on a year-over-year basis. On average, sell-side analysts expect that Microchip Technology will post 6.36 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 5th. Stockholders of record on Wednesday, November 21st will be paid a dividend of $0.3645 per share. This represents a $1.46 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend is Tuesday, November 20th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio (DPR) is currently 28.13%.

In related news, CFO James Eric Bjornholt sold 1,887 shares of Microchip Technology stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total transaction of $159,130.71. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Ganesh Moorthy bought 12,000 shares of the stock in a transaction that occurred on Tuesday, August 14th. The shares were purchased at an average price of $84.10 per share, for a total transaction of $1,009,200.00. The disclosure for this purchase can be found here. Company insiders own 2.13% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MCHP. Principal Financial Group Inc. lifted its stake in shares of Microchip Technology by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 5,616,587 shares of the semiconductor company’s stock valued at $513,132,000 after buying an additional 24,008 shares in the last quarter. DnB Asset Management AS lifted its stake in shares of Microchip Technology by 4.0% during the 2nd quarter. DnB Asset Management AS now owns 28,946 shares of the semiconductor company’s stock valued at $2,633,000 after buying an additional 1,100 shares in the last quarter. IFM Investors Pty Ltd lifted its stake in shares of Microchip Technology by 43.8% during the 2nd quarter. IFM Investors Pty Ltd now owns 10,669 shares of the semiconductor company’s stock valued at $970,000 after buying an additional 3,248 shares in the last quarter. State of Alaska Department of Revenue lifted its stake in shares of Microchip Technology by 3.6% during the 2nd quarter. State of Alaska Department of Revenue now owns 35,340 shares of the semiconductor company’s stock valued at $3,213,000 after buying an additional 1,223 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its stake in shares of Microchip Technology by 20.7% during the 2nd quarter. Handelsbanken Fonder AB now owns 138,800 shares of the semiconductor company’s stock valued at $12,624,000 after buying an additional 23,800 shares in the last quarter.

Microchip Technology Company Profile

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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