Microchip Technology (NASDAQ:MCHP) Lowered to Sell Rating by StockNews.com

StockNews.com lowered shares of Microchip Technology (NASDAQ:MCHP) from a hold rating to a sell rating in a report issued on Monday morning.

MCHP has been the subject of a number of other reports. Evercore ISI restated an “outperform” rating and set a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Piper Sandler reissued an “overweight” rating and set a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Raymond James restated a “strong-buy” rating and issued a $60.00 price target (down from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Jefferies Financial Group dropped their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a research note on Thursday, February 6th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.11.

Microchip Technology Stock Up 2.4 %

NASDAQ:MCHP opened at $53.85 on Monday. The stock has a 50-day simple moving average of $57.09 and a 200 day simple moving average of $69.25. Microchip Technology has a 52-week low of $50.21 and a 52-week high of $100.57. The company has a market cap of $28.96 billion, a PE ratio of 96.16 and a beta of 1.50. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88.

Microchip Technology (NASDAQ:MCHP) last issued 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 return on equity of 12.41% and a net margin of 6.49%. On average, sell-side analysts expect that Microchip Technology will post 1.3 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be given a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Institutional Trading of Microchip Technology

Hedge funds have recently added to or reduced their stakes in the company. Mainstream Capital Management LLC bought a new position in Microchip Technology during the 4th quarter worth $26,000. Rakuten Securities Inc. boosted its position in shares of Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 359 shares during the period. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology in the third quarter valued at about $29,000. OFI Invest Asset Management bought a new position in Microchip Technology during the fourth quarter worth about $29,000. Finally, Financial Life Planners acquired a new stake in Microchip Technology in the 4th quarter worth about $32,000. 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.