Microchip Technology (NASDAQ:MCHP) Stock Gets Price Target Reduction from JPMorgan Chase & Co.

Microchip Technology (NASDAQ:MCHP) had its target price decreased by JPMorgan Chase & Co. from $120.00 to $100.00 in a report issued on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the semiconductor company’s stock.

Other equities research analysts have also issued reports about the stock. Truist Financial decreased their target price on shares of Microchip Technology from $90.00 to $62.00 and set a “hold” rating for the company in a research note on Friday. Cantor Fitzgerald lowered their price target on Microchip Technology from $125.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday. Rosenblatt Securities dropped their price target on Microchip Technology from $120.00 to $115.00 and set a “buy” rating on the stock in a research note on Friday. Zacks Research lowered Microchip Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, August 17th. Finally, Wall Street Zen cut Microchip Technology from a “buy” rating to a “hold” rating in a research report on Saturday. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.73.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $58.35 on Friday. The company has a quick ratio of 1.33, a current ratio of 2.24 and a debt-to-equity ratio of 0.83. The company has a 50 day moving average price of $74.85 and a 200-day moving average price of $79.41. Microchip Technology has a 52 week low of $48.52 and a 52 week high of $105.91. The firm has a market capitalization of $31.68 billion, a PE ratio of 44.20, a P/E/G ratio of 0.40 and a beta of 1.84.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, November 5th. The semiconductor company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.03. Microchip Technology had a net margin of 14.96% and a return on equity of 20.32%. The company had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the firm earned $0.35 earnings per share. The firm’s revenue for the quarter was up 42.2% compared to the same quarter last year. As a group, equities research analysts expect that Microchip Technology will post 3.20 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 8th. Investors of record on Monday, November 23rd will be issued a $0.4550 dividend. The ex-dividend date of this dividend is Monday, November 23rd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.1%. Microchip Technology’s dividend payout ratio (DPR) is presently 137.88%.

Insider Transactions at Microchip Technology

In related news, CFO James Bjornholt sold 4,112 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $75.32, for a total transaction of $309,715.84. Following the completion of the sale, the chief financial officer directly owned 28,573 shares in the company, valued at approximately $2,152,118.36. The trade was a 12.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.79% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MCHP. Apella Capital LLC raised its stake in Microchip Technology by 4.8% during the second quarter. Apella Capital LLC now owns 2,669 shares of the semiconductor company’s stock valued at $225,000 after purchasing an additional 122 shares in the last quarter. Bridgewater Advisors Inc. lifted its position in Microchip Technology by 4.2% during the second quarter. Bridgewater Advisors Inc. now owns 3,331 shares of the semiconductor company’s stock valued at $304,000 after purchasing an additional 133 shares during the last quarter. Total Wealth Planning & Management Inc. lifted its position in Microchip Technology by 3.5% during the second quarter. Total Wealth Planning & Management Inc. now owns 4,225 shares of the semiconductor company’s stock valued at $385,000 after purchasing an additional 141 shares during the last quarter. Texas Capital Bank Wealth Management Services Inc grew its stake in shares of Microchip Technology by 2.0% in the 2nd quarter. Texas Capital Bank Wealth Management Services Inc now owns 7,513 shares of the semiconductor company’s stock worth $685,000 after buying an additional 144 shares in the last quarter. Finally, Greenleaf Trust grew its stake in shares of Microchip Technology by 0.6% in the 2nd quarter. Greenleaf Trust now owns 24,163 shares of the semiconductor company’s stock worth $2,204,000 after buying an additional 151 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Company Profile