B. Riley Lowers Microchip Technology (NASDAQ:MCHP) Price Target to $115.00

Microchip Technology (NASDAQ:MCHP) had its target price trimmed by B. Riley from $120.00 to $115.00 in a research note released on Wednesday, Stock Target Advisor reports. The firm currently has a buy rating on the semiconductor company’s stock. B. Riley also issued estimates for Microchip Technology’s Q3 2020 earnings at $1.09 EPS.

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Several other equities research analysts have also issued reports on MCHP. Rosenblatt Securities reissued a buy rating and set a $115.00 price target on shares of Microchip Technology in a research report on Wednesday. Raymond James raised Microchip Technology from a market perform rating to a strong-buy rating and set a $115.00 price target on the stock in a research report on Wednesday, October 30th. Citigroup upped their price target on Microchip Technology from $104.00 to $109.00 and gave the company a buy rating in a research report on Wednesday. Jefferies Financial Group upped their price target on Microchip Technology from $104.00 to $119.00 and gave the company a buy rating in a research report on Wednesday. Finally, Longbow Research began coverage on Microchip Technology in a research report on Tuesday, July 9th. They issued a neutral rating and a $87.93 target price on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Microchip Technology presently has an average rating of Buy and a consensus target price of $105.66.

NASDAQ MCHP traded up $0.85 on Wednesday, reaching $96.21. The company had a trading volume of 1,777,500 shares, compared to its average volume of 2,568,865. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.93 and a quick ratio of 0.63. The firm has a market capitalization of $23.81 billion, a PE ratio of 15.82, a P/E/G ratio of 1.83 and a beta of 1.44. Microchip Technology has a 1 year low of $65.67 and a 1 year high of $101.57. The firm has a 50-day moving average of $94.12 and a 200-day moving average of $90.20.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $1.43 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.13. The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.35 billion. Microchip Technology had a return on equity of 25.74% and a net margin of 7.15%. The business’s revenue was down 6.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.81 EPS. As a group, sell-side analysts expect that Microchip Technology will post 5.21 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Thursday, November 21st will be given a $0.366 dividend. This represents a $1.46 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend is Wednesday, November 20th. Microchip Technology’s dividend payout ratio is presently 24.01%.

In other news, VP Richard J. Simoncic sold 3,437 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total value of $304,518.20. Following the completion of the transaction, the vice president now owns 18,178 shares of the company’s stock, valued at $1,610,570.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 1,937 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total value of $171,618.20. The disclosure for this sale can be found here. 2.21% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. Rational Advisors LLC grew its stake in shares of Microchip Technology by 732.4% in the third quarter. Rational Advisors LLC now owns 591 shares of the semiconductor company’s stock worth $55,000 after purchasing an additional 520 shares in the last quarter. Corient Capital Partners LLC grew its stake in shares of Microchip Technology by 8.1% in the third quarter. Corient Capital Partners LLC now owns 19,706 shares of the semiconductor company’s stock worth $1,830,000 after purchasing an additional 1,478 shares in the last quarter. D.A. Davidson & CO. grew its stake in shares of Microchip Technology by 8.4% in the third quarter. D.A. Davidson & CO. now owns 3,045 shares of the semiconductor company’s stock worth $283,000 after purchasing an additional 236 shares in the last quarter. AE Wealth Management LLC grew its stake in shares of Microchip Technology by 39.1% in the third quarter. AE Wealth Management LLC now owns 5,991 shares of the semiconductor company’s stock worth $557,000 after purchasing an additional 1,685 shares in the last quarter. Finally, First Long Island Investors LLC grew its stake in shares of Microchip Technology by 0.3% in the third quarter. First Long Island Investors LLC now owns 85,904 shares of the semiconductor company’s stock worth $7,981,000 after purchasing an additional 264 shares in the last quarter.

About Microchip Technology

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.

Further Reading: What does an outperform rating mean?

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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