Rosenblatt Securities Reaffirms “Buy” Rating for Microchip Technology (MCHP)

Share on StockTwits

Rosenblatt Securities reaffirmed their buy rating on shares of Microchip Technology (NASDAQ:MCHP) in a research report released on Monday morning. The brokerage currently has a $115.00 price target on the semiconductor company’s stock.

A number of other research firms have also weighed in on MCHP. BidaskClub raised shares of Microchip Technology from a sell rating to a hold rating in a report on Friday, November 16th. Needham & Company LLC lowered their price target on shares of Microchip Technology to $100.00 and set a strong-buy rating for the company in a report on Friday, October 26th. Nomura set a $95.00 price target on shares of Microchip Technology and gave the company a buy rating in a report on Thursday, November 8th. Jefferies Financial Group lowered their price target on shares of Microchip Technology from $115.00 to $102.00 and set a buy rating for the company in a report on Thursday, November 8th. Finally, BMO Capital Markets began coverage on shares of Microchip Technology in a report on Monday, November 12th. They set an outperform rating and a $92.00 price target for the company. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Buy and an average price target of $103.95.

Microchip Technology stock opened at $91.19 on Monday. Microchip Technology has a 52-week low of $60.70 and a 52-week high of $104.20. The firm has a market capitalization of $21.69 billion, a PE ratio of 17.57, a price-to-earnings-growth ratio of 1.11 and a beta of 1.21. The company has a quick ratio of 1.83, a current ratio of 2.92 and a debt-to-equity ratio of 2.04.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, February 5th. The semiconductor company reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.21. Microchip Technology had a net margin of 6.53% and a return on equity of 32.30%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the business earned $1.36 earnings per share. The business’s quarterly revenue was up 42.5% compared to the same quarter last year. Research analysts anticipate that Microchip Technology will post 5.89 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 7th. Stockholders of record on Thursday, February 21st will be given a $0.365 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend is Wednesday, February 20th. Microchip Technology’s dividend payout ratio (DPR) is presently 28.13%.

In related news, VP Mitchell R. Little sold 3,585 shares of Microchip Technology stock in a transaction dated Wednesday, February 13th. The shares were sold at an average price of $91.17, for a total value of $326,844.45. Following the sale, the vice president now directly owns 7,693 shares in the company, valued at approximately $701,370.81. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Stephen V. Drehobl sold 4,271 shares of Microchip Technology stock in a transaction dated Friday, November 23rd. The shares were sold at an average price of $72.06, for a total transaction of $307,768.26. Following the completion of the sale, the vice president now owns 17,173 shares in the company, valued at $1,237,486.38. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,722 shares of company stock worth $769,077. Insiders own 2.13% of the company’s stock.

Large investors have recently modified their holdings of the stock. Dodge & Cox bought a new stake in shares of Microchip Technology during the 3rd quarter worth about $827,774,000. Pictet Asset Management Ltd. raised its position in shares of Microchip Technology by 163.6% during the 3rd quarter. Pictet Asset Management Ltd. now owns 3,158,240 shares of the semiconductor company’s stock worth $249,217,000 after buying an additional 1,960,048 shares in the last quarter. Oregon Public Employees Retirement Fund raised its position in shares of Microchip Technology by 7,043.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,841,512 shares of the semiconductor company’s stock worth $26,000 after buying an additional 1,815,732 shares in the last quarter. Ceredex Value Advisors LLC bought a new stake in shares of Microchip Technology during the 3rd quarter worth about $114,767,000. Finally, Platinum Investment Management Ltd. raised its position in shares of Microchip Technology by 69.5% during the 3rd quarter. Platinum Investment Management Ltd. now owns 1,305,040 shares of the semiconductor company’s stock worth $102,981,000 after buying an additional 535,040 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.

Featured Article: How to Calculate Compound Annual Growth Rate (CAGR)

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply