“We are again raising ratings, price targets, and estimates for names within our coverage group with high exposure to the industrial vertical. In summary, our view is that recent data is increasingly supportive of the view that conditions for a strong semiconductor cycle are improving ahead of expectations generally, but even more so for our preferred niche, the industrial market. Thus, while there is some investor concern and skepticism around the durability of the recent rally in the stocks, especially in light of the seemingly full valuations being accorded to the names, we think the preconditions for a meaningful rise in estimates that is needed to drive the second leg of the rally,are increasingly in place.,” ISI Group’s analyst commented.
Shares of Microchip Technology opened at 36.92 on Monday. Microchip Technology has a 52 week low of $28.92 and a 52 week high of $37.63. The stock’s 50-day moving average is currently $35.14. The company has a market cap of $7.213 billion and a P/E ratio of 51.14.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, March 7th. Shareholders of record on Thursday, February 21st will be paid a dividend of $0.35 per share. This represents a $1.41 annualized dividend and a dividend yield of 3.82%. The ex-dividend date is Tuesday, February 19th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.35.
A number of other analysts have also recently weighed in on MCHP. Analysts at Needham & Company raised their price target on shares of Microchip Technology from $37.00 to $40.00 in a research note to investors on Monday, February 11th. They now have a buy rating on the stock. Separately, analysts at Zacks upgraded shares of Microchip Technology from an underperform rating to a neutral rating in a research note to investors on Monday, February 11th. They now have a $38.00 price target on the stock. Finally, analysts at Jefferies Group raised their EPS on shares of Microchip Technology in a research note to investors on Friday, February 8th. They now have a buy rating and a $41.00 price target on the stock. They previously had a $38.00 price target on the stock.
Seven research analysts have rated the stock with a buy rating, two have issued an overweight rating, and ten have given a hold rating to the company’s stock. Microchip Technology has a consensus rating of overweight and an average target price of $38.87.
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