Entropy Technologies LP Purchases New Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Entropy Technologies LP acquired a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,390 shares of the semiconductor company’s stock, valued at approximately $1,316,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. SageView Advisory Group LLC lifted its holdings in Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after purchasing an additional 14,458 shares during the last quarter. Orion Portfolio Solutions LLC raised its stake in shares of Microchip Technology by 3.9% in the first quarter. Orion Portfolio Solutions LLC now owns 27,296 shares of the semiconductor company’s stock valued at $2,449,000 after acquiring an additional 1,021 shares during the last quarter. Dorsey & Whitney Trust CO LLC boosted its holdings in shares of Microchip Technology by 16.2% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 8,422 shares of the semiconductor company’s stock worth $756,000 after acquiring an additional 1,173 shares in the last quarter. Glaxis Capital Management LLC bought a new stake in Microchip Technology during the 1st quarter worth approximately $449,000. Finally, Motco raised its position in Microchip Technology by 3.7% in the 1st quarter. Motco now owns 112,272 shares of the semiconductor company’s stock valued at $10,072,000 after purchasing an additional 3,984 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Microchip Technology Trading Down 1.1 %

Shares of NASDAQ MCHP opened at $66.59 on Thursday. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a twelve month low of $65.56 and a twelve month high of $100.57. The company’s fifty day moving average is $76.31 and its 200-day moving average is $84.58. The stock has a market cap of $35.76 billion, a price-to-earnings ratio of 46.57 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the company posted $1.54 earnings per share. The company’s revenue for the quarter was down 48.4% on a year-over-year basis. Equities research analysts predict that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Rosenblatt Securities restated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a report on Wednesday, November 6th. Evercore ISI restated an “outperform” rating and issued a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Needham & Company LLC reduced their target price on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Piper Sandler lowered their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. Finally, KeyCorp reduced their price objective on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.10% of the company’s stock.

About Microchip Technology

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.