Advisors Asset Management Inc. Acquires 2,512 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Advisors Asset Management Inc. increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 7.8% during the third quarter, HoldingsChannel.com reports. The fund owned 34,522 shares of the semiconductor company’s stock after purchasing an additional 2,512 shares during the period. Advisors Asset Management Inc.’s holdings in Microchip Technology were worth $2,772,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of MCHP. Prospera Private Wealth LLC acquired a new stake in Microchip Technology in the 3rd quarter valued at about $29,000. Peterson Financial Group Inc. bought a new stake in shares of Microchip Technology in the third quarter worth about $34,000. Pathway Financial Advisers LLC acquired a new position in Microchip Technology in the 1st quarter worth $39,000. Versant Capital Management Inc raised its holdings in shares of Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 317 shares during the last quarter. Finally, Wolff Wiese Magana LLC grew its holdings in shares of Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MCHP shares. Evercore ISI reaffirmed an “outperform” rating and set a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. B. Riley lowered their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Citigroup cut their target price on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. TD Cowen reduced their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $66.69 on Friday. The firm has a market cap of $35.81 billion, a PE ratio of 46.64 and a beta of 1.53. Microchip Technology Incorporated has a fifty-two week low of $62.63 and a fifty-two week high of $100.57. The business has a 50 day moving average price of $74.59 and a two-hundred day moving average price of $83.17. 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 (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Microchip Technology’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.54 earnings per share. Sell-side analysts expect that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

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

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.