Foster & Motley Inc. Decreases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Foster & Motley Inc. decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 31.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 37,710 shares of the semiconductor company’s stock after selling 17,254 shares during the quarter. Foster & Motley Inc.’s holdings in Microchip Technology were worth $2,163,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pallas Capital Advisors LLC bought a new position in shares of Microchip Technology during the 4th quarter worth $5,917,000. Quadrature Capital Ltd bought a new stake in Microchip Technology during the third quarter valued at about $3,312,000. Benjamin Edwards Inc. boosted its position in Microchip Technology by 5,185.4% during the third quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock valued at $755,000 after purchasing an additional 9,230 shares in the last quarter. Empowered Funds LLC boosted its holdings in Microchip Technology by 25.7% in the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after acquiring an additional 19,663 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in Microchip Technology by 9,901.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after acquiring an additional 2,829,082 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Rosenblatt Securities restated a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. Susquehanna cut their price objective on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research report on Wednesday, November 6th. B. Riley lowered their price target on Microchip Technology from $93.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, January 24th. Piper Sandler reduced their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Finally, Citigroup reduced their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $84.00.

Microchip Technology Trading Down 1.6 %

NASDAQ:MCHP opened at $55.16 on Friday. The stock has a 50-day simple moving average of $59.77 and a 200-day simple moving average of $71.72. The stock has a market cap of $29.62 billion, a P/E ratio of 38.57 and a beta of 1.52. Microchip Technology Incorporated has a 1 year low of $54.18 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the prior year, the firm earned $1.54 EPS. The business’s revenue was down 48.4% on a year-over-year basis. As a group, analysts anticipate that Microchip Technology Incorporated will post 1.31 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 3.30%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Microchip Technology Profile

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.