Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by Essex Financial Services Inc.

Essex Financial Services Inc. boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 19.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,891 shares of the semiconductor company’s stock after buying an additional 813 shares during the quarter. Essex Financial Services Inc.’s holdings in Microchip Technology were worth $280,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in MCHP. CX Institutional lifted its holdings in Microchip Technology by 6.4% in the 3rd quarter. CX Institutional now owns 12,902 shares of the semiconductor company’s stock worth $1,036,000 after buying an additional 776 shares in the last quarter. Creative Planning increased its position in shares of Microchip Technology by 0.6% in the 3rd quarter. Creative Planning now owns 116,549 shares of the semiconductor company’s stock worth $9,358,000 after purchasing an additional 719 shares during the last quarter. Swedbank AB increased its position in shares of Microchip Technology by 62.3% in the 3rd quarter. Swedbank AB now owns 34,885 shares of the semiconductor company’s stock worth $2,801,000 after purchasing an additional 13,392 shares during the last quarter. Vontobel Holding Ltd. increased its position in shares of Microchip Technology by 24.4% in the 3rd quarter. Vontobel Holding Ltd. now owns 67,532 shares of the semiconductor company’s stock worth $5,422,000 after purchasing an additional 13,245 shares during the last quarter. Finally, Wolff Wiese Magana LLC increased its position 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 worth $49,000 after purchasing an additional 218 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on MCHP shares. Piper Sandler reissued an “overweight” rating and issued a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Susquehanna dropped their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research report on Wednesday, November 6th. Morgan Stanley dropped their target price on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday. Finally, KeyCorp lowered their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus target price of $77.11.

Microchip Technology Trading Up 0.8 %

Microchip Technology stock opened at $54.26 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The firm has a 50-day moving average price of $56.94 and a two-hundred day moving average price of $69.14. The firm has a market capitalization of $29.14 billion, a price-to-earnings ratio of 96.89 and a beta of 1.50. Microchip Technology Incorporated has a 52-week low of $50.21 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.41% and a net margin of 6.49%. Sell-side analysts expect that Microchip Technology Incorporated will post 1.3 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s dividend payout ratio is currently 325.00%.

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.