InvesTrust Acquires Shares of 11,175 Microchip Technology Incorporated (NASDAQ:MCHP)

InvesTrust acquired a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the fourth quarter, Holdings Channel reports. The fund acquired 11,175 shares of the semiconductor company’s stock, valued at approximately $638,000.

A number of other institutional investors have also modified their holdings of the stock. Corundum Group Inc. increased its stake in Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after buying an additional 143 shares during the period. Financial Advocates Investment Management raised its stake in shares of Microchip Technology by 1.5% in the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after buying an additional 158 shares in the last quarter. Bruce G. Allen Investments LLC grew its holdings in Microchip Technology by 11.4% during the third quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company’s stock worth $127,000 after acquiring an additional 162 shares during the period. Metis Global Partners LLC lifted its holdings in Microchip Technology by 1.0% in the 3rd quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock valued at $1,378,000 after acquiring an additional 172 shares during the last quarter. Finally, Parallel Advisors LLC grew its stake in shares of Microchip Technology by 2.9% in the 2nd quarter. Parallel Advisors LLC now owns 6,351 shares of the semiconductor company’s stock worth $581,000 after purchasing an additional 178 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Down 2.1 %

NASDAQ MCHP traded down $1.20 during trading on Wednesday, reaching $56.27. The company’s stock had a trading volume of 3,260,131 shares, compared to its average volume of 7,161,362. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a 1-year low of $55.27 and a 1-year high of $100.57. The business has a 50-day moving average price of $63.95 and a 200-day moving average price of $75.51. The stock has a market capitalization of $30.22 billion, a PE ratio of 39.35 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the company posted $1.54 earnings per share. Microchip Technology’s quarterly revenue was down 48.4% on a year-over-year basis. On average, research analysts forecast that Microchip Technology Incorporated will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a $0.455 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 3.23%. Microchip Technology’s dividend payout ratio is 127.27%.

Wall Street Analyst Weigh In

Several research firms have issued reports on MCHP. Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and dropped their price target for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Susquehanna dropped their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, November 6th. Jefferies Financial Group reduced their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Stifel Nicolaus dropped their target price on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, December 3rd. Finally, Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and cut their price target for the company from $80.00 to $65.00 in a report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $89.63.

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.