Chronos Wealth Management LLC Decreases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Chronos Wealth Management LLC decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 11.3% during the 4th quarter, HoldingsChannel reports. The fund owned 7,441 shares of the semiconductor company’s stock after selling 951 shares during the quarter. Chronos Wealth Management LLC’s holdings in Microchip Technology were worth $427,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MCHP. Prospera Private Wealth LLC purchased a new stake in Microchip Technology in the third quarter valued at $29,000. Peterson Financial Group Inc. acquired a new position in Microchip Technology in the 3rd quarter valued at about $34,000. Truvestments Capital LLC acquired a new position in Microchip Technology in the third quarter valued at $34,000. Financial Life Planners acquired a new position in shares of Microchip Technology in the 4th quarter valued at $32,000. Finally, Wolff Wiese Magana LLC raised its stake 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 during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

MCHP opened at $51.89 on Friday. The firm’s 50-day moving average price is $58.04 and its 200-day moving average price is $70.26. Microchip Technology Incorporated has a 52-week low of $50.21 and a 52-week high of $100.57. 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 company has a market cap of $27.87 billion, a P/E ratio of 92.66 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.41%. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.3 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be given a dividend of $0.455 per share. The ex-dividend date is Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 3.51%. Microchip Technology’s dividend payout ratio is presently 325.00%.

Wall Street Analyst Weigh In

Several research analysts recently commented on MCHP shares. Needham & Company LLC cut their price target on Microchip Technology from $85.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday. Raymond James reiterated a “strong-buy” rating and set a $60.00 price objective (down from $95.00) on shares of Microchip Technology in a research report on Friday. Rosenblatt Securities reissued a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a report on Thursday. Jefferies Financial Group lowered their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, B. Riley reissued a “buy” rating and issued a $75.00 price target (down previously from $85.00) on shares of Microchip Technology in a research note on Friday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.11.

Microchip Technology Company 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.