Independent Advisor Alliance lowered its position in Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 3.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,500 shares of the semiconductor company’s stock after selling 158 shares during the period. Independent Advisor Alliance’s holdings in Microchip Technology were worth $361,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also modified their holdings of MCHP. SeaCrest Wealth Management LLC raised its stake in shares of Microchip Technology by 3.3% during the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after acquiring an additional 131 shares in the last quarter. Corundum Group Inc. increased its holdings in Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after purchasing an additional 143 shares during the period. Commerzbank Aktiengesellschaft FI raised its position in Microchip Technology by 4.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after purchasing an additional 148 shares in the last quarter. Busey Bank lifted its holdings in shares of Microchip Technology by 2.6% in the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock worth $550,000 after buying an additional 155 shares during the period. Finally, Financial Advocates Investment Management grew its position in shares of Microchip Technology by 1.5% during 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. Hedge funds and other institutional investors own 91.51% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts recently weighed in on MCHP shares. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $110.00 to $90.00 in a report on Friday, August 2nd. KeyCorp lowered their price target on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their price objective for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Needham & Company LLC reduced their price objective on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. dropped their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $92.00.
Microchip Technology Stock Performance
Shares of MCHP stock opened at $67.87 on Friday. Microchip Technology Incorporated has a 52-week low of $62.63 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 stock has a market cap of $36.45 billion, a PE ratio of 47.46 and a beta of 1.53. The business has a 50-day simple moving average of $73.88 and a 200-day simple moving average of $82.59.
Microchip Technology (NASDAQ:MCHP – Get Free Report) last released its quarterly earnings data 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 business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.54 EPS. On average, equities analysts expect that Microchip Technology Incorporated will post 1.38 EPS for the current year.
Microchip Technology Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.68%. The ex-dividend date is Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.
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.
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