Everence Capital Management Inc. Purchases 5,170 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Everence Capital Management Inc. increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 111.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 9,800 shares of the semiconductor company’s stock after buying an additional 5,170 shares during the period. Everence Capital Management Inc.’s holdings in Microchip Technology were worth $562,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MCHP. Prospera Private Wealth LLC bought a new position in shares of Microchip Technology during the 3rd quarter worth approximately $29,000. Peterson Financial Group Inc. acquired a new position in Microchip Technology during the third quarter worth $34,000. Truvestments Capital LLC bought a new position in Microchip Technology in the third quarter valued at $34,000. Wolff Wiese Magana LLC increased its stake in 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 buying an additional 218 shares during the last quarter. Finally, Hobbs Group Advisors LLC lifted its position in Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on MCHP shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 target price on shares of Microchip Technology in a research report on Tuesday, December 3rd. Citigroup dropped their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Susquehanna decreased 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 note on Wednesday, November 6th. KeyCorp dropped their price target on shares of Microchip Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 3rd. Finally, Jefferies Financial Group decreased 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 report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $89.63.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $57.67 on Friday. The firm has a 50-day moving average price of $64.76 and a two-hundred day moving average price of $76.21. Microchip Technology Incorporated has a 12-month low of $55.27 and a 12-month high of $100.57. The company has a market capitalization of $30.97 billion, a P/E ratio of 40.33 and a beta of 1.50. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the company posted $1.54 earnings per share. The firm’s revenue for the quarter was down 48.4% compared to the same quarter last year. Analysts anticipate that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date was Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is 127.27%.

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.