Matrix Trust Co lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 815.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,667 shares of the semiconductor company’s stock after buying an additional 1,485 shares during the quarter. Matrix Trust Co’s holdings in Microchip Technology were worth $96,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Prospera Private Wealth LLC acquired a new position in Microchip Technology during the 3rd quarter worth approximately $29,000. Peterson Financial Group Inc. acquired a new position in shares of Microchip Technology during the third quarter worth $34,000. Truvestments Capital LLC purchased a new position in Microchip Technology in the third quarter valued at $34,000. Wolff Wiese Magana LLC raised its stake in Microchip Technology by 55.2% in the third 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 in the last quarter. Finally, Hobbs Group Advisors LLC lifted its holdings 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 during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have recently weighed in on MCHP. Piper Sandler cut their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Bank of America cut shares of Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $80.00 to $65.00 in a report on Monday, December 16th. Susquehanna reduced their price target 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. Jefferies Financial Group dropped their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, TD Cowen reduced their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.11.
Microchip Technology Stock Performance
Shares of MCHP stock opened at $55.91 on Tuesday. 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 12-month low of $54.47 and a 12-month high of $100.57. The company has a market cap of $30.02 billion, a price-to-earnings ratio of 39.10 and a beta of 1.52. The stock has a 50 day simple moving average of $62.47 and a 200-day simple moving average of $74.56.
Microchip Technology (NASDAQ:MCHP – Get Free Report) last issued its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 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 company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the firm earned $1.54 EPS. The business’s revenue was down 48.4% on a year-over-year basis. On average, equities analysts forecast that Microchip Technology Incorporated will post 1.33 EPS for the current year.
Microchip Technology Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.26%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.
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.
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