Flagship Harbor Advisors LLC increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 256.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 9,624 shares of the semiconductor company’s stock after buying an additional 6,925 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Microchip Technology were worth $552,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in MCHP. B.O.S.S. Retirement Advisors LLC bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $239,000. Dynamic Advisor Solutions LLC increased its stake in Microchip Technology by 10.9% during the 4th quarter. Dynamic Advisor Solutions LLC now owns 22,168 shares of the semiconductor company’s stock valued at $1,271,000 after purchasing an additional 2,172 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in Microchip Technology by 28.4% during the fourth quarter. Exchange Traded Concepts LLC now owns 197,279 shares of the semiconductor company’s stock worth $11,314,000 after buying an additional 43,615 shares during the last quarter. IVC Wealth Advisors LLC lifted its stake in shares of Microchip Technology by 23.0% in the fourth quarter. IVC Wealth Advisors LLC now owns 4,660 shares of the semiconductor company’s stock valued at $267,000 after buying an additional 871 shares in the last quarter. Finally, Inspire Investing LLC grew its holdings in shares of Microchip Technology by 1.6% during the fourth quarter. Inspire Investing LLC now owns 52,479 shares of the semiconductor company’s stock valued at $3,010,000 after buying an additional 821 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on MCHP shares. Mizuho lowered their target price on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. TD Cowen lowered their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Bank of America cut Microchip Technology from a “neutral” rating to an “underperform” rating and cut their target price for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Jefferies Financial Group lowered their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Finally, Citigroup cut their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen 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 a consensus price target of $84.00.
Microchip Technology Price Performance
Microchip Technology stock opened at $56.28 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The business’s 50 day simple moving average is $60.12 and its 200 day simple moving average is $72.08. 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 $30.22 billion, a price-to-earnings ratio of 39.36 and a beta of 1.52.
Microchip Technology (NASDAQ:MCHP – Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping 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 company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the company earned $1.54 EPS. The firm’s quarterly revenue was down 48.4% compared to the same quarter last year. Sell-side analysts forecast that Microchip Technology Incorporated will post 1.31 EPS for the current year.
Microchip Technology Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a $0.455 dividend. The ex-dividend date was Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 3.23%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is 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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