Townsquare Capital LLC Purchases 2,421 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Townsquare Capital LLC boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 10.7% during the third quarter, HoldingsChannel reports. The fund owned 25,143 shares of the semiconductor company’s stock after buying an additional 2,421 shares during the quarter. Townsquare Capital LLC’s holdings in Microchip Technology were worth $2,019,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Empowered Funds LLC raised its position in shares of Microchip Technology by 25.7% in the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock valued at $7,721,000 after purchasing an additional 19,663 shares during the period. Harvest Fund Management Co. Ltd raised its holdings in Microchip Technology by 52.1% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 24,713 shares of the semiconductor company’s stock valued at $1,984,000 after acquiring an additional 8,467 shares during the period. Cerity Partners LLC raised its holdings in Microchip Technology by 14.2% during the 3rd quarter. Cerity Partners LLC now owns 260,063 shares of the semiconductor company’s stock valued at $20,880,000 after acquiring an additional 32,340 shares during the period. Pinnacle Associates Ltd. lifted its position in shares of Microchip Technology by 50.0% during the third quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock worth $8,486,000 after acquiring an additional 35,213 shares in the last quarter. Finally, Swedbank AB bought a new position in shares of Microchip Technology in the first quarter worth $1,079,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MCHP has been the topic of a number of recent research reports. Rosenblatt Securities reissued a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a report on Wednesday, November 6th. Susquehanna cut their price objective 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. Piper Sandler decreased their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. TD Cowen lowered their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Finally, KeyCorp reduced 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $68.17 on Monday. The stock has a market cap of $36.61 billion, a price-to-earnings ratio of 47.67 and a beta of 1.53. The stock’s 50-day moving average is $73.71 and its 200 day moving average is $82.25. 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 1-year low of $62.63 and a 1-year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the business posted $1.54 EPS. The business’s quarterly revenue was down 48.4% on a year-over-year basis. On average, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $0.455 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.67%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 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.