Leelyn Smith LLC Increases Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Leelyn Smith LLC raised its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,401 shares of the semiconductor company’s stock after acquiring an additional 268 shares during the quarter. Leelyn Smith LLC’s holdings in Microchip Technology were worth $996,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of MCHP. Price T Rowe Associates Inc. MD increased its position in shares of Microchip Technology by 17.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock valued at $406,182,000 after buying an additional 673,992 shares in the last quarter. Mount Yale Investment Advisors LLC grew its position in shares of Microchip Technology by 17.5% in the first quarter. Mount Yale Investment Advisors LLC now owns 23,919 shares of the semiconductor company’s stock valued at $2,146,000 after purchasing an additional 3,569 shares during the period. SVB Wealth LLC increased its stake in shares of Microchip Technology by 2.4% during the first quarter. SVB Wealth LLC now owns 83,922 shares of the semiconductor company’s stock worth $7,529,000 after purchasing an additional 1,934 shares in the last quarter. Benchmark Investment Advisors LLC acquired a new position in shares of Microchip Technology during the 1st quarter worth about $1,245,000. Finally, Dynasty Wealth Management LLC purchased a new position in Microchip Technology in the 1st quarter valued at about $1,028,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 1.0 %

NASDAQ MCHP opened at $66.69 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The stock has a market capitalization of $35.81 billion, a P/E ratio of 46.64 and a beta of 1.53. The firm’s 50-day moving average is $74.59 and its two-hundred day moving average is $83.24. Microchip Technology Incorporated has a 12 month low of $62.63 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued 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. 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 for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the business posted $1.54 EPS. The business’s revenue for the quarter was down 48.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $0.455 dividend. The ex-dividend date is Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.73%. Microchip Technology’s payout ratio is presently 127.27%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on MCHP shares. Needham & Company LLC reduced their target price on Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Citigroup decreased their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. KeyCorp dropped their target price on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. Jefferies Financial Group decreased their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. lowered their price target on shares of 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 investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

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.