Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by Summit Trail Advisors LLC

Summit Trail Advisors LLC lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 16.3% during the 3rd quarter, HoldingsChannel reports. The firm owned 5,241 shares of the semiconductor company’s stock after purchasing an additional 736 shares during the quarter. Summit Trail Advisors LLC’s holdings in Microchip Technology were worth $421,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Alpha DNA Investment Management LLC acquired a new position in Microchip Technology in the third quarter valued at approximately $1,019,000. Larson Financial Group LLC lifted its holdings in Microchip Technology by 55.9% in the third quarter. Larson Financial Group LLC now owns 2,938 shares of the semiconductor company’s stock valued at $236,000 after acquiring an additional 1,053 shares during the last quarter. Swedbank AB lifted its holdings in Microchip Technology by 62.3% in the third quarter. Swedbank AB now owns 34,885 shares of the semiconductor company’s stock valued at $2,801,000 after acquiring an additional 13,392 shares during the last quarter. Cerity Partners LLC lifted its holdings in Microchip Technology by 14.2% in the third 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 last quarter. Finally, Nicolet Advisory Services LLC lifted its holdings in Microchip Technology by 11.5% in the third quarter. Nicolet Advisory Services LLC now owns 6,716 shares of the semiconductor company’s stock valued at $519,000 after acquiring an additional 694 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Down 2.1 %

Microchip Technology stock opened at $68.41 on Wednesday. Microchip Technology Incorporated has a twelve month low of $62.63 and a twelve month high of $100.57. The stock’s fifty day simple moving average is $74.27 and its 200-day simple moving average is $82.80. 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 firm has a market capitalization of $36.74 billion, a P/E ratio of 47.84 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last posted 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. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company’s revenue was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.54 earnings per share. As a group, equities analysts expect that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $0.455 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.66%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is presently 127.27%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on MCHP shares. 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. TD Cowen decreased their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a report on Wednesday, November 6th. Evercore ISI reissued an “outperform” rating and issued a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Finally, 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. One research 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $92.00.

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.