Providence Capital Advisors LLC Sells 600 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Providence Capital Advisors LLC lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 61,200 shares of the semiconductor company’s stock after selling 600 shares during the quarter. Providence Capital Advisors LLC’s holdings in Microchip Technology were worth $4,914,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC bought a new stake in Microchip Technology during the 3rd quarter worth about $29,000. Peterson Financial Group Inc. bought a new stake in Microchip Technology during the 3rd quarter worth about $34,000. Truvestments Capital LLC bought a new stake in Microchip Technology during the 3rd quarter worth about $34,000. Pathway Financial Advisers LLC bought a new stake in Microchip Technology during the 1st quarter worth about $39,000. Finally, Versant Capital Management Inc grew its holdings in Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after acquiring an additional 317 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MCHP shares. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their target price for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. TD Cowen cut 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 report on Wednesday, November 6th. Jefferies Financial Group cut their target price on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Mizuho set a $95.00 target price on shares of Microchip Technology in a research report on Friday, October 18th. Finally, Susquehanna cut their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Price Performance

Shares of MCHP opened at $67.87 on Thursday. The company has a market cap of $36.45 billion, a price-to-earnings ratio of 47.46 and a beta of 1.53. Microchip Technology Incorporated has a 1-year low of $62.63 and a 1-year high of $100.57. The company’s fifty day simple moving average is $74.10 and its 200 day simple moving average is $82.69. 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 (NASDAQ:MCHP) last issued its earnings results 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 business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the previous year, the company earned $1.54 earnings per share. The firm’s revenue for the quarter was down 48.4% on a year-over-year basis. On average, research analysts forecast that Microchip Technology Incorporated will post 1.38 earnings per share 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. Shareholders of record on Friday, November 22nd will be issued a $0.455 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s payout ratio is currently 127.27%.

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.