Pallas Capital Advisors LLC Takes $5.92 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Pallas Capital Advisors LLC acquired a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 103,167 shares of the semiconductor company’s stock, valued at approximately $5,917,000.

A number of other hedge funds have also added to or reduced their stakes in MCHP. Corundum Group Inc. raised its holdings in shares of Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after buying an additional 143 shares in the last quarter. Financial Advocates Investment Management boosted its position in Microchip Technology by 1.5% in the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock valued at $867,000 after buying an additional 158 shares in the last quarter. Bruce G. Allen Investments LLC grew its stake in shares of Microchip Technology by 11.4% during the third quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company’s stock worth $127,000 after buying an additional 162 shares during the last quarter. Metis Global Partners LLC increased its holdings in shares of Microchip Technology by 1.0% during the third quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock worth $1,378,000 after buying an additional 172 shares in the last quarter. Finally, Parallel Advisors LLC lifted its stake in shares of Microchip Technology by 2.9% in the 2nd quarter. Parallel Advisors LLC now owns 6,351 shares of the semiconductor company’s stock valued at $581,000 after acquiring an additional 178 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MCHP has been the subject of several research reports. Stifel Nicolaus dropped their target price on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, December 3rd. Rosenblatt Securities reiterated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research report on Wednesday, November 6th. Citigroup decreased their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Mizuho cut their price target on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a report on Friday. Finally, The Goldman Sachs Group decreased their price target on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $87.11.

Microchip Technology Stock Performance

Microchip Technology stock traded up $0.72 during trading on Monday, hitting $55.91. The stock had a trading volume of 6,654,544 shares, compared to its average volume of 7,611,030. Microchip Technology Incorporated has a 1 year low of $54.47 and a 1 year high of $100.57. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The stock’s 50 day moving average is $62.84 and its two-hundred day moving average is $74.80. The stock has a market cap of $30.02 billion, a price-to-earnings ratio of 39.10 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the company posted $1.54 EPS. The firm’s revenue for the quarter was down 48.4% compared to the same quarter last year. As a group, analysts predict that Microchip Technology Incorporated will post 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a $0.455 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 3.26%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is presently 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.