Novare Capital Management LLC boosted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 0.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 120,106 shares of the semiconductor company’s stock after buying an additional 323 shares during the period. Novare Capital Management LLC’s holdings in Microchip Technology were worth $6,888,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Pallas Capital Advisors LLC purchased a new stake in Microchip Technology during the fourth quarter valued at approximately $5,917,000. Quadrature Capital Ltd bought a new position in shares of Microchip Technology during the 3rd quarter valued at approximately $3,312,000. Benjamin Edwards Inc. raised its holdings in Microchip Technology by 5,185.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock valued at $755,000 after buying an additional 9,230 shares during the period. Empowered Funds LLC lifted its position in Microchip Technology by 25.7% in the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after buying an additional 19,663 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in Microchip Technology by 9,901.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after acquiring an additional 2,829,082 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
MCHP has been the subject of several analyst reports. Bank of America cut shares of Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. B. Riley dropped their target price on Microchip Technology from $93.00 to $85.00 and set a “buy” rating for the company in a research report on Friday. TD Cowen cut their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Stifel Nicolaus decreased their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. Finally, StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $84.00.
Microchip Technology Trading Down 5.3 %
NASDAQ MCHP opened at $56.39 on Friday. Microchip Technology Incorporated has a one year low of $54.47 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The company has a market capitalization of $30.28 billion, a price-to-earnings ratio of 39.43 and a beta of 1.52. The company’s 50-day simple moving average is $60.28 and its two-hundred day simple moving average is $72.63.
Microchip Technology (NASDAQ:MCHP – Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Microchip Technology’s revenue was down 48.4% compared to the same quarter last year. During the same period last year, the company posted $1.54 earnings per share. Equities analysts forecast that Microchip Technology Incorporated will post 1.31 EPS for the current fiscal year.
Microchip Technology Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were paid a dividend of $0.455 per share. 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 3.23%. The ex-dividend date was Friday, November 22nd. Microchip Technology’s dividend payout ratio is 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.
Featured Articles
- Five stocks we like better than Microchip Technology
- The Most Important Warren Buffett Stock for Investors: His Own
- MP Materials: Rare Earth Elements Powering the EV Boom
- What is the NASDAQ Stock Exchange?
- Verizon’s Turnaround Gains Traction: New Highs Are Likely in 2025
- What is a Dividend King?
- Bloom Energy: Powering the Future With Decentralized Energy
Want to see what other hedge funds are holding MCHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microchip Technology Incorporated (NASDAQ:MCHP – Free Report).
Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.