Richard Bernstein Advisors LLC Takes Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Richard Bernstein Advisors LLC bought a new position in Microchip Technology Incorporated (NASDAQ:MCHP) during the 4th quarter, Holdings Channel reports. The institutional investor bought 37,421 shares of the semiconductor company’s stock, valued at approximately $2,146,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC acquired a new stake in Microchip Technology during the third quarter worth about $29,000. Financial Life Planners purchased a new stake in shares of Microchip Technology during the 4th quarter worth about $32,000. Peterson Financial Group Inc. acquired a new stake in Microchip Technology during the 3rd quarter worth approximately $34,000. Truvestments Capital LLC purchased a new position in Microchip Technology in the third quarter valued at approximately $34,000. Finally, Hobbs Group Advisors LLC lifted its position in Microchip Technology by 390.6% during the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Down 1.1 %

NASDAQ:MCHP opened at $60.19 on Wednesday. The stock has a 50-day simple moving average of $56.78 and a 200 day simple moving average of $67.77. Microchip Technology Incorporated has a one year low of $50.21 and a one year high of $100.57. The company has a market capitalization of $32.37 billion, a price-to-earnings ratio of 107.48 and a beta of 1.50. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Sell-side analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be given a $0.455 dividend. The ex-dividend date is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.02%. Microchip Technology’s payout ratio is currently 325.00%.

Analysts Set New Price Targets

MCHP has been the subject of several recent research reports. Rosenblatt Securities reissued a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research report on Thursday, February 6th. Stifel Nicolaus lowered their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. Needham & Company LLC reduced their price objective on Microchip Technology from $85.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Citigroup lowered their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, B. Riley reissued a “buy” rating and set a $75.00 price target (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $77.11.

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.