Nicolet Advisory Services LLC Boosts Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Nicolet Advisory Services LLC boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 11.5% in the third quarter, Holdings Channel.com reports. The fund owned 6,716 shares of the semiconductor company’s stock after buying an additional 694 shares during the quarter. Nicolet Advisory Services LLC’s holdings in Microchip Technology were worth $519,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Leelyn Smith LLC increased its position in shares of Microchip Technology by 2.2% during the third quarter. Leelyn Smith LLC now owns 12,401 shares of the semiconductor company’s stock worth $996,000 after purchasing an additional 268 shares in the last quarter. Camden National Bank acquired a new position in Microchip Technology in the 3rd quarter valued at about $366,000. AlphaCore Capital LLC raised its stake in Microchip Technology by 4.9% during the 3rd quarter. AlphaCore Capital LLC now owns 15,386 shares of the semiconductor company’s stock valued at $1,235,000 after acquiring an additional 718 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Microchip Technology by 0.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,026,946 shares of the semiconductor company’s stock worth $243,034,000 after acquiring an additional 25,872 shares during the period. Finally, Landscape Capital Management L.L.C. purchased a new position in shares of Microchip Technology in the 3rd quarter valued at approximately $218,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on MCHP shares. KeyCorp cut their price target on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. B. Riley cut their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. TD Cowen reduced their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Evercore ISI reiterated an “outperform” rating and set a $95.00 price target (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Finally, Citigroup reduced their price objective 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. One equities 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. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Trading Up 1.0 %

NASDAQ:MCHP opened at $66.69 on Friday. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week 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 has a fifty day simple moving average of $74.59 and a 200-day simple moving average of $83.17. The company has a market capitalization of $35.81 billion, a PE ratio of 46.64 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same period last year, the firm posted $1.54 EPS. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.73%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s payout ratio is 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.