InvesTrust Invests $638,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

InvesTrust acquired a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 11,175 shares of the semiconductor company’s stock, valued at approximately $638,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Van ECK Associates Corp grew its holdings in Microchip Technology by 25.1% during the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after acquiring an additional 1,597,263 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Microchip Technology by 2.4% during the second quarter. Legal & General Group Plc now owns 4,455,317 shares of the semiconductor company’s stock valued at $407,660,000 after purchasing an additional 103,807 shares in the last quarter. Franklin Resources Inc. boosted its position in Microchip Technology by 30.2% during the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after purchasing an additional 776,408 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Microchip Technology by 21.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock worth $301,797,000 after buying an additional 575,087 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Microchip Technology by 4.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,164,101 shares of the semiconductor company’s stock worth $289,515,000 after purchasing an additional 136,995 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MCHP shares. Piper Sandler dropped their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price objective on shares of Microchip Technology in a report on Tuesday, December 3rd. Stifel Nicolaus decreased their target price on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. KeyCorp cut their price target on Microchip Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 3rd. Finally, TD Cowen dropped their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $89.63.

Microchip Technology Trading Down 2.1 %

Shares of Microchip Technology stock traded down $1.20 during mid-day trading on Wednesday, hitting $56.27. The stock had a trading volume of 3,260,131 shares, compared to its average volume of 7,161,362. The firm has a market cap of $30.22 billion, a P/E ratio of 39.35 and a beta of 1.52. 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 firm has a 50-day moving average of $63.95 and a two-hundred day moving average of $75.51. Microchip Technology Incorporated has a 12-month low of $55.27 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) 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 firm 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% on a year-over-year basis. During the same period in the previous year, the firm earned $1.54 EPS. Sell-side analysts forecast that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend was Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) 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.