Blue Trust Inc. Raises Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Blue Trust Inc. grew its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 17.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 12,383 shares of the semiconductor company’s stock after purchasing an additional 1,850 shares during the period. Blue Trust Inc.’s holdings in Microchip Technology were worth $710,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MCHP. Prospera Private Wealth LLC purchased a new stake in Microchip Technology during the 3rd quarter valued at $29,000. Peterson Financial Group Inc. bought a new position in shares of Microchip Technology during the third quarter valued at $34,000. Truvestments Capital LLC purchased a new stake in shares of Microchip Technology during the third quarter valued at $34,000. Wolff Wiese Magana LLC increased its holdings in Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after buying an additional 218 shares in the last quarter. Finally, Hobbs Group Advisors LLC raised its position in Microchip Technology by 390.6% in the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after buying an additional 500 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Citigroup reduced 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 note on Wednesday, November 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 target price on shares of Microchip Technology in a research report on Tuesday, December 3rd. Bank of America lowered Microchip Technology from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $80.00 to $65.00 in a report on Monday, December 16th. KeyCorp lowered their target price on Microchip Technology from $90.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, January 14th. Finally, B. Riley reduced their price target on shares of Microchip Technology from $93.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, January 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and an average price target of $84.00.

Microchip Technology Trading Down 0.4 %

MCHP stock opened at $56.03 on Thursday. The company has a market capitalization of $30.09 billion, a price-to-earnings ratio of 39.18 and a beta of 1.52. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. Microchip Technology Incorporated has a 1-year low of $54.47 and a 1-year high of $100.57. The business has a 50 day simple moving average of $59.95 and a two-hundred day simple moving average of $71.83.

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 company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Microchip Technology’s quarterly revenue was down 48.4% on a year-over-year basis. During the same period last year, the company posted $1.54 earnings per share. Research analysts anticipate that Microchip Technology Incorporated will post 1.31 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared 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. The ex-dividend date was Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 3.25%. Microchip Technology’s dividend payout ratio 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.