Kings Path Partners LLC Lowers Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Kings Path Partners LLC lowered its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 1.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,794 shares of the semiconductor company’s stock after selling 204 shares during the quarter. Kings Path Partners LLC’s holdings in Microchip Technology were worth $1,020,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on MCHP shares. Needham & Company LLC restated a “buy” rating and issued a $85.00 target price on shares of Microchip Technology in a report on Tuesday, December 3rd. Jefferies Financial Group reduced their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, December 13th. Evercore ISI reissued an “outperform” rating and issued a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, TD Cowen cut their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $89.63.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded up $1.56 during trading on Monday, hitting $59.23. 2,653,366 shares of the company were exchanged, compared to its average volume of 6,033,766. The firm’s fifty day moving average price is $64.76 and its 200 day moving average price is $75.96. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The company has a market cap of $31.81 billion, a price-to-earnings ratio of 41.42 and a beta of 1.52. Microchip Technology Incorporated has a 1 year low of $55.27 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the business posted $1.54 earnings per share. The firm’s revenue for the quarter was down 48.4% compared to the same quarter last year. On average, sell-side analysts expect that Microchip Technology Incorporated will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 3.07%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. Microchip Technology’s payout ratio is presently 127.27%.

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.