Microchip Technology Incorporated (NASDAQ:MCHP) Stock Position Lifted by Empowered Funds LLC

Empowered Funds LLC lifted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 25.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 96,163 shares of the semiconductor company’s stock after purchasing an additional 19,663 shares during the quarter. Empowered Funds LLC’s holdings in Microchip Technology were worth $7,721,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of MCHP. Pathway Financial Advisers LLC acquired a new position in shares of Microchip Technology during the 1st quarter valued at $39,000. Versant Capital Management Inc raised its position in Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after acquiring an additional 317 shares in the last quarter. TruNorth Capital Management LLC acquired a new stake in Microchip Technology in the 2nd quarter valued at about $55,000. Wolff Wiese Magana LLC boosted its position in shares of Microchip Technology by 55.2% during the 3rd 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, Family Firm Inc. acquired a new position in shares of Microchip Technology in the 2nd quarter worth approximately $62,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Down 4.2 %

Shares of NASDAQ MCHP opened at $62.86 on Friday. The stock has a market cap of $33.76 billion, a price-to-earnings ratio of 43.96 and a beta of 1.53. The business has a 50 day simple moving average of $75.65 and a 200 day simple moving average of $84.06. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a 52 week low of $62.63 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS 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 quarter in the prior year, the business posted $1.54 EPS. Microchip Technology’s quarterly revenue was down 48.4% on a year-over-year basis. On average, research analysts predict 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. Shareholders of record on Friday, November 22nd will be given a $0.455 dividend. The ex-dividend date is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.90%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 127.27%.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 6.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MCHP shares. 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 report on Wednesday, November 6th. Susquehanna cut their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. B. Riley reduced their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Mizuho set a $95.00 price target on Microchip Technology in a research note on Friday, October 18th. 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 note on Wednesday, November 6th. One research 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 data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

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.