Concentric Wealth Management LLC Acquires 2,193 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Concentric Wealth Management LLC raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,884 shares of the semiconductor company’s stock after buying an additional 2,193 shares during the quarter. Concentric Wealth Management LLC’s holdings in Microchip Technology were worth $2,961,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Harvest Fund Management Co. Ltd grew its holdings in shares of Microchip Technology by 52.1% in the third quarter. Harvest Fund Management Co. Ltd now owns 24,713 shares of the semiconductor company’s stock valued at $1,984,000 after purchasing an additional 8,467 shares in the last quarter. Summit Trail Advisors LLC grew its position in Microchip Technology by 16.3% in the third quarter. Summit Trail Advisors LLC now owns 5,241 shares of the semiconductor company’s stock worth $421,000 after acquiring an additional 736 shares in the last quarter. Alpha DNA Investment Management LLC bought a new stake in Microchip Technology during the third quarter worth approximately $1,019,000. Larson Financial Group LLC raised its position in Microchip Technology by 55.9% during the third quarter. Larson Financial Group LLC now owns 2,938 shares of the semiconductor company’s stock valued at $236,000 after purchasing an additional 1,053 shares during the period. Finally, Swedbank AB boosted its holdings in shares of Microchip Technology by 62.3% in the 3rd quarter. Swedbank AB now owns 34,885 shares of the semiconductor company’s stock worth $2,801,000 after purchasing an additional 13,392 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Evercore ISI reaffirmed an “outperform” rating and set a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Susquehanna cut their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. Jefferies Financial Group decreased their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. B. Riley reduced their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. One 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $66.69 on Monday. Microchip Technology Incorporated has a twelve month low of $62.63 and a twelve month high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The company has a market cap of $35.81 billion, a PE ratio of 46.64 and a beta of 1.53. The company’s 50 day moving average is $74.59 and its 200 day moving average is $83.11.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly 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. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same period last year, the firm earned $1.54 EPS. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The firm 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 dividend of $0.455 per share. The ex-dividend date is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.73%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 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.