Avestar Capital LLC Lowers Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Avestar Capital LLC decreased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 13.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,875 shares of the semiconductor company’s stock after selling 1,565 shares during the period. Avestar Capital LLC’s holdings in Microchip Technology were worth $793,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of MCHP. SeaCrest Wealth Management LLC increased its stake in shares of Microchip Technology by 3.3% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after purchasing an additional 131 shares in the last quarter. Corundum Group Inc. increased its position in shares of Microchip Technology by 3.4% in the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after buying an additional 143 shares in the last quarter. Commerzbank Aktiengesellschaft FI raised its stake in shares of Microchip Technology by 4.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after buying an additional 148 shares during the period. Busey Bank lifted its position in shares of Microchip Technology by 2.6% during the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock valued at $550,000 after buying an additional 155 shares in the last quarter. Finally, Financial Advocates Investment Management grew its stake in Microchip Technology by 1.5% in the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock valued at $867,000 after acquiring an additional 158 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

MCHP has been the topic of several recent analyst reports. B. Riley decreased their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Citigroup lowered their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Evercore ISI reiterated 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. KeyCorp decreased their target price on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Stock Down 2.1 %

Shares of NASDAQ MCHP opened at $68.41 on Wednesday. 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 business’s 50 day moving average is $74.27 and its two-hundred day moving average is $82.80. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57. The firm has a market cap of $36.74 billion, a price-to-earnings ratio of 47.84 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last posted 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. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the previous year, the business earned $1.54 EPS. The company’s quarterly revenue was down 48.4% compared to the same quarter last year. Research analysts predict that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $0.455 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend is Friday, November 22nd. 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.