Edgestream Partners L.P. Raises Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Edgestream Partners L.P. increased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 190.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,377 shares of the semiconductor company’s stock after acquiring an additional 24,491 shares during the period. Edgestream Partners L.P.’s holdings in Microchip Technology were worth $3,001,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC acquired a new stake in Microchip Technology during the 3rd quarter worth about $29,000. Peterson Financial Group Inc. acquired a new stake in Microchip Technology during the 3rd quarter worth about $34,000. Truvestments Capital LLC acquired a new stake in Microchip Technology during the 3rd quarter worth about $34,000. Versant Capital Management Inc grew its position in Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 317 shares during the period. Finally, TruNorth Capital Management LLC acquired a new stake in Microchip Technology during the 2nd quarter worth about $55,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on MCHP. Piper Sandler cut their price target on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and dropped their target price for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Needham & Company LLC dropped their target price on Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Mizuho set a $95.00 target price on Microchip Technology in a research report on Friday, October 18th. Finally, Susquehanna dropped 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. 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Trading Up 0.4 %

MCHP opened at $68.17 on Monday. 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’s 50 day simple moving average is $73.71 and its two-hundred day simple moving average is $82.25. Microchip Technology Incorporated has a 1-year low of $62.63 and a 1-year high of $100.57. The firm has a market capitalization of $36.61 billion, a price-to-earnings ratio of 47.67 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the company posted $1.54 EPS. The business’s revenue was down 48.4% on a year-over-year basis. Analysts expect that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. 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.