Franklin Street Advisors Inc. NC Acquires 2,983 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Franklin Street Advisors Inc. NC raised its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 70.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,192 shares of the semiconductor company’s stock after buying an additional 2,983 shares during the quarter. Franklin Street Advisors Inc. NC’s holdings in Microchip Technology were worth $412,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Prospera Private Wealth LLC bought a new position in Microchip Technology in the third quarter valued at approximately $29,000. Peterson Financial Group Inc. bought a new stake in Microchip Technology during the third quarter worth $34,000. Truvestments Capital LLC acquired a new stake in Microchip Technology in the third quarter valued at $34,000. Wolff Wiese Magana LLC grew its position in shares of Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares during the period. Finally, Hobbs Group Advisors LLC grew its holdings in Microchip Technology by 390.6% during the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after purchasing an additional 500 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on MCHP. Mizuho set a $95.00 target price on shares of Microchip Technology in a report on Friday, October 18th. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $80.00 to $65.00 in a research note on Monday, December 16th. Jefferies Financial Group dropped their target price on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Citigroup lowered their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their target price for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $88.32.

Microchip Technology Stock Performance

Shares of Microchip Technology stock traded down $1.78 during trading hours on Friday, reaching $54.60. The company had a trading volume of 2,354,749 shares, compared to its average volume of 6,850,257. The business has a fifty day simple moving average of $63.23 and a 200 day simple moving average of $75.24. The firm has a market cap of $29.32 billion, a PE ratio of 38.18 and a beta of 1.52. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. Microchip Technology Incorporated has a one year low of $54.47 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS 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 during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the company earned $1.54 EPS. The business’s quarterly revenue was down 48.4% compared to the same quarter last year. On average, analysts anticipate that Microchip Technology Incorporated will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a $0.455 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.33%. Microchip Technology’s dividend payout ratio is 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.