Eagle Bay Advisors LLC Decreases Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Eagle Bay Advisors LLC cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 49.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 837 shares of the semiconductor company’s stock after selling 831 shares during the period. Eagle Bay Advisors LLC’s holdings in Microchip Technology were worth $48,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Acadian Asset Management LLC purchased a new stake in Microchip Technology in the second quarter worth approximately $788,000. LPL Financial LLC grew its holdings in shares of Microchip Technology by 15.3% in the second quarter. LPL Financial LLC now owns 370,233 shares of the semiconductor company’s stock worth $33,876,000 after acquiring an additional 49,139 shares during the period. Dai ichi Life Insurance Company Ltd increased its position in Microchip Technology by 101.8% during the second quarter. Dai ichi Life Insurance Company Ltd now owns 25,333 shares of the semiconductor company’s stock valued at $2,318,000 after acquiring an additional 12,782 shares during the last quarter. Parallel Advisors LLC lifted its holdings in Microchip Technology by 2.9% in the second quarter. Parallel Advisors LLC now owns 6,351 shares of the semiconductor company’s stock valued at $581,000 after acquiring an additional 178 shares during the period. Finally, Thoroughbred Financial Services LLC boosted its position in Microchip Technology by 263.0% in the second quarter. Thoroughbred Financial Services LLC now owns 11,396 shares of the semiconductor company’s stock worth $1,042,000 after purchasing an additional 8,257 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Stock Up 1.3 %

Shares of MCHP stock opened at $55.91 on Tuesday. The stock has a market cap of $30.02 billion, a P/E ratio of 39.10 and a beta of 1.52. The company’s fifty day simple moving average is $62.47 and its two-hundred day simple moving average is $74.56. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a 52 week low of $54.47 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, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the company earned $1.54 earnings per share. The firm’s revenue was down 48.4% on a year-over-year basis. Analysts predict that Microchip Technology Incorporated will post 1.33 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.26%. The ex-dividend date of this dividend was Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 127.27%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MCHP shares. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price objective on shares of Microchip Technology in a research note on Tuesday, December 3rd. Bank of America lowered Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Citigroup lowered their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Jefferies Financial Group reduced their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Finally, KeyCorp lowered their price objective on Microchip Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $87.11.

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.