Everpar Advisors LLC Sells 938 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Everpar Advisors LLC decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 17.3% during the 4th quarter, HoldingsChannel reports. The fund owned 4,476 shares of the semiconductor company’s stock after selling 938 shares during the period. Everpar Advisors LLC’s holdings in Microchip Technology were worth $257,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Van ECK Associates Corp raised its position in Microchip Technology by 25.1% in the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock valued at $599,239,000 after purchasing an additional 1,597,263 shares during the last quarter. Legal & General Group Plc boosted its position in Microchip Technology by 2.4% during the 2nd quarter. Legal & General Group Plc now owns 4,455,317 shares of the semiconductor company’s stock worth $407,660,000 after buying an additional 103,807 shares during the period. Franklin Resources Inc. boosted its position in Microchip Technology by 30.2% during the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after buying an additional 776,408 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Microchip Technology by 0.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,026,946 shares of the semiconductor company’s stock worth $243,034,000 after acquiring an additional 25,872 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in Microchip Technology by 9,901.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after acquiring an additional 2,829,082 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. KeyCorp cut their price target on shares of Microchip Technology from $90.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday. Piper Sandler reduced 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 downgraded Microchip Technology from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Citigroup cut their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, The Goldman Sachs Group decreased their target price on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $86.05.

Microchip Technology Price Performance

MCHP stock opened at $57.97 on Friday. 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 moving average is $61.11 and its 200-day moving average is $73.84. The stock has a market capitalization of $31.13 billion, a PE ratio of 40.54 and a beta of 1.52. Microchip Technology Incorporated has a 1 year low of $54.47 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data 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 firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the firm posted $1.54 earnings per share. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. Equities research analysts expect that Microchip Technology Incorporated will post 1.32 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a dividend of $0.455 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 3.14%. Microchip Technology’s dividend payout ratio is presently 127.27%.

About Microchip Technology

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.