Procyon Advisors LLC Has $755,000 Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Procyon Advisors LLC decreased its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 15.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,173 shares of the semiconductor company’s stock after selling 2,374 shares during the period. Procyon Advisors LLC’s holdings in Microchip Technology were worth $755,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Edgestream Partners L.P. raised its holdings in Microchip Technology by 32.7% during the 2nd quarter. Edgestream Partners L.P. now owns 12,886 shares of the semiconductor company’s stock worth $1,179,000 after purchasing an additional 3,174 shares during the last quarter. Seven Eight Capital LP acquired a new stake in shares of Microchip Technology during the second quarter worth $424,000. Brighton Jones LLC raised its stake in Microchip Technology by 5.0% during the second quarter. Brighton Jones LLC now owns 4,287 shares of the semiconductor company’s stock worth $392,000 after buying an additional 203 shares during the last quarter. Ieq Capital LLC raised its stake in Microchip Technology by 9.0% during the second quarter. Ieq Capital LLC now owns 33,846 shares of the semiconductor company’s stock worth $3,097,000 after buying an additional 2,799 shares during the last quarter. Finally, AE Wealth Management LLC lifted its holdings in Microchip Technology by 377.8% in the second quarter. AE Wealth Management LLC now owns 20,658 shares of the semiconductor company’s stock valued at $1,890,000 after buying an additional 16,334 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MCHP has been the subject of several research analyst reports. Citigroup lowered their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $80.00 to $65.00 in a report on Monday, December 16th. KeyCorp cut their price target on Microchip Technology from $90.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, January 14th. StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, December 13th. Finally, TD Cowen cut their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $85.00.

Microchip Technology Stock Up 3.2 %

MCHP stock opened at $57.97 on Friday. The firm has a market capitalization of $31.13 billion, a PE ratio of 40.54 and a beta of 1.52. 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 twelve month low of $54.47 and a twelve month high of $100.57. The stock’s 50 day moving average is $61.11 and its 200-day moving average is $73.71.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share 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 business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the business earned $1.54 EPS. The business’s revenue was down 48.4% on a year-over-year basis. Sell-side analysts expect that Microchip Technology Incorporated will post 1.32 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a $0.455 dividend. This is a positive change 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 (DPR) 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.