Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Brookmont Capital Management

Brookmont Capital Management lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,437 shares of the semiconductor company’s stock after selling 752 shares during the quarter. Microchip Technology comprises 1.2% of Brookmont Capital Management’s portfolio, making the stock its 27th largest position. Brookmont Capital Management’s holdings in Microchip Technology were worth $2,319,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Pallas Capital Advisors LLC acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $5,917,000. Quadrature Capital Ltd acquired a new stake in shares of Microchip Technology during the 3rd quarter worth approximately $3,312,000. Benjamin Edwards Inc. raised its position in shares of Microchip Technology by 5,185.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock worth $755,000 after purchasing an additional 9,230 shares during the period. Empowered Funds LLC raised its position in shares of Microchip Technology by 25.7% during the 3rd quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after purchasing an additional 19,663 shares during the period. Finally, Assenagon Asset Management S.A. raised its position in shares of 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 purchasing an additional 2,829,082 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on MCHP shares. Rosenblatt Securities reiterated a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a research report on Wednesday, November 6th. Piper Sandler dropped 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. Stifel Nicolaus decreased their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. Citigroup decreased their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, KeyCorp decreased their price objective on Microchip Technology from $90.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.00.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $57.97 on Tuesday. Microchip Technology Incorporated has a 1 year low of $54.47 and a 1 year high of $100.57. The stock has a fifty day moving average price of $61.11 and a two-hundred day moving average price of $73.57. The firm has a market cap of $31.13 billion, a P/E ratio of 40.54 and a beta of 1.52. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88.

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 company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the firm earned $1.54 EPS. The company’s quarterly revenue was down 48.4% compared to the same quarter last year. Research analysts forecast that Microchip Technology Incorporated will post 1.31 EPS for the current fiscal year.

Microchip Technology Increases Dividend

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