Evermay Wealth Management LLC Has $188,000 Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Evermay Wealth Management LLC lowered its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 17.6% in the 4th quarter, HoldingsChannel reports. The firm owned 3,286 shares of the semiconductor company’s stock after selling 700 shares during the period. Evermay Wealth Management LLC’s holdings in Microchip Technology were worth $188,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Pallas Capital Advisors LLC bought a new stake in Microchip Technology in the 4th quarter valued at about $5,917,000. Quadrature Capital Ltd bought a new stake in shares of Microchip Technology during the third quarter valued at approximately $3,312,000. Benjamin Edwards Inc. raised its position in shares of Microchip Technology by 5,185.4% during the third 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 lifted its holdings in shares of Microchip Technology by 25.7% in 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 in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Microchip Technology by 9,901.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after purchasing an additional 2,829,082 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Trading Down 1.6 %

NASDAQ:MCHP opened at $54.30 on Friday. Microchip Technology Incorporated has a 1 year low of $53.98 and a 1 year high of $100.57. The stock’s fifty day moving average price is $59.29 and its two-hundred day moving average price is $71.34. 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 has a market cap of $29.16 billion, a P/E ratio of 37.97 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm’s quarterly revenue was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.54 EPS. As a group, analysts expect that Microchip Technology Incorporated will post 1.31 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend was Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 127.27%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MCHP. Susquehanna lowered their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. Jefferies Financial Group dropped their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. B. Riley decreased their price objective on Microchip Technology from $93.00 to $85.00 and set a “buy” rating for the company in a report on Friday, January 24th. Needham & Company LLC restated a “buy” rating and issued a $85.00 target price on shares of Microchip Technology in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group decreased their price target on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a report on Friday, January 10th. One analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus target price of $84.00.

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.