Manchester Capital Management LLC Decreases Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Manchester Capital Management LLC cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 37.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 5,766 shares of the semiconductor company’s stock after selling 3,491 shares during the quarter. Manchester Capital Management LLC’s holdings in Microchip Technology were worth $331,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of MCHP. Prospera Private Wealth LLC acquired a new position in Microchip Technology during the third quarter worth $29,000. Financial Life Planners acquired a new position in shares of Microchip Technology in the fourth quarter worth $32,000. Peterson Financial Group Inc. acquired a new position in shares of Microchip Technology in the third quarter worth $34,000. Truvestments Capital LLC acquired a new position in shares of Microchip Technology in the third quarter worth $34,000. Finally, Hobbs Group Advisors LLC raised its holdings in shares of Microchip Technology by 390.6% in the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after acquiring an additional 500 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Trading Up 2.8 %

NASDAQ:MCHP opened at $55.76 on Friday. 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 Incorporated has a one year low of $50.21 and a one year high of $100.57. The business’s 50-day simple moving average is $56.86 and its 200 day simple moving average is $69.04. The stock has a market cap of $29.94 billion, a price-to-earnings ratio of 99.57 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.41%. As a group, sell-side analysts predict that Microchip Technology Incorporated will post 1.3 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date is Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Raymond James reissued a “strong-buy” rating and issued a $60.00 price target (down from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Rosenblatt Securities reissued a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a report on Thursday, February 6th. B. Riley reaffirmed a “buy” rating and issued a $75.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Evercore ISI reaffirmed an “outperform” rating and issued a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Finally, Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $77.11.

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.