Kingsview Wealth Management LLC Has $8.81 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Kingsview Wealth Management LLC trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.0% during the third quarter, Holdings Channel reports. The firm owned 109,721 shares of the semiconductor company’s stock after selling 5,809 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Microchip Technology were worth $8,810,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Prospera Private Wealth LLC bought a new stake in Microchip Technology in the third quarter worth approximately $29,000. Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology during the 3rd quarter worth approximately $34,000. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology in the 1st quarter valued at $39,000. Versant Capital Management Inc lifted its position in shares of Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 317 shares during the period. Finally, Wolff Wiese Magana LLC grew its holdings in Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

MCHP stock opened at $66.69 on Friday. The business has a 50 day moving average of $74.59 and a 200-day moving average of $83.24. The firm has a market cap of $35.81 billion, a PE ratio of 46.64 and a beta of 1.53. Microchip Technology Incorporated has a 12-month low of $62.63 and a 12-month high of $100.57. 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 (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business’s revenue was down 48.4% compared to the same quarter last year. During the same period last year, the firm posted $1.54 EPS. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a $0.455 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 2.73%. Microchip Technology’s payout ratio is currently 127.27%.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of research analyst reports. B. Riley cut their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Citigroup cut their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Susquehanna decreased their price objective on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. TD Cowen lowered their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Finally, Jefferies Financial Group reduced their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

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.