Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by Summit Trail Advisors LLC

Summit Trail Advisors LLC lifted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 16.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,241 shares of the semiconductor company’s stock after acquiring an additional 736 shares during the period. Summit Trail Advisors LLC’s holdings in Microchip Technology were worth $421,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Empowered Funds LLC increased its position 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 valued at $7,721,000 after acquiring an additional 19,663 shares during the period. Pinnacle Associates Ltd. grew its position in Microchip Technology by 50.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock worth $8,486,000 after purchasing an additional 35,213 shares during the period. Swedbank AB acquired a new stake in Microchip Technology during the 1st quarter worth about $1,079,000. Cerity Partners LLC grew its position in Microchip Technology by 14.2% during the 3rd quarter. Cerity Partners LLC now owns 260,063 shares of the semiconductor company’s stock worth $20,880,000 after purchasing an additional 32,340 shares during the period. Finally, Aigen Investment Management LP acquired a new stake in Microchip Technology during the 3rd quarter worth about $2,391,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have weighed in on MCHP shares. KeyCorp cut their price target on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Evercore ISI reaffirmed an “outperform” rating and set a $95.00 price target (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Citigroup cut their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, Piper Sandler dropped their target price 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. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Trading Down 2.1 %

MCHP stock opened at $68.41 on Wednesday. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a 12-month low of $62.63 and a 12-month high of $100.57. The stock has a market cap of $36.74 billion, a price-to-earnings ratio of 47.84 and a beta of 1.53. The business’s 50-day moving average is $74.27 and its 200 day moving average is $82.80.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the firm posted $1.54 EPS. Microchip Technology’s revenue was down 48.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.66%. The ex-dividend date is Friday, November 22nd. Microchip Technology’s payout ratio is currently 127.27%.

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.