CreativeOne Wealth LLC Raises Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

CreativeOne Wealth LLC raised its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.0% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 28,559 shares of the semiconductor company’s stock after purchasing an additional 562 shares during the period. CreativeOne Wealth LLC’s holdings in Microchip Technology were worth $2,293,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Empowered Funds LLC boosted its position in Microchip Technology by 25.7% during the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after acquiring an additional 19,663 shares during the last quarter. Harvest Fund Management Co. Ltd boosted its holdings in shares of Microchip Technology by 52.1% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 24,713 shares of the semiconductor company’s stock worth $1,984,000 after purchasing an additional 8,467 shares during the last quarter. Pinnacle Associates Ltd. grew its position in shares of Microchip Technology by 50.0% in the third quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock valued at $8,486,000 after purchasing an additional 35,213 shares in the last quarter. Cerity Partners LLC increased its holdings in shares of Microchip Technology by 14.2% in the third quarter. Cerity Partners LLC now owns 260,063 shares of the semiconductor company’s stock valued at $20,880,000 after purchasing an additional 32,340 shares during the last quarter. Finally, Swedbank AB purchased a new position in Microchip Technology during the first quarter worth approximately $1,079,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

MCHP has been the subject of several analyst reports. Jefferies Financial Group dropped their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Evercore ISI reissued an “outperform” rating and issued a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. KeyCorp reduced their price target on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Susquehanna lowered their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. Finally, Piper Sandler dropped their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Trading Down 0.8 %

Shares of MCHP stock opened at $67.87 on Thursday. Microchip Technology Incorporated has a twelve month low of $62.63 and a twelve month high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The business’s 50 day moving average is $74.10 and its two-hundred day moving average is $82.69. The company has a market capitalization of $36.45 billion, a P/E ratio of 47.46 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Microchip Technology’s quarterly revenue was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.54 EPS. Equities analysts forecast that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date is Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 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.