RMR Wealth Builders Has $362,000 Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

RMR Wealth Builders trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 8.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,316 shares of the semiconductor company’s stock after selling 592 shares during the quarter. RMR Wealth Builders’ holdings in Microchip Technology were worth $362,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Prospera Private Wealth LLC purchased a new stake in shares of Microchip Technology in the third quarter worth approximately $29,000. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology in the third quarter worth approximately $34,000. Truvestments Capital LLC purchased a new stake in shares of Microchip Technology in the third quarter worth approximately $34,000. Wolff Wiese Magana LLC lifted its position in shares of 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 in the last quarter. Finally, Hobbs Group Advisors LLC lifted its position 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 purchasing an additional 500 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Trading Down 2.1 %

Shares of Microchip Technology stock opened at $55.19 on Friday. The company’s fifty day simple moving average is $62.84 and its 200-day simple moving average is $75.00. The company has a market cap of $29.64 billion, a price-to-earnings ratio of 38.59 and a beta of 1.52. 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 1 year low of $54.47 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced 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. The business had revenue of $1.16 billion for 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 last year, the company posted $1.54 earnings per share. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a dividend of $0.455 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 3.30%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 127.27%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price target on shares of Microchip Technology in a research report on Tuesday, December 3rd. The Goldman Sachs Group cut their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday. Piper Sandler cut their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Finally, Jefferies Financial Group cut their price objective 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.11.

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.