Novare Capital Management LLC Acquires 323 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Novare Capital Management LLC raised its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 120,106 shares of the semiconductor company’s stock after buying an additional 323 shares during the quarter. Novare Capital Management LLC’s holdings in Microchip Technology were worth $6,888,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Assenagon Asset Management S.A. boosted its holdings in Microchip Technology by 9,901.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after acquiring an additional 2,829,082 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Microchip Technology by 2,390.5% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after purchasing an additional 2,199,290 shares during the period. Van ECK Associates Corp lifted its position in shares of Microchip Technology by 25.1% in the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after purchasing an additional 1,597,263 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Microchip Technology by 78.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after purchasing an additional 961,801 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in shares of Microchip Technology by 30.2% during the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after buying an additional 776,408 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MCHP. Piper Sandler cut their price objective 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. KeyCorp cut their price objective on shares of Microchip Technology from $90.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, January 14th. Stifel Nicolaus lowered their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. Rosenblatt Securities reissued a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a research note on Wednesday, November 6th. Finally, Bank of America lowered Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $84.00.

Microchip Technology Stock Performance

MCHP opened at $56.39 on Friday. Microchip Technology Incorporated has a 12-month low of $54.47 and a 12-month high of $100.57. The company has a market cap of $30.28 billion, a price-to-earnings ratio of 39.43 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. The company’s 50 day moving average is $60.28 and its 200 day moving average is $72.63.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the previous year, the firm posted $1.54 EPS. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. On average, equities research analysts predict that Microchip Technology Incorporated will post 1.31 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given 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 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology’s payout ratio is presently 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.