Symmetry Investments LP Acquires New Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Symmetry Investments LP acquired a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, HoldingsChannel reports. The fund acquired 9,638 shares of the semiconductor company’s stock, valued at approximately $553,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MCHP. Brasada Capital Management LP grew its stake in Microchip Technology by 12.1% in the 4th quarter. Brasada Capital Management LP now owns 56,146 shares of the semiconductor company’s stock valued at $3,166,000 after acquiring an additional 6,057 shares during the last quarter. MGO One Seven LLC grew its position in shares of Microchip Technology by 23.0% in the fourth quarter. MGO One Seven LLC now owns 4,420 shares of the semiconductor company’s stock valued at $253,000 after purchasing an additional 827 shares during the last quarter. Pinebridge Investments L.P. increased its stake in shares of Microchip Technology by 5.9% during the 4th quarter. Pinebridge Investments L.P. now owns 90,796 shares of the semiconductor company’s stock worth $5,207,000 after purchasing an additional 5,032 shares in the last quarter. Stifel Financial Corp raised its position in shares of Microchip Technology by 8.7% during the 4th quarter. Stifel Financial Corp now owns 552,958 shares of the semiconductor company’s stock worth $31,712,000 after purchasing an additional 44,340 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of Microchip Technology by 56.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 66,492 shares of the semiconductor company’s stock worth $3,813,000 after purchasing an additional 23,868 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Mizuho raised their price target on Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Truist Financial cut their target price on shares of Microchip Technology from $56.00 to $43.00 and set a “hold” rating for the company in a research note on Monday. Piper Sandler restated an “overweight” rating and issued a $65.00 target price (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. KeyCorp lowered their price target on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, February 7th. Finally, Citigroup decreased their target price on shares of Microchip Technology from $65.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $69.32.

Microchip Technology Price Performance

Microchip Technology stock opened at $40.29 on Wednesday. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $21.67 billion, a P/E ratio of 71.95 and a beta of 1.51. The firm has a fifty day moving average of $50.15 and a 200-day moving average of $59.09. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were given a dividend of $0.455 per share. The ex-dividend date was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 4.52%. Microchip Technology’s payout ratio is currently 325.00%.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.10% of the company’s stock.

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.