Advisors Asset Management Inc. Boosts Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Advisors Asset Management Inc. grew its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 7.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 34,522 shares of the semiconductor company’s stock after purchasing an additional 2,512 shares during the period. Advisors Asset Management Inc.’s holdings in Microchip Technology were worth $2,772,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in MCHP. Prospera Private Wealth LLC purchased a new position in shares of Microchip Technology during the 3rd quarter worth $29,000. Peterson Financial Group Inc. acquired a new position in shares of Microchip Technology in the 3rd quarter valued at about $34,000. Pathway Financial Advisers LLC acquired a new position in shares of Microchip Technology during the first quarter valued at $39,000. Versant Capital Management Inc grew its stake in shares of Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 317 shares in the last quarter. Finally, TruNorth Capital Management LLC bought a new position in Microchip Technology during the 2nd quarter valued at $55,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Trading Up 1.0 %

MCHP opened at $66.69 on Friday. The business’s 50 day moving average is $74.59 and its two-hundred day moving average is $83.17. Microchip Technology Incorporated has a 52 week low of $62.63 and a 52 week high of $100.57. The firm has a market cap of $35.81 billion, a price-to-earnings ratio of 46.64 and a beta of 1.53. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business’s revenue was down 48.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.54 EPS. On average, research analysts predict that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.455 per share. The ex-dividend date is Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.73%. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MCHP shares. Citigroup dropped 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. Jefferies Financial Group reduced their target price on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price target for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Mizuho set a $95.00 target price on Microchip Technology in a report on Friday, October 18th. Finally, TD Cowen lowered their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $92.00.

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.