CX Institutional Trims Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

CX Institutional cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 71.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 3,679 shares of the semiconductor company’s stock after selling 9,223 shares during the quarter. CX Institutional’s holdings in Microchip Technology were worth $211,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Prospera Private Wealth LLC purchased a new stake in shares of Microchip Technology in the 3rd quarter worth about $29,000. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology in the 3rd quarter worth about $34,000. Truvestments Capital LLC purchased a new stake in shares of Microchip Technology in the 3rd quarter worth about $34,000. Wolff Wiese Magana LLC grew its position in shares of Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after buying an additional 218 shares during the period. Finally, Hobbs Group Advisors LLC grew its position in shares of Microchip Technology by 390.6% in the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after buying an additional 500 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Susquehanna reduced their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. Evercore ISI reiterated an “outperform” rating and issued a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Stifel Nicolaus dropped their price target on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, December 3rd. Mizuho dropped their price target on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Finally, Jefferies Financial Group dropped their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and an average price target of $84.00.

Microchip Technology Stock Performance

MCHP opened at $56.39 on Monday. 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’s 50 day moving average is $60.28 and its 200 day moving average is $72.50. 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 (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.54 earnings per share. 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. The ex-dividend date was Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 3.23%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Microchip Technology 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.