Microchip Technology Incorporated (NASDAQ:MCHP) Short Interest Update

Microchip Technology Incorporated (NASDAQ:MCHP) was the target of a significant drop in short interest during the month of January. As of January 15th, there was short interest totalling 29,220,000 shares, a drop of 13.8% from the December 31st total of 33,910,000 shares. Based on an average daily volume of 7,960,000 shares, the short-interest ratio is presently 3.7 days.

Microchip Technology Stock Down 1.6 %

Shares of MCHP stock opened at $54.30 on Monday. The stock has a market cap of $29.16 billion, a P/E ratio of 37.97 and a beta of 1.50. Microchip Technology has a twelve month low of $53.98 and a twelve month high of $100.57. The stock has a 50 day moving average of $59.29 and a 200 day moving average of $71.03. 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 posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the business earned $1.54 earnings per share. As a group, sell-side analysts expect that Microchip Technology will post 1.31 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a $0.455 dividend. The ex-dividend date of this dividend was Friday, November 22nd. 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 3.35%. Microchip Technology’s payout ratio is 127.27%.

Institutional Trading of Microchip Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Corundum Group Inc. increased its position in shares of Microchip Technology by 3.4% in the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after buying an additional 143 shares in the last quarter. Financial Advocates Investment Management boosted its stake in shares of Microchip Technology by 1.5% in the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after acquiring an additional 158 shares during the last quarter. Bruce G. Allen Investments LLC boosted its stake in shares of Microchip Technology by 11.4% in the third quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company’s stock worth $127,000 after acquiring an additional 162 shares during the last quarter. Metis Global Partners LLC boosted its stake in shares of Microchip Technology by 1.0% in the third quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock worth $1,378,000 after acquiring an additional 172 shares during the last quarter. Finally, Americana Partners LLC boosted its stake in shares of Microchip Technology by 5.5% in the third quarter. Americana Partners LLC now owns 3,441 shares of the semiconductor company’s stock worth $276,000 after acquiring an additional 179 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Mizuho decreased their price objective on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price objective on shares of Microchip Technology in a research note on Tuesday, December 3rd. Stifel Nicolaus decreased their price objective on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, December 13th. Finally, Susquehanna decreased their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. One investment 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $84.00.

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.