Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Godsey & Gibb Inc.

Godsey & Gibb Inc. grew its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 257,334 shares of the semiconductor company’s stock after buying an additional 6,953 shares during the period. Godsey & Gibb Inc.’s holdings in Microchip Technology were worth $14,758,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Park Avenue Securities LLC increased its stake in Microchip Technology by 31.7% in the fourth quarter. Park Avenue Securities LLC now owns 62,418 shares of the semiconductor company’s stock valued at $3,580,000 after purchasing an additional 15,041 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of 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 buying an additional 2,829,082 shares in the last quarter. Pallas Capital Advisors LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth $5,917,000. Elmwood Wealth Management Inc. grew its position in Microchip Technology by 1.5% during the fourth quarter. Elmwood Wealth Management Inc. now owns 20,558 shares of the semiconductor company’s stock worth $1,179,000 after buying an additional 300 shares during the period. Finally, Enterprise Bank & Trust Co increased its stake in Microchip Technology by 12.1% in the 4th quarter. Enterprise Bank & Trust Co now owns 3,947 shares of the semiconductor company’s stock valued at $226,000 after purchasing an additional 425 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 0.4 %

MCHP opened at $57.10 on Thursday. The firm has a 50 day simple moving average of $62.10 and a 200 day simple moving average of $74.32. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. Microchip Technology Incorporated has a fifty-two week low of $54.47 and a fifty-two week high of $100.57. The company has a market cap of $30.66 billion, a price-to-earnings ratio of 39.93 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last released 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. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the company earned $1.54 EPS. The firm’s quarterly revenue was down 48.4% on a year-over-year basis. On average, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a dividend of $0.455 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 3.19%. Microchip Technology’s payout ratio is 127.27%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MCHP shares. The Goldman Sachs Group cut their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Bank of America cut shares of Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. KeyCorp reduced their target price on Microchip Technology from $90.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday. Piper Sandler decreased their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Finally, Susquehanna lowered their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $86.05.

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.