Tributary Capital Management LLC Decreases Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Tributary Capital Management LLC cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 5,993 shares of the semiconductor company’s stock after selling 330 shares during the quarter. Tributary Capital Management LLC’s holdings in Microchip Technology were worth $344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Prospera Private Wealth LLC purchased a new stake in Microchip Technology during the 3rd quarter valued at about $29,000. Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology during the third quarter worth about $34,000. Truvestments Capital LLC purchased a new stake in Microchip Technology in the third quarter valued at approximately $34,000. Wolff Wiese Magana LLC increased its holdings in 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 raised its position in Microchip Technology by 390.6% during 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 last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $56.39 on Friday. The company has a fifty day moving average of $60.28 and a two-hundred day moving average of $72.63. Microchip Technology Incorporated has a fifty-two week low of $54.47 and a fifty-two week high of $100.57. The stock has a market capitalization of $30.28 billion, a PE ratio of 39.43 and a beta of 1.52. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the firm earned $1.54 EPS. The company’s revenue for the quarter was down 48.4% on a year-over-year basis. As a group, research analysts forecast that Microchip Technology Incorporated will post 1.31 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a $0.455 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This is a positive change 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 3.23%. Microchip Technology’s payout ratio is currently 127.27%.

Analysts Set New Price Targets

Several research firms have recently commented on MCHP. Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $80.00 to $65.00 in a report on Monday, December 16th. KeyCorp lowered their price target on shares of Microchip Technology from $90.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, January 14th. Citigroup reduced their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Piper Sandler lowered their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $84.00.

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.