Symphony Financial Ltd. Co. Purchases Shares of 8,894 Microchip Technology Incorporated (NASDAQ:MCHP)

Symphony Financial Ltd. Co. acquired a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the 4th quarter, HoldingsChannel reports. The firm acquired 8,894 shares of the semiconductor company’s stock, valued at approximately $520,000.

Several other institutional investors have also recently bought and sold shares of MCHP. Corundum Group Inc. lifted its stake in shares of Microchip Technology by 3.4% during the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after acquiring an additional 143 shares during the period. Financial Advocates Investment Management boosted its position in shares of Microchip Technology by 1.5% during the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after purchasing an additional 158 shares in the last quarter. Bruce G. Allen Investments LLC grew its holdings in shares of Microchip Technology by 11.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company’s stock valued at $127,000 after buying an additional 162 shares during the period. Metis Global Partners LLC increased its position in shares of Microchip Technology by 1.0% in the 3rd quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock valued at $1,378,000 after buying an additional 172 shares in the last quarter. Finally, Americana Partners LLC lifted its holdings in Microchip Technology by 5.5% during 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 in the last quarter. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on MCHP. Susquehanna lowered their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. Rosenblatt Securities restated a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a report on Wednesday, November 6th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Piper Sandler cut their price target on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Finally, TD Cowen decreased their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $84.00.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $54.30 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The business’s 50 day moving average price is $59.29 and its two-hundred day moving average price is $71.34. The company has a market cap of $29.16 billion, a PE ratio of 37.97 and a beta of 1.52. Microchip Technology Incorporated has a twelve month low of $53.98 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the firm earned $1.54 EPS. The firm’s revenue was down 48.4% compared to the same quarter last year. On average, analysts predict that Microchip Technology Incorporated will post 1.31 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.35%. 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. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

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.