Boomfish Wealth Group LLC Increases Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Boomfish Wealth Group LLC raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 36.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,863 shares of the semiconductor company’s stock after acquiring an additional 10,311 shares during the quarter. Boomfish Wealth Group LLC’s holdings in Microchip Technology were worth $2,229,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of MCHP. Prospera Private Wealth LLC acquired a new position in Microchip Technology in the third quarter worth $29,000. Peterson Financial Group Inc. bought a new stake in Microchip Technology during the 3rd quarter valued at $34,000. Truvestments Capital LLC acquired a new stake in shares of Microchip Technology in the 3rd quarter worth approximately $34,000. Wolff Wiese Magana LLC increased its position in shares of Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares during the period. Finally, Hobbs Group Advisors LLC raised its position in Microchip Technology by 390.6% in the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after acquiring an additional 500 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 1.6 %

Shares of MCHP stock opened at $55.16 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. Microchip Technology Incorporated has a 12 month low of $54.18 and a 12 month high of $100.57. The stock has a 50 day moving average of $59.77 and a 200-day moving average of $71.72. The firm has a market cap of $29.62 billion, a PE ratio of 38.57 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm 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 company’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.54 EPS. On average, equities analysts predict that Microchip Technology Incorporated will post 1.31 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.30%. The ex-dividend date was Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 127.27%.

Analysts Set New Price Targets

Several research firms have recently weighed in on MCHP. The Goldman Sachs Group reduced their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Bank of America cut Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Evercore ISI reiterated an “outperform” rating and issued a $95.00 target price (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Jefferies Financial Group cut their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price 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.