Edgestream Partners L.P. Has $7.12 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Edgestream Partners L.P. grew its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 232.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 124,125 shares of the semiconductor company’s stock after buying an additional 86,748 shares during the quarter. Edgestream Partners L.P.’s holdings in Microchip Technology were worth $7,119,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Metis Global Partners LLC raised its position in 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 purchasing an additional 172 shares in the last quarter. Plato Investment Management Ltd boosted its holdings in Microchip Technology by 5.8% during the third quarter. Plato Investment Management Ltd now owns 3,499 shares of the semiconductor company’s stock valued at $281,000 after purchasing an additional 191 shares in the last quarter. Summit Global Investments grew its stake in shares of Microchip Technology by 2.5% in the 3rd quarter. Summit Global Investments now owns 8,463 shares of the semiconductor company’s stock valued at $679,000 after purchasing an additional 207 shares during the period. Apollon Wealth Management LLC raised its holdings in shares of Microchip Technology by 0.8% in the 3rd quarter. Apollon Wealth Management LLC now owns 26,475 shares of the semiconductor company’s stock worth $2,126,000 after buying an additional 218 shares in the last quarter. Finally, Empower Advisory Group LLC lifted its position in shares of Microchip Technology by 7.3% during the 3rd quarter. Empower Advisory Group LLC now owns 3,470 shares of the semiconductor company’s stock worth $279,000 after buying an additional 237 shares during the period. 91.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on MCHP shares. Stifel Nicolaus lowered their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, December 3rd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $70.00 target price on shares of Microchip Technology in a report on Tuesday. Mizuho lifted their price target on shares of Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $74.37.

Microchip Technology Price Performance

Shares of MCHP stock opened at $58.26 on Friday. The firm’s 50 day moving average price is $56.95 and its two-hundred day moving average price is $66.93. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology Incorporated has a 52-week low of $50.21 and a 52-week high of $100.57. The stock has a market cap of $31.33 billion, a PE ratio of 104.04 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. As a group, analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be paid a $0.455 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.12%. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

Insider Activity

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.10% of the stock is currently owned by company insiders.

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.