Microchip Technology Incorporated (NASDAQ:MCHP) Stock Position Lifted by Rovin Capital UT ADV

Rovin Capital UT ADV grew its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 47.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 7,160 shares of the semiconductor company’s stock after purchasing an additional 2,303 shares during the quarter. Rovin Capital UT ADV’s holdings in Microchip Technology were worth $411,000 as of its most recent filing with the SEC.

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

Microchip Technology Price Performance

Shares of MCHP opened at $57.10 on Thursday. The business’s 50-day moving average is $62.10 and its 200-day moving average is $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. The company has a market capitalization of $30.66 billion, a price-to-earnings ratio of 39.93 and a beta of 1.52. Microchip Technology Incorporated has a fifty-two week low of $54.47 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.54 EPS. Equities research analysts expect that Microchip Technology Incorporated will post 1.32 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were paid a $0.455 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 3.19%. Microchip Technology’s payout ratio is presently 127.27%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MCHP shares. The Goldman Sachs Group reduced their price target 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. Mizuho decreased their target price on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. TD Cowen reduced their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and lowered their price objective for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. Finally, KeyCorp cut their target price on Microchip Technology from $90.00 to $70.00 and set an “overweight” rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.