Park Avenue Securities LLC Has $3.58 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Park Avenue Securities LLC grew its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 31.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,418 shares of the semiconductor company’s stock after purchasing an additional 15,041 shares during the quarter. Park Avenue Securities LLC’s holdings in Microchip Technology were worth $3,580,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Corundum Group Inc. lifted its stake in Microchip Technology by 3.4% in the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after buying an additional 143 shares during the period. Financial Advocates Investment Management lifted its position in shares of Microchip Technology by 1.5% during the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock valued at $867,000 after acquiring an additional 158 shares during the period. Bruce G. Allen Investments LLC lifted its position in shares of Microchip Technology by 11.4% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company’s stock valued at $127,000 after acquiring an additional 162 shares during the period. Metis Global Partners LLC boosted its stake in Microchip Technology by 1.0% during the third quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock worth $1,378,000 after acquiring an additional 172 shares in the last quarter. Finally, Americana Partners LLC grew its holdings in Microchip Technology by 5.5% in the third quarter. Americana Partners LLC now owns 3,441 shares of the semiconductor company’s stock worth $276,000 after purchasing an additional 179 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 1.4 %

MCHP stock opened at $56.19 on Friday. The stock has a fifty day moving average of $61.77 and a 200-day moving average of $74.20. Microchip Technology Incorporated has a fifty-two week low of $54.47 and a fifty-two week high of $100.57. The company has a market capitalization of $30.17 billion, a price-to-earnings ratio of 39.29 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 issued 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 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 analyst estimates of $1.15 billion. During the same quarter last year, the business earned $1.54 earnings per share. The company’s quarterly revenue was down 48.4% on a year-over-year basis. As a group, equities research analysts predict that Microchip Technology Incorporated will post 1.32 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a dividend of $0.455 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 3.24%. Microchip Technology’s payout ratio is presently 127.27%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MCHP. The Goldman Sachs Group cut their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and cut their price target for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. KeyCorp decreased their price objective on Microchip Technology from $90.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday. Susquehanna cut their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. Finally, Stifel Nicolaus decreased their price target on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus price target 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.