Menard Financial Group LLC Purchases Shares of 3,563 Microchip Technology Incorporated (NASDAQ:MCHP)

Menard Financial Group LLC acquired a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 3,563 shares of the semiconductor company’s stock, valued at approximately $286,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new stake in shares of Microchip Technology during the 3rd quarter worth about $29,000. Peterson Financial Group Inc. acquired a new position in Microchip Technology in the 3rd quarter worth about $34,000. Truvestments Capital LLC acquired a new stake in Microchip Technology in the third quarter valued at approximately $34,000. TruNorth Capital Management LLC purchased a new stake in shares of Microchip Technology in the second quarter valued at approximately $55,000. Finally, Wolff Wiese Magana LLC raised its stake 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 worth $49,000 after buying an additional 218 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $65.39 on Wednesday. The company has a market capitalization of $35.12 billion, a PE ratio of 45.73 and a beta of 1.50. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The stock has a fifty day moving average of $73.33 and a 200-day moving average of $81.88. Microchip Technology Incorporated has a one year low of $62.63 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business 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 firm’s revenue was down 48.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.54 earnings per share. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.78%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Truist Financial lowered shares of 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. Rosenblatt Securities reissued a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a report on Wednesday, November 6th. Piper Sandler reduced their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Mizuho set a $95.00 target price on Microchip Technology in a research note on Friday, October 18th. Finally, Susquehanna dropped their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $90.95.

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.