DF Dent & Co. Inc. Makes New Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

DF Dent & Co. Inc. acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 345,550 shares of the semiconductor company’s stock, valued at approximately $27,744,000.

Several other hedge funds and other institutional investors have also made changes to their positions in MCHP. Austin Private Wealth LLC acquired a new stake in Microchip Technology during the second quarter worth approximately $433,000. Czech National Bank raised its stake in Microchip Technology by 8.3% during the 2nd quarter. Czech National Bank now owns 102,976 shares of the semiconductor company’s stock worth $9,422,000 after acquiring an additional 7,895 shares in the last quarter. Coastline Trust Co purchased a new stake in Microchip Technology in the second quarter valued at $243,000. Northwest Investment Counselors LLC boosted its stake in Microchip Technology by 3.0% in the second quarter. Northwest Investment Counselors LLC now owns 39,643 shares of the semiconductor company’s stock valued at $3,627,000 after acquiring an additional 1,139 shares in the last quarter. Finally, Aspire Private Capital LLC boosted its stake in Microchip Technology by 12.9% in the second quarter. Aspire Private Capital LLC now owns 1,886 shares of the semiconductor company’s stock valued at $173,000 after acquiring an additional 215 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $59.29 on Friday. The firm’s fifty day simple moving average is $72.60 and its 200-day simple moving average is $81.57. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The stock has a market cap of $31.84 billion, a PE ratio of 41.46 and a beta of 1.50. Microchip Technology Incorporated has a fifty-two week low of $57.96 and a fifty-two week high of $100.57.

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 the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the business posted $1.54 earnings per share. The firm’s revenue for the quarter was down 48.4% compared to the same quarter last year. Analysts expect that Microchip Technology Incorporated will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a dividend of $0.455 per share. The ex-dividend date was Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 3.07%. Microchip Technology’s payout ratio is currently 127.27%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MCHP. StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Evercore ISI reissued an “outperform” rating and issued a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Rosenblatt Securities restated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research report on Wednesday, November 6th. Mizuho set a $95.00 price target on shares of Microchip Technology in a research note on Friday, October 18th. Finally, Citigroup dropped their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $90.95.

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.