MML Investors Services LLC Increases Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

MML Investors Services LLC boosted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 1.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 253,476 shares of the semiconductor company’s stock after purchasing an additional 4,203 shares during the period. MML Investors Services LLC’s holdings in Microchip Technology were worth $20,352,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. XTX Topco Ltd boosted its position in shares of Microchip Technology by 949.3% in the 3rd quarter. XTX Topco Ltd now owns 31,763 shares of the semiconductor company’s stock worth $2,550,000 after buying an additional 28,736 shares in the last quarter. Zacks Investment Management lifted its holdings in shares of Microchip Technology by 4.7% in the third quarter. Zacks Investment Management now owns 154,893 shares of the semiconductor company’s stock valued at $12,436,000 after purchasing an additional 6,944 shares in the last quarter. DF Dent & Co. Inc. acquired a new stake in shares of Microchip Technology in the third quarter valued at approximately $27,744,000. EP Wealth Advisors LLC increased its stake in shares of Microchip Technology by 1.8% during the 3rd quarter. EP Wealth Advisors LLC now owns 14,725 shares of the semiconductor company’s stock worth $1,182,000 after purchasing an additional 264 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC raised its position in shares of Microchip Technology by 13.6% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 48,604 shares of the semiconductor company’s stock worth $3,902,000 after purchasing an additional 5,834 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Trading Up 4.4 %

Shares of MCHP opened at $61.87 on Tuesday. 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 50-day moving average price of $71.80 and a 200 day moving average price of $80.83. The company has a market capitalization of $33.22 billion, a P/E ratio of 43.27 and a beta of 1.50. Microchip Technology Incorporated has a one year low of $57.96 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the business posted $1.54 EPS. Microchip Technology’s quarterly revenue was down 48.4% compared to the same quarter last year. Sell-side analysts forecast that Microchip Technology Incorporated will post 1.33 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a $0.455 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date was Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on MCHP shares. Rosenblatt Securities reiterated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a report on Wednesday, November 6th. Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Mizuho set a $95.00 target price on shares of Microchip Technology in a report on Friday, October 18th. Jefferies Financial Group decreased their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, Citigroup cut their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus price target 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.