West Oak Capital LLC Buys 1,625 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

West Oak Capital LLC boosted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 406.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,025 shares of the semiconductor company’s stock after buying an additional 1,625 shares during the quarter. West Oak Capital LLC’s holdings in Microchip Technology were worth $116,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Acadian Asset Management LLC purchased a new position in Microchip Technology during the second quarter valued at $788,000. Royal London Asset Management Ltd. boosted its position in shares of Microchip Technology by 4.5% in the second quarter. Royal London Asset Management Ltd. now owns 205,739 shares of the semiconductor company’s stock worth $18,825,000 after purchasing an additional 8,877 shares during the period. LPL Financial LLC increased its stake in shares of Microchip Technology by 15.3% in the second quarter. LPL Financial LLC now owns 370,233 shares of the semiconductor company’s stock worth $33,876,000 after purchasing an additional 49,139 shares in the last quarter. Johnson Investment Counsel Inc. increased its stake in shares of Microchip Technology by 6.9% in the second quarter. Johnson Investment Counsel Inc. now owns 12,034 shares of the semiconductor company’s stock worth $1,101,000 after purchasing an additional 779 shares in the last quarter. Finally, Vest Financial LLC raised its position in shares of Microchip Technology by 9.3% during the 2nd quarter. Vest Financial LLC now owns 3,874 shares of the semiconductor company’s stock valued at $354,000 after purchasing an additional 330 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MCHP shares. 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 research note on Monday, September 23rd. Citigroup cut their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Bank of America cut Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Piper Sandler cut their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $85.00 price objective on shares of Microchip Technology in a research report on Tuesday, December 3rd. One research 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 MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $87.11.

Microchip Technology Trading Down 2.1 %

NASDAQ:MCHP traded down $1.19 during midday trading on Friday, hitting $55.19. 7,632,827 shares of the company traded hands, compared to its average volume of 7,771,687. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The firm’s fifty day moving average is $63.23 and its 200-day moving average is $75.24. The firm has a market capitalization of $29.64 billion, a P/E ratio of 38.59 and a beta of 1.52. Microchip Technology Incorporated has a 12-month low of $54.47 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly 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. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations 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 for the quarter was down 48.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.54 EPS. On average, sell-side analysts predict that Microchip Technology Incorporated will post 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.30%. The ex-dividend date was Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 127.27%.

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.