Fenimore Asset Management Inc Reduces Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Fenimore Asset Management Inc trimmed its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 11.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,309,101 shares of the semiconductor company’s stock after selling 175,464 shares during the period. Microchip Technology accounts for approximately 1.6% of Fenimore Asset Management Inc’s holdings, making the stock its 23rd largest position. Fenimore Asset Management Inc owned about 0.24% of Microchip Technology worth $75,077,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Dynamic Advisor Solutions LLC raised its stake in shares of Microchip Technology by 10.9% in the fourth quarter. Dynamic Advisor Solutions LLC now owns 22,168 shares of the semiconductor company’s stock worth $1,271,000 after buying an additional 2,172 shares during the period. Exchange Traded Concepts LLC increased its holdings in Microchip Technology by 28.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 197,279 shares of the semiconductor company’s stock worth $11,314,000 after acquiring an additional 43,615 shares in the last quarter. IVC Wealth Advisors LLC raised its stake in Microchip Technology by 23.0% during the 4th quarter. IVC Wealth Advisors LLC now owns 4,660 shares of the semiconductor company’s stock worth $267,000 after acquiring an additional 871 shares during the period. Inspire Investing LLC lifted its holdings in Microchip Technology by 1.6% during the fourth quarter. Inspire Investing LLC now owns 52,479 shares of the semiconductor company’s stock valued at $3,010,000 after purchasing an additional 821 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in shares of Microchip Technology by 1.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 95,634 shares of the semiconductor company’s stock worth $5,485,000 after purchasing an additional 987 shares during the period. 91.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on MCHP shares. Susquehanna decreased their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. Piper Sandler decreased their price target on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Bank of America lowered Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. B. Riley decreased their target price on Microchip Technology from $93.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Evercore ISI restated an “outperform” rating and issued a $95.00 price target (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $84.00.

Microchip Technology Stock Down 5.3 %

Shares of NASDAQ:MCHP opened at $56.39 on Friday. The company has a market cap of $30.28 billion, a price-to-earnings ratio of 39.43 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. 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 company has a 50-day moving average price of $60.28 and a 200 day moving average price of $72.63.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the company earned $1.54 EPS. The company’s revenue for the quarter was down 48.4% on a year-over-year basis. As a group, equities research analysts predict that Microchip Technology Incorporated will post 1.31 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 given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.23%. The ex-dividend date was Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s 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.