Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by First Horizon Advisors Inc.

First Horizon Advisors Inc. grew its holdings in Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 11.5% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 3,651 shares of the semiconductor company’s stock after acquiring an additional 378 shares during the quarter. First Horizon Advisors Inc.’s holdings in Microchip Technology were worth $293,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MCHP. Prospera Private Wealth LLC purchased a new position in Microchip Technology in the third quarter valued at approximately $29,000. Peterson Financial Group Inc. purchased a new position in shares of Microchip Technology in the 3rd quarter valued at $34,000. Pathway Financial Advisers LLC acquired a new stake in Microchip Technology during the 1st quarter worth $39,000. Versant Capital Management Inc lifted its position in Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 317 shares during the last quarter. Finally, Wolff Wiese Magana LLC boosted its stake in Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

MCHP has been the topic of a number of research analyst reports. Jefferies Financial Group cut their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Piper Sandler reduced their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Susquehanna decreased their price objective on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Get Our Latest Report on Microchip Technology

Microchip Technology Trading Up 1.0 %

Shares of MCHP stock opened at $66.69 on Friday. Microchip Technology Incorporated has a 1-year low of $62.63 and a 1-year high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The business’s fifty day moving average price is $74.59 and its 200 day moving average price is $83.24. The firm has a market capitalization of $35.81 billion, a PE ratio of 46.64 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHPGet Free Report) last announced 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 during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business’s revenue was down 48.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.54 EPS. As a group, sell-side analysts forecast that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.455 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.73%. Microchip Technology’s payout ratio is 127.27%.

About Microchip Technology

(Free Report)

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.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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