Brooklyn Investment Group Has $264,000 Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Brooklyn Investment Group increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 24.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,284 shares of the semiconductor company’s stock after purchasing an additional 641 shares during the quarter. Brooklyn Investment Group’s holdings in Microchip Technology were worth $264,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in MCHP. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Microchip Technology by 2,390.5% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after acquiring an additional 2,199,290 shares in the last quarter. Van ECK Associates Corp increased its holdings in Microchip Technology by 25.1% during the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after buying an additional 1,597,263 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Microchip Technology by 78.3% during the second quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock worth $200,329,000 after acquiring an additional 961,801 shares in the last quarter. Boston Partners lifted its stake in Microchip Technology by 10.7% in the first quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after acquiring an additional 736,818 shares during the last quarter. Finally, National Bank of Canada FI grew its position in shares of Microchip Technology by 234.1% in the 2nd quarter. National Bank of Canada FI now owns 899,561 shares of the semiconductor company’s stock valued at $82,391,000 after acquiring an additional 630,285 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $68.41 on Wednesday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a fifty-two week low of $62.63 and a fifty-two week high of $100.57. The company has a market cap of $36.74 billion, a price-to-earnings ratio of 47.84 and a beta of 1.53. The stock has a fifty day moving average price of $74.27 and a 200-day moving average price of $82.80.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $1.16 billion for 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 for the quarter was down 48.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.54 earnings per share. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.66%. The ex-dividend date is Friday, November 22nd. Microchip Technology’s payout ratio is currently 127.27%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MCHP. Piper Sandler dropped their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Jefferies Financial Group cut their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Susquehanna cut their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and decreased their price objective for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Finally, Mizuho set a $95.00 target price on shares of Microchip Technology in a research note on Friday, October 18th. 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 MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

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.