Hennion & Walsh Asset Management Inc. Sells 6,234 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Hennion & Walsh Asset Management Inc. trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 12.7% during the 4th quarter, Holdings Channel reports. The firm owned 43,046 shares of the semiconductor company’s stock after selling 6,234 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Microchip Technology were worth $2,469,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Prospera Private Wealth LLC bought a new stake in shares of Microchip Technology during the 3rd quarter valued at $29,000. Peterson Financial Group Inc. bought a new stake in shares of Microchip Technology during the 3rd quarter valued at $34,000. Truvestments Capital LLC bought a new stake in shares of Microchip Technology during the 3rd quarter valued at $34,000. Wolff Wiese Magana LLC raised its position in shares of Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares during the period. Finally, Hobbs Group Advisors LLC increased its holdings in Microchip Technology by 390.6% in the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after acquiring an additional 500 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Mizuho reduced their price target on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Evercore ISI reiterated an “outperform” rating and issued a $95.00 price target (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and reduced their price target for the company from $89.00 to $80.00 in a report on Monday, September 23rd. KeyCorp reduced their price target on shares of Microchip Technology from $90.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price target on shares of Microchip Technology in a 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 issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $86.05.

Microchip Technology Price Performance

MCHP stock opened at $57.97 on Friday. 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 $61.11 and a 200 day moving average price of $73.84. The stock has a market cap of $31.13 billion, a PE ratio of 40.54 and a beta of 1.52.

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. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the company earned $1.54 EPS. The firm’s revenue for the quarter was down 48.4% compared to the same quarter last year. Equities research analysts anticipate that Microchip Technology Incorporated will post 1.32 earnings per share for the current year.

Microchip Technology Increases Dividend

The business 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 3.14%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology’s payout ratio is 127.27%.

Microchip Technology 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.