420 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Acquired by Truvestments Capital LLC

Truvestments Capital LLC acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 420 shares of the semiconductor company’s stock, valued at approximately $34,000.

Several other institutional investors have also added to or reduced their stakes in MCHP. Prospera Private Wealth LLC purchased a new stake in shares of Microchip Technology during the third quarter valued at $29,000. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology during the 3rd quarter valued at about $34,000. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology in the first quarter worth approximately $39,000. Versant Capital Management Inc raised its holdings in shares of Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 317 shares during the last quarter. Finally, Wolff Wiese Magana LLC boosted its holdings in Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Price Performance

MCHP stock opened at $67.87 on Thursday. The company has a fifty day simple moving average of $74.10 and a two-hundred day simple moving average of $82.69. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $36.45 billion, a P/E ratio of 47.46 and a beta of 1.53. Microchip Technology Incorporated has a 52 week low of $62.63 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the firm posted $1.54 earnings per share. The business’s revenue for the quarter was down 48.4% on a year-over-year basis. Analysts anticipate that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $0.455 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.68%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is presently 127.27%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. TD Cowen decreased their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. JPMorgan Chase & Co. lowered their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Citigroup cut their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Finally, Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and decreased their target price for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Company 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.