Microchip Technology Incorporated (NASDAQ:MCHP) Stock Holdings Increased by Freedom Investment Management Inc.

Freedom Investment Management Inc. raised its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 14.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 5,569 shares of the semiconductor company’s stock after purchasing an additional 721 shares during the quarter. Freedom Investment Management Inc.’s holdings in Microchip Technology were worth $447,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. grew its holdings in shares of Microchip Technology by 76.6% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 8,143 shares of the semiconductor company’s stock worth $731,000 after acquiring an additional 3,531 shares during the last quarter. Swedbank AB purchased a new position in Microchip Technology in the 1st quarter worth about $1,079,000. Cetera Investment Advisers raised its holdings in Microchip Technology by 513.4% during the 1st quarter. Cetera Investment Advisers now owns 146,025 shares of the semiconductor company’s stock worth $13,100,000 after buying an additional 122,221 shares during the period. Cetera Advisors LLC raised its holdings in Microchip Technology by 294.0% during the 1st quarter. Cetera Advisors LLC now owns 22,416 shares of the semiconductor company’s stock worth $2,011,000 after buying an additional 16,726 shares during the period. Finally, Pathway Financial Advisers LLC purchased a new stake in Microchip Technology during the first quarter valued at about $39,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $68.17 on Friday. The firm has a market capitalization of $36.61 billion, a price-to-earnings ratio of 47.67 and a beta of 1.53. Microchip Technology Incorporated has a one year low of $62.63 and a one year high of $100.57. The business has a fifty day simple moving average of $73.71 and a 200 day simple moving average of $82.42. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results 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 net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the firm posted $1.54 EPS. The business’s revenue for the quarter was down 48.4% on a year-over-year basis. Sell-side analysts expect that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.67%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. Microchip Technology’s payout ratio is presently 127.27%.

Analyst Ratings Changes

Several research firms have recently weighed in on MCHP. Rosenblatt Securities reissued a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a research report on Wednesday, November 6th. StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Piper Sandler dropped their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Needham & Company LLC cut their price objective on Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, B. Riley cut their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

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.