Harber Asset Management LLC Acquires 79,347 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Harber Asset Management LLC boosted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 49.6% in the third quarter, Holdings Channel reports. The fund owned 239,354 shares of the semiconductor company’s stock after acquiring an additional 79,347 shares during the period. Microchip Technology accounts for 5.7% of Harber Asset Management LLC’s investment portfolio, making the stock its 3rd biggest holding. Harber Asset Management LLC’s holdings in Microchip Technology were worth $19,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in MCHP. Prospera Private Wealth LLC bought a new stake in Microchip Technology in the third quarter valued at approximately $29,000. Peterson Financial Group Inc. acquired a new position in Microchip Technology in the 3rd quarter valued at approximately $34,000. Truvestments Capital LLC bought a new stake in shares of Microchip Technology in the 3rd quarter valued at $34,000. Wolff Wiese Magana LLC lifted its stake in shares of 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 buying an additional 218 shares in the last quarter. Finally, TruNorth Capital Management LLC purchased a new stake in shares of Microchip Technology in the second quarter valued at about $55,000. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

MCHP has been the subject of several research analyst reports. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and dropped their target price for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Needham & Company LLC reduced their target price on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Rosenblatt Securities restated a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a research report on Wednesday, November 6th. Citigroup cut their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, Piper Sandler decreased their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Price Performance

Shares of MCHP opened at $70.31 on Tuesday. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a twelve month low of $62.63 and a twelve month high of $100.57. The company has a market capitalization of $37.76 billion, a P/E ratio of 49.17 and a beta of 1.50. The firm has a 50 day moving average of $73.57 and a 200 day moving average of $82.08.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 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 company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the prior year, the firm posted $1.54 EPS. The firm’s revenue was down 48.4% compared to the same quarter last year. As a group, equities research 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 declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $0.455 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

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.