Premier Path Wealth Partners LLC Buys 20,546 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Premier Path Wealth Partners LLC raised its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 683.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 23,554 shares of the semiconductor company’s stock after acquiring an additional 20,546 shares during the period. Premier Path Wealth Partners LLC’s holdings in Microchip Technology were worth $1,351,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Pallas Capital Advisors LLC acquired a new stake in shares of Microchip Technology in the fourth quarter valued at $5,917,000. Quadrature Capital Ltd acquired a new stake in Microchip Technology in the 3rd quarter valued at about $3,312,000. Benjamin Edwards Inc. raised its stake in shares of Microchip Technology by 5,185.4% in the third quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock worth $755,000 after acquiring an additional 9,230 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Microchip Technology by 25.7% during the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after purchasing an additional 19,663 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of Microchip Technology by 9,901.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after purchasing an additional 2,829,082 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on MCHP shares. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 price objective on shares of Microchip Technology in a report on Tuesday, December 3rd. Mizuho cut their price target on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Stifel Nicolaus decreased their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, December 3rd. Citigroup dropped their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, Susquehanna reduced their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.05.

Microchip Technology Trading Up 3.2 %

NASDAQ MCHP opened at $57.97 on Friday. Microchip Technology Incorporated has a one year low of $54.47 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The firm has a market cap of $31.13 billion, a P/E ratio of 40.54 and a beta of 1.52. The stock’s 50-day moving average is $61.11 and its 200-day moving average is $73.84.

Microchip Technology (NASDAQ:MCHP) last released its quarterly 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 company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the company earned $1.54 earnings per share. The business’s quarterly revenue was down 48.4% compared to the same quarter last year. Sell-side analysts anticipate that Microchip Technology Incorporated will post 1.32 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a dividend of $0.455 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology’s dividend payout ratio is currently 127.27%.

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.