Entropy Technologies LP Takes $1.32 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Entropy Technologies LP bought a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 16,390 shares of the semiconductor company’s stock, valued at approximately $1,316,000.

A number of other hedge funds have also made changes to their positions in the business. SageView Advisory Group LLC increased its stake in Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after buying an additional 14,458 shares during the period. Orion Portfolio Solutions LLC increased its stake in Microchip Technology by 3.9% during the 1st quarter. Orion Portfolio Solutions LLC now owns 27,296 shares of the semiconductor company’s stock worth $2,449,000 after buying an additional 1,021 shares during the period. Dorsey & Whitney Trust CO LLC increased its stake in Microchip Technology by 16.2% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 8,422 shares of the semiconductor company’s stock worth $756,000 after buying an additional 1,173 shares during the period. Glaxis Capital Management LLC purchased a new stake in Microchip Technology during the 1st quarter worth $449,000. Finally, Motco increased its stake in Microchip Technology by 3.7% during the 1st quarter. Motco now owns 112,272 shares of the semiconductor company’s stock worth $10,072,000 after buying an additional 3,984 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MCHP. Evercore ISI reaffirmed an “outperform” rating and set a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Citigroup decreased their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Jefferies Financial Group decreased their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. JPMorgan Chase & Co. decreased their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Finally, Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Trading Down 1.1 %

Microchip Technology stock opened at $66.59 on Thursday. 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 50-day moving average price of $76.31 and a two-hundred day moving average price of $84.58. The firm has a market capitalization of $35.76 billion, a price-to-earnings ratio of 46.57 and a beta of 1.53. Microchip Technology Incorporated has a 52-week low of $65.56 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $1.15 billion. During the same period in the previous year, the business posted $1.54 EPS. Microchip Technology’s revenue was down 48.4% on a year-over-year basis. Sell-side analysts expect that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The business 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 a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date is Friday, November 22nd. Microchip Technology’s dividend payout ratio is currently 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.