Edgestream Partners L.P. Grows Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Edgestream Partners L.P. increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 190.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 37,377 shares of the semiconductor company’s stock after buying an additional 24,491 shares during the quarter. Edgestream Partners L.P.’s holdings in Microchip Technology were worth $3,001,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Financial Counselors Inc. increased its holdings in Microchip Technology by 55.3% in the 3rd quarter. Financial Counselors Inc. now owns 10,451 shares of the semiconductor company’s stock valued at $839,000 after purchasing an additional 3,723 shares during the last quarter. Public Sector Pension Investment Board increased its holdings in Microchip Technology by 0.4% in the 3rd quarter. Public Sector Pension Investment Board now owns 611,121 shares of the semiconductor company’s stock valued at $49,067,000 after purchasing an additional 2,600 shares during the last quarter. First Commonwealth Financial Corp PA increased its holdings in Microchip Technology by 2.5% in the 3rd quarter. First Commonwealth Financial Corp PA now owns 11,342 shares of the semiconductor company’s stock valued at $911,000 after purchasing an additional 279 shares during the last quarter. CreativeOne Wealth LLC increased its holdings in Microchip Technology by 2.0% in the 3rd quarter. CreativeOne Wealth LLC now owns 28,559 shares of the semiconductor company’s stock valued at $2,293,000 after purchasing an additional 562 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Microchip Technology by 20.1% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock valued at $220,957,000 after purchasing an additional 460,697 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on MCHP. TD Cowen dropped their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Jefferies Financial Group dropped their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Evercore ISI restated an “outperform” rating and issued a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Finally, Citigroup dropped their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. One 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $68.17 on Monday. The stock’s 50-day moving average is $73.71 and its two-hundred day moving average is $82.25. The firm has a market cap of $36.61 billion, a price-to-earnings ratio of 47.67 and a beta of 1.53. Microchip Technology Incorporated has a 1 year low of $62.63 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.54 earnings per share. Analysts predict that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

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