Franklin Street Advisors Inc. NC Grows Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Franklin Street Advisors Inc. NC raised its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 70.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 7,192 shares of the semiconductor company’s stock after purchasing an additional 2,983 shares during the quarter. Franklin Street Advisors Inc. NC’s holdings in Microchip Technology were worth $412,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Prospera Private Wealth LLC purchased a new position in shares of Microchip Technology during the third quarter valued at $29,000. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology in the 3rd quarter worth approximately $34,000. Truvestments Capital LLC purchased a new stake in Microchip Technology during the third quarter worth $34,000. Wolff Wiese Magana LLC increased its holdings in shares of Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares during the period. Finally, Hobbs Group Advisors LLC lifted its stake in shares of Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after purchasing an additional 500 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. KeyCorp decreased their target price on shares of Microchip Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Tuesday, December 3rd. Jefferies Financial Group cut their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. The Goldman Sachs Group lowered their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday. Evercore ISI reissued an “outperform” rating and issued a $95.00 target price (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Finally, Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and dropped their price target for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.32.

Microchip Technology Trading Down 3.2 %

Shares of NASDAQ MCHP traded down $1.78 during midday trading on Friday, reaching $54.60. 2,354,749 shares of the stock were exchanged, compared to its average volume of 6,850,257. Microchip Technology Incorporated has a 52-week low of $54.47 and a 52-week high of $100.57. The company has a market capitalization of $29.32 billion, a P/E ratio of 38.18 and a beta of 1.52. The stock has a 50 day moving average price of $63.23 and a 200-day moving average price of $75.24. 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 released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm 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 business posted $1.54 earnings per share. The firm’s revenue for the quarter was down 48.4% compared to the same quarter last year. Equities research analysts expect that Microchip Technology Incorporated will post 1.33 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 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 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology’s 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.