Microchip Technology Incorporated (NASDAQ:MCHP) Short Interest Update

Microchip Technology Incorporated (NASDAQ:MCHP) was the recipient of a large drop in short interest in the month of January. As of January 15th, there was short interest totalling 29,220,000 shares, a drop of 13.8% from the December 31st total of 33,910,000 shares. Based on an average trading volume of 7,960,000 shares, the short-interest ratio is currently 3.7 days.

Institutional Trading of Microchip Technology

Several large investors have recently added to or reduced their stakes in MCHP. Prospera Private Wealth LLC purchased a new stake in Microchip Technology during the 3rd quarter worth approximately $29,000. Financial Life Planners bought a new stake in shares of Microchip Technology in the fourth quarter worth $32,000. Peterson Financial Group Inc. acquired a new stake in Microchip Technology in the third quarter valued at $34,000. Truvestments Capital LLC bought a new position in Microchip Technology during the 3rd quarter valued at $34,000. Finally, Wolff Wiese Magana LLC grew its holdings in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 218 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MCHP shares. B. Riley dropped their target price on Microchip Technology from $93.00 to $85.00 and set a “buy” rating for the company in a report on Friday, January 24th. Jefferies Financial Group reduced 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 report on Wednesday, November 6th. Citigroup lowered their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Mizuho reduced their target price on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Finally, Piper Sandler decreased their price target on Microchip Technology from $100.00 to $85.00 and set an “overweight” 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 thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $84.00.

Microchip Technology Price Performance

Microchip Technology stock traded down $0.86 during mid-day trading on Friday, hitting $54.30. 10,275,349 shares of the company were exchanged, compared to its average volume of 7,257,483. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. Microchip Technology has a 12-month low of $53.98 and a 12-month high of $100.57. The business’s 50 day simple moving average is $59.29 and its two-hundred day simple moving average is $71.34. The company has a market capitalization of $29.16 billion, a P/E ratio of 37.97 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Microchip Technology’s revenue was down 48.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.54 earnings per share. Analysts forecast that Microchip Technology will post 1.31 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a $0.455 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 3.35%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is presently 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.