Financial Advocates Investment Management Increases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Financial Advocates Investment Management boosted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 9.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,807 shares of the semiconductor company’s stock after purchasing an additional 1,012 shares during the quarter. Financial Advocates Investment Management’s holdings in Microchip Technology were worth $677,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MCHP. Prospera Private Wealth LLC acquired a new position in Microchip Technology during the 3rd quarter valued at approximately $29,000. Peterson Financial Group Inc. bought a new position in shares of Microchip Technology in the third quarter valued at approximately $34,000. Truvestments Capital LLC bought a new stake in Microchip Technology during the third quarter worth approximately $34,000. Financial Life Planners bought a new stake in shares of Microchip Technology in the 4th quarter worth $32,000. Finally, Wolff Wiese Magana LLC lifted its holdings in 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 last quarter. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on MCHP shares. TD Cowen cut their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. Susquehanna lowered their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. Jefferies Financial Group dropped their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Evercore ISI reiterated an “outperform” rating and issued a $95.00 target price (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Finally, Piper Sandler reiterated an “overweight” rating and set a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research note on Friday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.11.

Microchip Technology Stock Down 2.3 %

NASDAQ MCHP opened at $51.89 on Friday. Microchip Technology Incorporated has a twelve month low of $50.21 and a twelve month high of $100.57. The stock has a market cap of $27.87 billion, a PE ratio of 36.29 and a beta of 1.50. The firm has a 50-day simple moving average of $58.04 and a 200 day simple moving average of $70.26. 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 announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. On average, research analysts forecast that Microchip Technology Incorporated will post 1.31 EPS for the current year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date is Monday, February 24th. Microchip Technology’s payout ratio is 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.