Princeton Capital Management LLC Has $959,000 Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Princeton Capital Management LLC cut its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 41.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,727 shares of the semiconductor company’s stock after selling 11,791 shares during the period. Princeton Capital Management LLC’s holdings in Microchip Technology were worth $959,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Pallas Capital Advisors LLC bought a new position in Microchip Technology during the fourth quarter worth about $5,917,000. Consolidated Planning Corp bought a new position in shares of Microchip Technology during the 4th quarter valued at about $308,000. Quadrature Capital Ltd bought a new position in shares of Microchip Technology during the 3rd quarter valued at about $3,312,000. Symphony Financial Ltd. Co. acquired a new position in shares of Microchip Technology in the 4th quarter valued at approximately $520,000. Finally, one8zero8 LLC bought a new stake in Microchip Technology during the 4th quarter worth approximately $384,000. 91.51% of the stock is owned by institutional investors.

Microchip Technology Trading Up 4.2 %

Shares of NASDAQ:MCHP opened at $53.89 on Tuesday. Microchip Technology Incorporated has a 12-month low of $49.92 and a 12-month high of $100.57. The business has a 50 day moving average of $56.13 and a 200-day moving average of $64.49. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The stock has a market cap of $28.98 billion, a PE ratio of 96.23 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.38%. The ex-dividend date was Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is 325.00%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at $2,025,599.36. The trade was a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MCHP. KeyCorp cut their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. The Goldman Sachs Group lowered their target price on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Piper Sandler reissued an “overweight” rating and set a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, Stifel Nicolaus lowered their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, December 3rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $74.37.

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.