Providence Capital Advisors LLC Has $4.50 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Providence Capital Advisors LLC grew its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 28.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 78,400 shares of the semiconductor company’s stock after buying an additional 17,200 shares during the period. Providence Capital Advisors LLC’s holdings in Microchip Technology were worth $4,496,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MCHP. Mainstream Capital Management LLC acquired a new stake in Microchip Technology in the fourth quarter worth about $26,000. Rakuten Securities Inc. raised its stake in shares of Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after buying an additional 359 shares during the last quarter. OFI Invest Asset Management acquired a new position in Microchip Technology in the fourth quarter valued at approximately $29,000. Financial Life Planners bought a new position in Microchip Technology in the fourth quarter valued at approximately $32,000. Finally, Truvestments Capital LLC bought a new stake in shares of Microchip Technology during the 3rd quarter valued at $34,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 2.6 %

Shares of NASDAQ MCHP opened at $50.79 on Friday. The company has a market cap of $27.32 billion, a price-to-earnings ratio of 90.70 and a beta of 1.52. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 12 month low of $49.92 and a 12 month high of $100.57. The stock has a 50-day moving average price of $55.83 and a two-hundred day moving average price of $64.16.

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

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were given a $0.455 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 3.58%. Microchip Technology’s dividend payout ratio is presently 325.00%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MCHP. Rosenblatt Securities reissued a “buy” rating and issued a $70.00 target price on shares of Microchip Technology in a research note on Tuesday, March 4th. KeyCorp reduced their price target on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, February 7th. Morgan Stanley dropped their price objective on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. The Goldman Sachs Group lowered their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Finally, Raymond James reissued a “strong-buy” rating and set a $60.00 price target (down previously from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $74.37.

Insider Activity

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

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.