Graypoint LLC Trims Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Graypoint LLC trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 17.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,161 shares of the semiconductor company’s stock after selling 892 shares during the quarter. Graypoint LLC’s holdings in Microchip Technology were worth $239,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Acadian Asset Management LLC purchased a new position in Microchip Technology during the 2nd quarter worth $788,000. LPL Financial LLC increased its holdings in Microchip Technology by 15.3% during the 2nd quarter. LPL Financial LLC now owns 370,233 shares of the semiconductor company’s stock worth $33,876,000 after purchasing an additional 49,139 shares during the period. Dai ichi Life Insurance Company Ltd increased its holdings in Microchip Technology by 101.8% during the 2nd quarter. Dai ichi Life Insurance Company Ltd now owns 25,333 shares of the semiconductor company’s stock worth $2,318,000 after purchasing an additional 12,782 shares during the period. Parallel Advisors LLC increased its holdings in Microchip Technology by 2.9% during the 2nd quarter. Parallel Advisors LLC now owns 6,351 shares of the semiconductor company’s stock worth $581,000 after purchasing an additional 178 shares during the period. Finally, Thoroughbred Financial Services LLC increased its holdings in Microchip Technology by 263.0% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 11,396 shares of the semiconductor company’s stock worth $1,042,000 after purchasing an additional 8,257 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on MCHP. Jefferies Financial Group reduced their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Piper Sandler dropped their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Evercore ISI reaffirmed an “outperform” rating and set a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Mizuho dropped 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. Finally, StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $87.11.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $55.19 on Monday. The firm has a market capitalization of $29.64 billion, a price-to-earnings ratio of 38.59 and a beta of 1.52. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The business has a fifty day moving average of $62.84 and a 200 day moving average of $74.80. Microchip Technology Incorporated has a 1 year low of $54.47 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued 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 company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm’s quarterly revenue was down 48.4% on a year-over-year basis. During the same quarter last year, the business posted $1.54 EPS. As a group, research analysts expect that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors 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. The ex-dividend date was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 3.30%. Microchip Technology’s dividend payout ratio (DPR) is 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.