Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by GAMMA Investing LLC

GAMMA Investing LLC lessened its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 32.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 5,670 shares of the semiconductor company’s stock after selling 2,691 shares during the quarter. GAMMA Investing LLC’s holdings in Microchip Technology were worth $325,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Franklin Resources Inc. lifted its stake in Microchip Technology by 30.2% in the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after acquiring an additional 776,408 shares during the last quarter. Synovus Financial Corp lifted its position in shares of Microchip Technology by 9.6% during the 3rd quarter. Synovus Financial Corp now owns 70,644 shares of the semiconductor company’s stock worth $5,672,000 after purchasing an additional 6,191 shares during the last quarter. Tidal Investments LLC lifted its position in shares of Microchip Technology by 3.2% during the 3rd quarter. Tidal Investments LLC now owns 36,267 shares of the semiconductor company’s stock worth $2,912,000 after purchasing an additional 1,108 shares during the last quarter. Wilmington Savings Fund Society FSB grew its stake in shares of Microchip Technology by 16.6% during the third quarter. Wilmington Savings Fund Society FSB now owns 60,394 shares of the semiconductor company’s stock worth $4,849,000 after purchasing an additional 8,592 shares in the last quarter. Finally, Arvest Bank Trust Division purchased a new position in Microchip Technology in the third quarter valued at $223,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Up 1.1 %

Shares of NASDAQ:MCHP opened at $58.29 on Tuesday. Microchip Technology Incorporated has a fifty-two week low of $55.27 and a fifty-two week high of $100.57. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The firm’s 50-day simple moving average is $64.76 and its 200-day simple moving average is $75.96. The company has a market cap of $31.30 billion, a price-to-earnings ratio of 40.76 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations 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 in the previous year, the firm posted $1.54 EPS. As a group, equities research analysts predict that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a $0.455 dividend. The ex-dividend date was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 3.12%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on MCHP shares. TD Cowen lowered 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. Bank of America cut Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and dropped their price target for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, December 13th. Finally, Stifel Nicolaus dropped their target price on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $89.63.

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.