First Hawaiian Bank Grows Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

First Hawaiian Bank boosted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 33,053 shares of the semiconductor company’s stock after buying an additional 780 shares during the quarter. First Hawaiian Bank’s holdings in Microchip Technology were worth $1,896,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Corundum Group Inc. raised its stake in Microchip Technology by 3.4% during the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after acquiring an additional 143 shares during the period. Financial Advocates Investment Management grew its holdings in shares of Microchip Technology by 1.5% during the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock valued at $867,000 after purchasing an additional 158 shares during the last quarter. Bruce G. Allen Investments LLC raised its position in shares of Microchip Technology by 11.4% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company’s stock worth $127,000 after purchasing an additional 162 shares during the period. Metis Global Partners LLC lifted its holdings in shares of Microchip Technology by 1.0% in the 3rd quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock worth $1,378,000 after purchasing an additional 172 shares during the last quarter. Finally, Parallel Advisors LLC boosted its position in Microchip Technology by 2.9% during the 2nd quarter. Parallel Advisors LLC now owns 6,351 shares of the semiconductor company’s stock valued at $581,000 after purchasing an additional 178 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

MCHP opened at $56.38 on Thursday. The business has a fifty day simple moving average of $63.57 and a 200-day simple moving average of $75.37. The firm has a market cap of $30.28 billion, a PE ratio of 39.43 and a beta of 1.52. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a fifty-two week low of $55.27 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the business posted $1.54 EPS. Microchip Technology’s revenue was down 48.4% on a year-over-year basis. As a group, equities analysts predict that Microchip Technology Incorporated will post 1.33 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 3.23%. The ex-dividend date of this dividend was Friday, November 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 127.27%.

Analysts Set New Price Targets

MCHP has been the subject of several recent research reports. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. TD Cowen dropped their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Evercore ISI reiterated an “outperform” rating and set a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Susquehanna lowered their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. Finally, Piper Sandler reduced their price target on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $89.63.

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.