Spire Wealth Management Purchases 521 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Spire Wealth Management lifted its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 18.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 3,340 shares of the semiconductor company’s stock after buying an additional 521 shares during the quarter. Spire Wealth Management’s holdings in Microchip Technology were worth $192,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Corundum Group Inc. boosted its position 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 purchasing an additional 143 shares during the period. Financial Advocates Investment Management boosted its position in Microchip Technology by 1.5% during the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after purchasing an additional 158 shares during the period. Metis Global Partners LLC boosted its position in Microchip Technology by 1.0% during the third 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 period. Americana Partners LLC boosted its position in Microchip Technology by 5.5% during the third quarter. Americana Partners LLC now owns 3,441 shares of the semiconductor company’s stock worth $276,000 after purchasing an additional 179 shares during the period. Finally, Plato Investment Management Ltd boosted its position in Microchip Technology by 5.8% during the third quarter. Plato Investment Management Ltd now owns 3,499 shares of the semiconductor company’s stock worth $281,000 after purchasing an additional 191 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Microchip Technology stock opened at $51.89 on Friday. 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 stock has a fifty day moving average price of $58.04 and a two-hundred day moving average price of $70.26. Microchip Technology Incorporated has a 52-week low of $50.21 and a 52-week high of $100.57. The firm has a market capitalization of $27.87 billion, a P/E ratio of 36.29 and a beta of 1.50.

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 the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. As a group, analysts anticipate that Microchip Technology Incorporated will post 1.31 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.51%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s payout ratio is presently 127.27%.

Wall Street Analysts Forecast Growth

MCHP has been the subject of a number of research analyst reports. TD Cowen cut their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. Jefferies Financial Group cut their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Needham & Company LLC cut their price target on Microchip Technology from $85.00 to $60.00 and set a “buy” rating for the company in a report on Friday. Piper Sandler reiterated an “overweight” rating and set a $65.00 price target (down from $85.00) on shares of Microchip Technology in a report on Friday. Finally, Stifel Nicolaus cut their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $77.11.

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.