Hartford Investment Management Co. Trims Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Hartford Investment Management Co. decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 1.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,158 shares of the semiconductor company’s stock after selling 409 shares during the period. Hartford Investment Management Co.’s holdings in Microchip Technology were worth $1,902,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Prospera Private Wealth LLC purchased a new stake in Microchip Technology in the third quarter worth $29,000. Financial Life Planners purchased a new stake in Microchip Technology in the fourth quarter worth $32,000. Peterson Financial Group Inc. purchased a new stake in Microchip Technology in the third quarter worth $34,000. Truvestments Capital LLC purchased a new stake in Microchip Technology in the third quarter worth $34,000. Finally, Wolff Wiese Magana LLC increased its stake in Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. TD Cowen decreased their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday. Piper Sandler restated an “overweight” rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. B. Riley restated a “buy” rating and issued a $75.00 price target (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Finally, Susquehanna reduced their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $77.11.

Microchip Technology Stock Up 0.8 %

NASDAQ:MCHP opened at $54.26 on Friday. The company has a market cap of $29.14 billion, a PE ratio of 96.89 and a beta of 1.50. Microchip Technology Incorporated has a twelve month low of $50.21 and a twelve month high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The company’s 50 day moving average is $56.94 and its two-hundred day moving average is $69.14.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.41% and a net margin of 6.49%. Analysts anticipate that Microchip Technology Incorporated will post 1.3 EPS for the current year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s dividend payout ratio is presently 325.00%.

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.