Brookstone Capital Management Sells 1,684 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Brookstone Capital Management trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 22.7% in the fourth quarter, Holdings Channel reports. The fund owned 5,726 shares of the semiconductor company’s stock after selling 1,684 shares during the quarter. Brookstone Capital Management’s holdings in Microchip Technology were worth $328,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Matrix Trust Co lifted its stake in shares of Microchip Technology by 815.9% in the 4th quarter. Matrix Trust Co now owns 1,667 shares of the semiconductor company’s stock valued at $96,000 after acquiring an additional 1,485 shares during the last quarter. Czech National Bank increased its holdings in Microchip Technology by 6.5% in the fourth quarter. Czech National Bank now owns 116,435 shares of the semiconductor company’s stock valued at $6,678,000 after purchasing an additional 7,144 shares during the period. West Oak Capital LLC increased its holdings in Microchip Technology by 406.3% in the fourth quarter. West Oak Capital LLC now owns 2,025 shares of the semiconductor company’s stock valued at $116,000 after purchasing an additional 1,625 shares during the period. Franklin Street Advisors Inc. NC increased its holdings in Microchip Technology by 70.9% in the fourth quarter. Franklin Street Advisors Inc. NC now owns 7,192 shares of the semiconductor company’s stock valued at $412,000 after purchasing an additional 2,983 shares during the period. Finally, Ridgewood Investments LLC increased its holdings in Microchip Technology by 238.4% in the fourth quarter. Ridgewood Investments LLC now owns 19,086 shares of the semiconductor company’s stock valued at $1,095,000 after purchasing an additional 13,446 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $57.97 on Friday. Microchip Technology Incorporated has a fifty-two week low of $54.47 and a fifty-two week high of $100.57. The stock has a market cap of $31.13 billion, a price-to-earnings ratio of 40.54 and a beta of 1.52. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The firm’s 50-day simple moving average is $61.11 and its 200 day simple moving average is $73.71.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. 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 firm earned $1.54 EPS. The company’s quarterly revenue was down 48.4% compared to the same quarter last year. As a group, research analysts anticipate that Microchip Technology Incorporated will post 1.32 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a dividend of $0.455 per share. The ex-dividend date was Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 3.14%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

Analyst Upgrades and Downgrades

MCHP has been the subject of a number of recent research reports. Stifel Nicolaus decreased their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. The Goldman Sachs Group decreased their price target on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and decreased their price target for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Citigroup decreased their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $80.00 to $65.00 in a report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $85.00.

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.