Geneos Wealth Management Inc. Sells 261 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Geneos Wealth Management Inc. reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 30.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 605 shares of the semiconductor company’s stock after selling 261 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Microchip Technology were worth $35,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Van ECK Associates Corp increased its holdings in shares of Microchip Technology by 25.1% in the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after purchasing an additional 1,597,263 shares during the last quarter. Franklin Resources Inc. grew its holdings in Microchip Technology by 30.2% during the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after buying an additional 776,408 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Microchip Technology by 0.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,026,946 shares of the semiconductor company’s stock worth $243,034,000 after acquiring an additional 25,872 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Microchip Technology by 9,901.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after acquiring an additional 2,829,082 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Microchip Technology by 20.1% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock valued at $220,957,000 after acquiring an additional 460,697 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MCHP. KeyCorp reduced their price target on shares of Microchip Technology from $90.00 to $70.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 14th. Piper Sandler decreased their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Bank of America lowered Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. TD Cowen decreased their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Finally, B. Riley dropped their target price on Microchip Technology from $93.00 to $85.00 and set a “buy” rating for the company in a report on Friday, January 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $84.00.

Microchip Technology Stock Down 1.6 %

Shares of MCHP opened at $54.30 on Friday. The firm has a fifty day moving average price of $59.29 and a 200-day moving average price of $71.34. 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 firm has a market capitalization of $29.16 billion, a P/E ratio of 37.97 and a beta of 1.52. Microchip Technology Incorporated has a 12-month low of $53.98 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm’s quarterly revenue was down 48.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.54 EPS. Equities research analysts expect that Microchip Technology Incorporated will post 1.31 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a dividend of $0.455 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

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.