Quest Partners LLC Grows Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Quest Partners LLC lifted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 463,300.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 4,634 shares of the semiconductor company’s stock after purchasing an additional 4,633 shares during the period. Quest Partners LLC’s holdings in Microchip Technology were worth $372,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in MCHP. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology in the third quarter valued at about $34,000. Pathway Financial Advisers LLC acquired a new stake in shares of Microchip Technology during the 1st quarter worth approximately $39,000. Versant Capital Management Inc raised its position in shares of Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 317 shares during the period. Wolff Wiese Magana LLC lifted its holdings in Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares during the last quarter. Finally, TruNorth Capital Management LLC acquired a new position in Microchip Technology in the second quarter valued at approximately $55,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on MCHP shares. Citigroup reduced their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Evercore ISI restated an “outperform” rating and issued a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Piper Sandler lowered their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Jefferies Financial Group reduced their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $66.69 on Monday. The stock’s 50-day simple moving average is $74.59 and its 200-day simple moving average is $83.11. 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 has a market capitalization of $35.81 billion, a PE ratio of 46.64 and a beta of 1.53. Microchip Technology Incorporated has a fifty-two week low of $62.63 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the prior year, the company earned $1.54 earnings per share. The company’s revenue was down 48.4% compared to the same quarter last year. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.73%. The ex-dividend date is Friday, November 22nd. Microchip Technology’s payout ratio is presently 127.27%.

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.