Ridgewood Investments LLC Has $1.10 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Ridgewood Investments LLC raised its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 238.4% during the 4th quarter, Holdings Channel reports. The fund owned 19,086 shares of the semiconductor company’s stock after acquiring an additional 13,446 shares during the period. Ridgewood Investments LLC’s holdings in Microchip Technology were worth $1,095,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Quadrature Capital Ltd bought a new position in Microchip Technology in the 3rd quarter valued at about $3,312,000. Benjamin Edwards Inc. raised its holdings in Microchip Technology by 5,185.4% in the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock valued at $755,000 after acquiring an additional 9,230 shares during the period. Empowered Funds LLC increased its holdings in shares of Microchip Technology by 25.7% during the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after purchasing an additional 19,663 shares during the period. Harvest Fund Management Co. Ltd increased its holdings in shares of Microchip Technology by 52.1% during the third quarter. Harvest Fund Management Co. Ltd now owns 24,713 shares of the semiconductor company’s stock worth $1,984,000 after purchasing an additional 8,467 shares during the period. Finally, Harvey Partners LLC bought a new position in shares of Microchip Technology during the third quarter worth approximately $20,554,000. 91.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on MCHP. Evercore ISI reissued an “outperform” rating and issued a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Piper Sandler cut 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. Jefferies Financial Group dropped their target price on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Rosenblatt Securities restated a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, Mizuho set a $95.00 target price on shares of Microchip Technology in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $88.32.

Microchip Technology Stock Down 2.9 %

NASDAQ:MCHP traded down $1.63 on Friday, hitting $54.75. The stock had a trading volume of 2,065,989 shares, compared to its average volume of 6,811,268. 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 stock has a market cap of $29.40 billion, a P/E ratio of 38.29 and a beta of 1.52. Microchip Technology Incorporated has a 1 year low of $54.61 and a 1 year high of $100.57. The firm’s fifty day simple moving average is $63.23 and its two-hundred day simple moving average is $75.24.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the prior year, the firm earned $1.54 EPS. The company’s revenue was down 48.4% compared to the same quarter last year. Analysts predict that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given 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 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology’s dividend payout ratio is currently 127.27%.

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.