Grimes & Company Inc. Decreases Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Grimes & Company Inc. trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 12.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 4,879 shares of the semiconductor company’s stock after selling 675 shares during the quarter. Grimes & Company Inc.’s holdings in Microchip Technology were worth $280,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Dynamic Advisor Solutions LLC increased its position in shares of Microchip Technology by 10.9% in the 4th quarter. Dynamic Advisor Solutions LLC now owns 22,168 shares of the semiconductor company’s stock valued at $1,271,000 after purchasing an additional 2,172 shares during the last quarter. Exchange Traded Concepts LLC increased its position in shares of Microchip Technology by 28.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 197,279 shares of the semiconductor company’s stock valued at $11,314,000 after purchasing an additional 43,615 shares during the last quarter. IVC Wealth Advisors LLC increased its position in shares of Microchip Technology by 23.0% in the 4th quarter. IVC Wealth Advisors LLC now owns 4,660 shares of the semiconductor company’s stock valued at $267,000 after purchasing an additional 871 shares during the last quarter. Inspire Investing LLC boosted its position in shares of Microchip Technology by 1.6% during the 4th quarter. Inspire Investing LLC now owns 52,479 shares of the semiconductor company’s stock worth $3,010,000 after acquiring an additional 821 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in shares of Microchip Technology by 1.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 95,634 shares of the semiconductor company’s stock worth $5,485,000 after acquiring an additional 987 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Stifel Nicolaus lowered their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, December 3rd. B. Riley reduced their price objective on shares of Microchip Technology from $93.00 to $85.00 and set a “buy” rating for the company in a research report on Friday. Piper Sandler reduced their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Jefferies Financial Group cut their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Finally, TD Cowen cut their target price 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. One equities research 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $84.00.

Microchip Technology Stock Down 5.3 %

Microchip Technology stock opened at $56.39 on Monday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. Microchip Technology Incorporated has a 1-year low of $54.47 and a 1-year high of $100.57. The company has a market cap of $30.28 billion, a PE ratio of 39.43 and a beta of 1.52. The stock’s 50 day moving average price is $60.28 and its 200 day moving average price is $72.50.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the business earned $1.54 earnings per share. The business’s revenue for the quarter was down 48.4% compared to the same quarter last year. On average, sell-side analysts predict that Microchip Technology Incorporated will post 1.31 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were paid a $0.455 dividend. 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 3.23%. The ex-dividend date was Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 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.