Fulton Breakefield Broenniman LLC Cuts Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Fulton Breakefield Broenniman LLC lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,505 shares of the semiconductor company’s stock after selling 244 shares during the quarter. Fulton Breakefield Broenniman LLC’s holdings in Microchip Technology were worth $316,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology during the third quarter worth about $29,000. Peterson Financial Group Inc. acquired a new position in Microchip Technology during the third quarter worth approximately $34,000. Truvestments Capital LLC purchased a new position in shares of Microchip Technology during the third quarter worth approximately $34,000. Wolff Wiese Magana LLC increased its position in Microchip Technology by 55.2% in the 3rd 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 period. Finally, Hobbs Group Advisors LLC boosted its holdings in Microchip Technology by 390.6% in the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Down 1.7 %

MCHP stock opened at $56.28 on Wednesday. The company has a fifty day moving average price of $60.12 and a two-hundred day moving average price of $72.08. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The stock has a market cap of $30.22 billion, a price-to-earnings ratio of 39.36 and a beta of 1.52. Microchip Technology Incorporated has a one year low of $54.47 and a one year 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, topping the consensus estimate of $0.43 by $0.03. The business 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%. Microchip Technology’s revenue was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.54 earnings per share. Equities analysts anticipate that Microchip Technology Incorporated will post 1.31 EPS for the current 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 given a dividend of $0.455 per share. The ex-dividend date was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 3.23%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 127.27%.

Analysts Set New Price Targets

A number of brokerages have recently commented on MCHP. Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Susquehanna dropped their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a report on Friday, December 13th. TD Cowen cut their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $84.00.

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.