103,167 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Acquired by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC acquired a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 103,167 shares of the semiconductor company's stock, valued at approximately $5,917,000.

A number of other hedge funds also recently modified their holdings of MCHP. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology during the 3rd quarter worth $29,000. Peterson Financial Group Inc. bought a new position in shares of Microchip Technology in the third quarter valued at approximately $34,000. Truvestments Capital LLC acquired a new stake in shares of Microchip Technology in the third quarter worth $34,000. Wolff Wiese Magana LLC lifted its position in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company's stock worth $49,000 after acquiring an additional 218 shares during the last quarter. Finally, Hobbs Group Advisors LLC boosted its stake in Microchip Technology by 390.6% during 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 during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Stock Up 1.3 %

MCHP traded up $0.72 during trading on Monday, reaching $55.91. The company had a trading volume of 6,654,544 shares, compared to its average volume of 7,611,030. The company has a market cap of $30.02 billion, a P/E ratio of 39.10 and a beta of 1.52. 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 12 month low of $54.47 and a 12 month high of $100.57. The business's fifty day moving average price is $62.84 and its 200 day moving average price is $74.80.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced 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 company had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.15 billion. During the same quarter last year, the company earned $1.54 EPS. Microchip Technology's revenue for the quarter was down 48.4% compared to the same quarter last year. Equities analysts anticipate that Microchip Technology Incorporated will post 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced 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 3.26%. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology's dividend payout ratio (DPR) is 127.27%.

Analyst Ratings Changes

A number of brokerages have weighed in on MCHP. Mizuho reduced their price target on shares of Microchip Technology from $85.00 to $72.00 and set an "outperform" rating for the company in a report on Friday. Rosenblatt Securities reiterated a "buy" rating and set a $90.00 target price on shares of Microchip Technology in a research report on Wednesday, November 6th. Bank of America lowered shares of Microchip Technology from a "neutral" rating to an "underperform" rating and reduced their price target for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Susquehanna cut their price target on Microchip Technology from $95.00 to $90.00 and set a "positive" rating for the company in a report on Wednesday, November 6th. Finally, TD Cowen decreased their price target 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. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $87.11.

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.

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