16,390 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Bought by Entropy Technologies LP

Entropy Technologies LP purchased a new stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the third quarter, according to its most recent filing with the SEC. The fund purchased 16,390 shares of the semiconductor company's stock, valued at approximately $1,316,000.

Other hedge funds have also bought and sold shares of the company. Apollon Wealth Management LLC grew its holdings in shares of Microchip Technology by 0.8% in the third quarter. Apollon Wealth Management LLC now owns 26,475 shares of the semiconductor company's stock valued at $2,126,000 after purchasing an additional 218 shares in the last quarter. Nations Financial Group Inc. IA ADV grew its stake in shares of Microchip Technology by 3.6% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 28,479 shares of the semiconductor company's stock worth $2,287,000 after buying an additional 1,001 shares in the last quarter. Venturi Wealth Management LLC increased its holdings in shares of Microchip Technology by 5.7% in the 3rd quarter. Venturi Wealth Management LLC now owns 8,190 shares of the semiconductor company's stock worth $658,000 after buying an additional 442 shares during the last quarter. Crossmark Global Holdings Inc. raised its position in shares of Microchip Technology by 5.3% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 331,752 shares of the semiconductor company's stock valued at $26,636,000 after buying an additional 16,649 shares in the last quarter. Finally, Westchester Capital Management Inc. grew its position in Microchip Technology by 2.1% in the third quarter. Westchester Capital Management Inc. now owns 194,952 shares of the semiconductor company's stock worth $15,653,000 after acquiring an additional 4,029 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Analyst Ratings Changes

MCHP has been the subject of several analyst reports. Evercore ISI reaffirmed 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. JPMorgan Chase & Co. dropped their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an "overweight" rating for the company in a research note on Friday, August 2nd. Citigroup reduced their target price on shares of Microchip Technology from $92.00 to $82.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. Mizuho set a $95.00 target price on shares of Microchip Technology in a report on Friday, October 18th. Finally, Jefferies Financial Group cut their price target 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. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $92.00.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 6.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.10% of the company's stock.

Microchip Technology Stock Down 1.5 %

Shares of MCHP traded down $0.99 during trading hours on Thursday, hitting $65.60. The company had a trading volume of 6,114,599 shares, compared to its average volume of 5,993,271. Microchip Technology Incorporated has a one year low of $65.48 and a one year high of $100.57. The company's fifty day moving average price is $76.10 and its two-hundred day moving average price is $84.46. The company has a market capitalization of $35.23 billion, a PE ratio of 46.57 and a beta of 1.53. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping 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 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 previous year, the company posted $1.54 earnings per share. The firm's revenue was down 48.4% on a year-over-year basis. As a group, equities analysts forecast that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.77%. This is an increase from Microchip Technology's previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. Microchip Technology's dividend payout ratio (DPR) is 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.