Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by Flagship Harbor Advisors LLC

Flagship Harbor Advisors LLC grew its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 256.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,624 shares of the semiconductor company's stock after purchasing an additional 6,925 shares during the period. Flagship Harbor Advisors LLC's holdings in Microchip Technology were worth $552,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mackenzie Financial Corp boosted its holdings in Microchip Technology by 38.3% in the 2nd quarter. Mackenzie Financial Corp now owns 64,624 shares of the semiconductor company's stock valued at $5,913,000 after purchasing an additional 17,881 shares during the last quarter. Creative Planning lifted its holdings in Microchip Technology by 2.5% in the second quarter. Creative Planning now owns 115,830 shares of the semiconductor company's stock valued at $10,598,000 after acquiring an additional 2,797 shares during the last quarter. Magnolia Capital Advisors LLC purchased a new position in Microchip Technology in the second quarter worth approximately $360,000. NewEdge Advisors LLC increased its stake in Microchip Technology by 12.1% during the second quarter. NewEdge Advisors LLC now owns 25,714 shares of the semiconductor company's stock worth $2,353,000 after acquiring an additional 2,777 shares during the last quarter. Finally, EP Wealth Advisors LLC raised its position in Microchip Technology by 1.9% in the second quarter. EP Wealth Advisors LLC now owns 14,461 shares of the semiconductor company's stock valued at $1,323,000 after purchasing an additional 266 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MCHP. B. Riley lowered their price target on Microchip Technology from $93.00 to $85.00 and set a "buy" rating for the company in a report on Friday, January 24th. TD Cowen dropped their price target on shares of Microchip Technology from $80.00 to $70.00 and set a "hold" rating for the company 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 decreased their price objective for the stock from $80.00 to $65.00 in a report on Monday, December 16th. KeyCorp lowered their price objective on shares of Microchip Technology from $90.00 to $70.00 and set an "overweight" rating for the company in a research report on Tuesday, January 14th. Finally, Jefferies Financial Group decreased their price target on Microchip Technology from $100.00 to $90.00 and set a "buy" rating on the stock in a research note 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 given a buy rating to the stock. According to MarketBeat, Microchip Technology currently has an average rating of "Moderate Buy" and an average price target of $84.00.

Microchip Technology Stock Down 1.6 %

Shares of NASDAQ MCHP traded down $0.86 during midday trading on Friday, hitting $54.30. 10,275,349 shares of the company's stock were exchanged, compared to its average volume of 7,257,483. The firm's fifty day simple moving average is $59.29 and its 200-day simple moving average is $71.34. The company has a market cap of $29.16 billion, a PE ratio of 37.97 and a beta of 1.52. Microchip Technology Incorporated has a twelve month low of $53.98 and a twelve month high of $100.57. 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 (NASDAQ:MCHP - Get Free Report) last issued 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 the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company's revenue was down 48.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.54 EPS. Research analysts predict that Microchip Technology Incorporated will post 1.31 EPS for the current fiscal 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 given a $0.455 dividend. The ex-dividend date was Friday, November 22nd. This is a boost 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 3.35%. Microchip Technology's dividend payout ratio is 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.