Hennion & Walsh Asset Management Inc. Sells 6,234 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Hennion & Walsh Asset Management Inc. lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 12.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 43,046 shares of the semiconductor company's stock after selling 6,234 shares during the quarter. Hennion & Walsh Asset Management Inc.'s holdings in Microchip Technology were worth $2,469,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Corundum Group Inc. increased its stake in Microchip Technology by 3.4% in the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company's stock valued at $346,000 after buying an additional 143 shares during the last quarter. Financial Advocates Investment Management increased its holdings in shares of Microchip Technology by 1.5% during the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company's stock worth $867,000 after acquiring an additional 158 shares during the last quarter. Bruce G. Allen Investments LLC raised its position in shares of Microchip Technology by 11.4% in the third quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company's stock valued at $127,000 after purchasing an additional 162 shares during the period. Metis Global Partners LLC lifted its position in Microchip Technology by 1.0% during the third quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company's stock worth $1,378,000 after acquiring an additional 172 shares during the last quarter. Finally, Americana Partners LLC boosted its stake in Microchip Technology by 5.5% in the 3rd quarter. Americana Partners LLC now owns 3,441 shares of the semiconductor company's stock valued at $276,000 after purchasing an additional 179 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Microchip Technology Trading Up 3.2 %

Shares of NASDAQ:MCHP traded up $1.78 during midday trading on Friday, reaching $57.97. The company's stock had a trading volume of 8,270,268 shares, compared to its average volume of 7,615,781. Microchip Technology Incorporated has a fifty-two week low of $54.47 and a fifty-two week high of $100.57. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The firm has a 50 day moving average price of $61.11 and a two-hundred day moving average price of $73.71. The firm has a market capitalization of $31.13 billion, a price-to-earnings ratio of 40.54 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping 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 company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the firm posted $1.54 EPS. The company's quarterly revenue was down 48.4% on a year-over-year basis. As a group, analysts forecast that Microchip Technology Incorporated will post 1.32 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date was Friday, November 22nd. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. Microchip Technology's dividend payout ratio (DPR) is 127.27%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on MCHP shares. Truist Financial downgraded Microchip Technology from a "buy" rating to a "hold" rating and dropped their target price for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Stifel Nicolaus dropped their price objective on shares of Microchip Technology from $90.00 to $87.00 and set a "buy" rating for the company in a research note on Tuesday, December 3rd. TD Cowen reduced 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. Rosenblatt Securities reaffirmed a "buy" rating and set a $90.00 price target on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, Evercore ISI restated an "outperform" rating and set a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $86.05.

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.