HighTower Advisors LLC Decreases Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

HighTower Advisors LLC trimmed its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 17.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 90,886 shares of the semiconductor company's stock after selling 18,760 shares during the quarter. HighTower Advisors LLC's holdings in Microchip Technology were worth $7,262,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. SeaCrest Wealth Management LLC raised its holdings in shares of Microchip Technology by 3.3% during the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company's stock valued at $379,000 after purchasing an additional 131 shares during the last quarter. Corundum Group Inc. raised its stake in Microchip Technology by 3.4% during 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. Commerzbank Aktiengesellschaft FI raised its stake in Microchip Technology by 4.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company's stock valued at $318,000 after buying an additional 148 shares during the last quarter. Busey Bank lifted its holdings in shares of Microchip Technology by 2.6% during the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company's stock valued at $550,000 after buying an additional 155 shares during the period. Finally, Financial Advocates Investment Management boosted its stake in shares of Microchip Technology by 1.5% in the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company's stock worth $867,000 after buying an additional 158 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Stock Up 0.1 %

Shares of MCHP stock traded up $0.05 during mid-day trading on Tuesday, hitting $61.92. The stock had a trading volume of 9,190,899 shares, compared to its average volume of 6,199,902. Microchip Technology Incorporated has a 12-month low of $57.96 and a 12-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. The firm's 50-day moving average is $71.80 and its two-hundred day moving average is $80.83. The firm has a market capitalization of $33.25 billion, a P/E ratio of 43.30 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating 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 for 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 revenue for the quarter was down 48.4% on a year-over-year basis. On average, analysts predict that Microchip Technology Incorporated will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business 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 2.94%. This is an increase from Microchip Technology's previous quarterly dividend of $0.45. Microchip Technology's dividend payout ratio (DPR) is presently 127.27%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Mizuho set a $95.00 price target on shares of Microchip Technology in a research note on Friday, October 18th. TD Cowen lowered their target price on Microchip Technology from $80.00 to $70.00 and set a "hold" rating on the stock in a research report on Wednesday, November 6th. Piper Sandler reduced their price target on Microchip Technology from $100.00 to $85.00 and set an "overweight" rating for the company in a research report on Wednesday, November 6th. Stifel Nicolaus lowered their price objective on Microchip Technology from $90.00 to $87.00 and set a "buy" rating on the stock in a research report on Tuesday, December 3rd. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Microchip Technology has an average rating of "Moderate Buy" and a consensus target price of $90.95.

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.