Legacy Wealth Asset Management LLC Makes New Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

Legacy Wealth Asset Management LLC bought a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 5,446 shares of the semiconductor company's stock, valued at approximately $312,000.

Other hedge funds also recently bought and sold shares of the company. Pallas Capital Advisors LLC purchased a new stake in shares of Microchip Technology during the fourth quarter worth about $5,917,000. Quadrature Capital Ltd purchased a new stake in Microchip Technology in the 3rd quarter worth approximately $3,312,000. Benjamin Edwards Inc. grew its stake in Microchip Technology by 5,185.4% in the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company's stock worth $755,000 after acquiring an additional 9,230 shares during the period. Empowered Funds LLC lifted its stake in shares of Microchip Technology by 25.7% during the 3rd quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company's stock worth $7,721,000 after purchasing an additional 19,663 shares during the period. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Microchip Technology by 9,901.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company's stock worth $163,886,000 after purchasing an additional 2,829,082 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Stock Up 3.2 %

MCHP traded up $1.78 during midday trading on Friday, hitting $57.97. 8,270,268 shares of the company's stock traded hands, compared to its average volume of 7,615,781. 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 company has a market cap of $31.13 billion, a PE ratio of 40.54 and a beta of 1.52. Microchip Technology Incorporated has a one year low of $54.47 and a one year high of $100.57. The stock's fifty day simple moving average is $61.11 and its 200-day simple moving average is $73.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm's revenue was down 48.4% compared to the same quarter last year. During the same period last year, the business posted $1.54 earnings per share. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.32 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were paid a dividend of $0.455 per share. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology's dividend payout ratio is presently 127.27%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on MCHP shares. Bank of America downgraded Microchip Technology from a "neutral" rating to an "underperform" rating and lowered their price objective for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Piper Sandler lowered their price target on Microchip Technology from $100.00 to $85.00 and set an "overweight" rating for the company in a report on Wednesday, November 6th. Mizuho cut their price objective on shares of Microchip Technology from $85.00 to $72.00 and set an "outperform" rating on the stock in a report on Friday, January 10th. Citigroup lowered their target price on shares of Microchip Technology from $92.00 to $82.00 and set a "buy" rating for the company in a report on Wednesday, November 6th. Finally, Truist Financial lowered shares of Microchip Technology from a "buy" rating to a "hold" rating and dropped their price target for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $85.00.

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.