Park Avenue Securities LLC Increases Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Park Avenue Securities LLC boosted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 31.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 62,418 shares of the semiconductor company's stock after buying an additional 15,041 shares during the quarter. Park Avenue Securities LLC's holdings in Microchip Technology were worth $3,580,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MCHP. Renaissance Technologies LLC increased its stake in shares of Microchip Technology by 47.2% in the 2nd quarter. Renaissance Technologies LLC now owns 394,207 shares of the semiconductor company's stock worth $36,070,000 after purchasing an additional 126,351 shares in the last quarter. Edgestream Partners L.P. increased its position in Microchip Technology by 32.7% in the second quarter. Edgestream Partners L.P. now owns 12,886 shares of the semiconductor company's stock worth $1,179,000 after buying an additional 3,174 shares in the last quarter. E Fund Management Co. Ltd. increased its position in Microchip Technology by 20.7% in the second quarter. E Fund Management Co. Ltd. now owns 10,843 shares of the semiconductor company's stock worth $992,000 after buying an additional 1,859 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its stake in shares of Microchip Technology by 1.0% in the second quarter. Mercer Global Advisors Inc. ADV now owns 278,810 shares of the semiconductor company's stock worth $25,511,000 after buying an additional 2,725 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its position in shares of Microchip Technology by 15.2% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 60,267 shares of the semiconductor company's stock valued at $5,509,000 after buying an additional 7,971 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of recent analyst reports. Mizuho decreased their target price on shares of Microchip Technology from $85.00 to $72.00 and set an "outperform" rating on the stock in a research note on Friday, January 10th. Rosenblatt Securities restated a "buy" rating and set a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, November 6th. Truist Financial downgraded shares of 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. KeyCorp decreased their price target on Microchip Technology from $90.00 to $70.00 and set an "overweight" rating on the stock in a report on Tuesday. Finally, The Goldman Sachs Group dropped their price objective on Microchip Technology from $72.00 to $63.00 and set a "neutral" rating for the company in a research note on Friday, January 10th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat.com, Microchip Technology has a consensus rating of "Moderate Buy" and a consensus target price of $86.05.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded up $1.78 during mid-day trading on Friday, hitting $57.97. 8,270,268 shares of the company's stock traded hands, compared to its average volume of 7,679,169. 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 Incorporated has a 1 year low of $54.47 and a 1 year high of $100.57. The company's 50-day moving average is $61.11 and its two-hundred day moving average is $73.84. The company has a market capitalization of $31.13 billion, a P/E ratio of 40.54 and a beta of 1.52.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.03. The business 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 company's quarterly revenue was down 48.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.54 earnings per share. On average, equities analysts anticipate that Microchip Technology Incorporated will post 1.32 EPS for the current fiscal 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 given a dividend of $0.455 per share. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 3.14%. Microchip Technology's payout ratio is 127.27%.

Microchip Technology Company 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.