Premier Path Wealth Partners LLC Raises Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Premier Path Wealth Partners LLC raised its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 683.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 23,554 shares of the semiconductor company's stock after acquiring an additional 20,546 shares during the period. Premier Path Wealth Partners LLC's holdings in Microchip Technology were worth $1,351,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Prospera Private Wealth LLC bought a new stake in Microchip Technology during the 3rd quarter worth approximately $29,000. Peterson Financial Group Inc. purchased a new position in shares of Microchip Technology during the third quarter valued at approximately $34,000. Truvestments Capital LLC bought a new stake in Microchip Technology during the third quarter worth $34,000. Wolff Wiese Magana LLC grew its holdings in Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company's stock worth $49,000 after buying an additional 218 shares in the last quarter. Finally, Hobbs Group Advisors LLC raised its position in Microchip Technology by 390.6% in the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company's stock valued at $50,000 after buying an additional 500 shares during the last quarter. Institutional investors own 91.51% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on MCHP. StockNews.com raised shares of Microchip Technology from a "sell" rating to a "hold" rating in a report on Friday, December 13th. Jefferies Financial Group reduced their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, November 6th. Piper Sandler decreased their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an "overweight" rating for the company in a research note on Wednesday, November 6th. Bank of America downgraded Microchip Technology from a "neutral" rating to an "underperform" rating and cut their target price for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Finally, Susquehanna decreased their price target on Microchip Technology from $95.00 to $90.00 and set a "positive" rating for the company in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $85.00.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded up $1.78 during midday trading on Friday, hitting $57.97. The company's stock had a trading volume of 8,270,268 shares, compared to its average volume of 7,615,781. The stock has a fifty day moving average price of $61.11 and a 200 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 Incorporated has a one year low of $54.47 and a one year high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

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

Microchip Technology Increases Dividend

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