Van ECK Associates Corp raised its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 39.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,093,007 shares of the semiconductor company's stock after purchasing an additional 3,131,807 shares during the period. Microchip Technology accounts for approximately 0.8% of Van ECK Associates Corp's investment portfolio, making the stock its 27th biggest holding. Van ECK Associates Corp owned about 2.07% of Microchip Technology worth $636,184,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Prospera Private Wealth LLC acquired a new stake in shares of Microchip Technology during the 3rd quarter worth approximately $29,000. Financial Life Planners acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $32,000. Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology during the 3rd quarter worth approximately $34,000. Truvestments Capital LLC acquired a new stake in shares of Microchip Technology during the 3rd quarter worth approximately $34,000. Finally, Wolff Wiese Magana LLC boosted its position in shares of Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company's stock worth $49,000 after purchasing an additional 218 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.
Microchip Technology Stock Performance
Shares of MCHP traded up $1.50 during midday trading on Friday, reaching $55.76. 7,122,783 shares of the stock were exchanged, compared to its average volume of 8,621,112. The company has a market cap of $29.94 billion, a P/E ratio of 99.57 and a beta of 1.50. The stock's 50 day simple moving average is $56.79 and its 200 day simple moving average is $68.69. Microchip Technology Incorporated has a twelve month low of $50.21 and a twelve month high of $100.57. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.41% and a net margin of 6.49%. On average, sell-side analysts expect that Microchip Technology Incorporated will post 1.3 earnings per share for the current year.
Microchip Technology Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be paid a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.26%. The ex-dividend date is Monday, February 24th. Microchip Technology's dividend payout ratio (DPR) is presently 325.00%.
Analyst Ratings Changes
Several equities analysts have commented on the stock. Evercore ISI reissued an "outperform" rating and issued a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Morgan Stanley decreased their price target on shares of Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating for the company in a research report on Tuesday, February 4th. Piper Sandler reissued an "overweight" rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Susquehanna decreased their price target on shares of Microchip Technology from $95.00 to $90.00 and set a "positive" rating for the company in a research report on Wednesday, November 6th. Finally, Bank of America cut shares of Microchip Technology from a "neutral" rating to an "underperform" rating and decreased their price objective for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Microchip Technology currently has an average rating of "Moderate Buy" and an average price target of $77.11.
View Our Latest Research Report on MCHP
About Microchip Technology
(
Free Report)
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.
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