Watts Gwilliam & Co. LLC Raises Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Watts Gwilliam & Co. LLC lifted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 250.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 26,861 shares of the semiconductor company's stock after buying an additional 19,198 shares during the period. Watts Gwilliam & Co. LLC's holdings in Microchip Technology were worth $1,544,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in MCHP. Prospera Private Wealth LLC purchased a new position in Microchip Technology during the third quarter worth about $29,000. Peterson Financial Group Inc. purchased a new position in Microchip Technology during the third quarter worth about $34,000. Truvestments Capital LLC purchased a new position in Microchip Technology during the third quarter worth about $34,000. Wolff Wiese Magana LLC increased its holdings in Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company's stock valued at $49,000 after buying an additional 218 shares in the last quarter. Finally, Hobbs Group Advisors LLC increased its holdings in Microchip Technology by 390.6% in the third 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 in the last quarter. Institutional investors and hedge funds own 91.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MCHP shares. StockNews.com raised shares of Microchip Technology from a "sell" rating to a "hold" rating in a report on Friday, December 13th. KeyCorp dropped their target price on shares of Microchip Technology from $95.00 to $90.00 and set an "overweight" rating for the company in a report on Tuesday, December 3rd. Truist Financial cut shares of Microchip Technology from a "buy" rating to a "hold" rating and dropped their target price for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Susquehanna lowered their price target on shares of Microchip Technology from $95.00 to $90.00 and set a "positive" rating on the stock in a research report on Wednesday, November 6th. Finally, Mizuho lowered their price target on shares of Microchip Technology from $85.00 to $72.00 and set an "outperform" rating on the stock in a research report on Friday. One 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's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $87.11.

Microchip Technology Trading Down 2.1 %

NASDAQ MCHP traded down $1.19 during mid-day trading on Friday, reaching $55.19. 7,632,827 shares of the stock were exchanged, compared to its average volume of 7,771,687. Microchip Technology Incorporated has a 1-year low of $54.47 and a 1-year high of $100.57. The business's fifty day simple moving average is $62.84 and its 200 day simple moving average is $75.00. The stock has a market capitalization of $29.64 billion, a PE ratio of 38.59 and a beta of 1.52. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts' consensus estimates of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Microchip Technology's revenue for the quarter was down 48.4% on a year-over-year basis. During the same quarter last year, the business earned $1.54 EPS. On average, research analysts anticipate that Microchip Technology Incorporated will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date of this dividend was Friday, November 22nd. This is a positive change from Microchip Technology's previous quarterly dividend of $0.45. Microchip Technology's dividend payout ratio (DPR) is 127.27%.

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.