Wilmington Savings Fund Society FSB Acquires 8,592 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Wilmington Savings Fund Society FSB grew its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 16.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,394 shares of the semiconductor company's stock after buying an additional 8,592 shares during the quarter. Wilmington Savings Fund Society FSB's holdings in Microchip Technology were worth $4,849,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. SeaCrest Wealth Management LLC boosted its holdings in Microchip Technology by 3.3% during the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company's stock worth $379,000 after purchasing an additional 131 shares during the last quarter. Corundum Group Inc. raised its position in Microchip Technology by 3.4% in the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company's stock worth $346,000 after acquiring an additional 143 shares during the period. Commerzbank Aktiengesellschaft FI raised its position in Microchip Technology by 4.5% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company's stock worth $318,000 after acquiring an additional 148 shares during the period. Busey Bank raised its position in Microchip Technology by 2.6% in the second quarter. Busey Bank now owns 6,006 shares of the semiconductor company's stock worth $550,000 after acquiring an additional 155 shares during the period. Finally, Financial Advocates Investment Management raised its position in Microchip Technology by 1.5% in the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company's stock worth $867,000 after acquiring an additional 158 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Trading Down 2.6 %

Shares of Microchip Technology stock traded down $1.60 during trading on Friday, reaching $59.90. The company's stock had a trading volume of 3,057,292 shares, compared to its average volume of 6,177,706. Microchip Technology Incorporated has a 52-week low of $57.96 and a 52-week high of $100.57. The company has a market cap of $32.17 billion, a price-to-earnings ratio of 42.12 and a beta of 1.50. The firm's 50-day moving average is $70.84 and its two-hundred day moving average is $80.31. 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 announced 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. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.15 billion. During the same quarter in the prior year, the company earned $1.54 EPS. The firm's revenue was down 48.4% on a year-over-year basis. On average, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were issued a dividend of $0.455 per share. This is a positive change from Microchip Technology's previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology's dividend payout ratio is currently 127.27%.

Wall Street Analyst Weigh In

MCHP has been the topic of several research reports. Piper Sandler lowered their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an "overweight" rating on the stock in a research report on Wednesday, November 6th. Citigroup lowered their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a "buy" rating on the stock in a research report on Wednesday, November 6th. Stifel Nicolaus lowered their price objective on shares of Microchip Technology from $90.00 to $87.00 and set a "buy" rating on the stock in a research report on Tuesday, December 3rd. 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, Rosenblatt Securities reissued a "buy" rating and issued a $90.00 price target on shares of Microchip Technology in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Microchip Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $90.95.

Microchip Technology 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.