Empowered Funds LLC Has $7.72 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Empowered Funds LLC increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 25.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 96,163 shares of the semiconductor company’s stock after purchasing an additional 19,663 shares during the period. Empowered Funds LLC’s holdings in Microchip Technology were worth $7,721,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Pinnacle Associates Ltd. grew its position in Microchip Technology by 50.0% in the 3rd quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock worth $8,486,000 after purchasing an additional 35,213 shares during the last quarter. Swedbank AB acquired a new stake in Microchip Technology during the first quarter worth about $1,079,000. Aigen Investment Management LP bought a new position in Microchip Technology during the third quarter valued at about $2,391,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Microchip Technology by 12.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock valued at $69,355,000 after acquiring an additional 93,464 shares in the last quarter. Finally, ICICI Prudential Asset Management Co Ltd raised its holdings in Microchip Technology by 35.1% in the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 65,023 shares of the semiconductor company’s stock valued at $5,221,000 after acquiring an additional 16,906 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 4.2 %

Shares of NASDAQ MCHP opened at $62.86 on Friday. Microchip Technology Incorporated has a 12-month low of $62.63 and a 12-month high of $100.57. The firm’s 50-day simple moving average is $75.65 and its 200 day simple moving average is $84.06. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The company has a market cap of $33.76 billion, a price-to-earnings ratio of 43.96 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the prior year, the firm earned $1.54 earnings per share. Microchip Technology’s revenue was down 48.4% compared to the same quarter last year. On average, research analysts expect that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend is Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 127.27%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MCHP. B. Riley lowered their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. JPMorgan Chase & Co. lowered their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. TD Cowen reduced their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Finally, Piper Sandler cut their price target 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. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 6.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.10% of the stock is owned by company insiders.

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.