STF Management LP Cuts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

STF Management LP trimmed its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 8.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,813 shares of the semiconductor company’s stock after selling 737 shares during the period. STF Management LP’s holdings in Microchip Technology were worth $627,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Prospera Private Wealth LLC purchased a new stake in shares of Microchip Technology in the third quarter valued at about $29,000. Peterson Financial Group Inc. purchased a new stake in Microchip Technology in the 3rd quarter valued at approximately $34,000. Pathway Financial Advisers LLC acquired a new position in Microchip Technology during the 1st quarter worth approximately $39,000. Versant Capital Management Inc raised its stake in shares of Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after buying an additional 317 shares in the last quarter. Finally, Wolff Wiese Magana LLC lifted its holdings in shares of Microchip Technology by 55.2% in the 3rd 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 during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Up 2.1 %

Shares of Microchip Technology stock opened at $66.49 on Friday. The company has a fifty day moving average price of $74.80 and a 200 day moving average price of $83.42. 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 Incorporated has a twelve month low of $62.63 and a twelve month high of $100.57. The stock has a market cap of $35.71 billion, a price-to-earnings ratio of 46.50 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results 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. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.54 earnings per share. Equities research analysts forecast 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. Investors of record on Friday, November 22nd will be paid a dividend of $0.455 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 2.74%. Microchip Technology’s payout ratio is 127.27%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. KeyCorp reduced their target price on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. Susquehanna decreased their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. Evercore ISI reissued an “outperform” rating and set a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. Finally, Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and reduced their price target for the company from $89.00 to $80.00 in a report on Monday, September 23rd. One investment 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. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $92.00.

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.