Ridgewood Investments LLC Has $1.10 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Ridgewood Investments LLC lifted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 238.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,086 shares of the semiconductor company’s stock after acquiring an additional 13,446 shares during the quarter. Ridgewood Investments LLC’s holdings in Microchip Technology were worth $1,095,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology in the 3rd quarter worth approximately $29,000. Peterson Financial Group Inc. acquired a new position in shares of Microchip Technology in the 3rd quarter worth approximately $34,000. Truvestments Capital LLC acquired a new position in shares of Microchip Technology in the 3rd quarter worth approximately $34,000. Wolff Wiese Magana LLC boosted 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 worth $49,000 after acquiring an additional 218 shares in the last quarter. Finally, Hobbs Group Advisors LLC lifted its holdings in Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after buying an additional 500 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 price objective on shares of Microchip Technology in a report on Tuesday, December 3rd. Piper Sandler reduced their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. The Goldman Sachs Group reduced their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday. TD Cowen dropped their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. Finally, Susquehanna dropped their target price 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $88.32.

Microchip Technology Stock Down 2.9 %

MCHP stock traded down $1.63 during trading hours on Friday, reaching $54.75. 2,065,989 shares of the stock were exchanged, compared to its average volume of 6,811,268. The firm’s 50-day moving average is $63.23 and its 200-day moving average is $75.24. The company has a market cap of $29.40 billion, a price-to-earnings ratio of 38.29 and a beta of 1.52. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. Microchip Technology Incorporated has a 12 month low of $54.61 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping 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 the consensus estimate of $1.15 billion. During the same period in the prior year, the business posted $1.54 EPS. The company’s quarterly revenue was down 48.4% on a year-over-year basis. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were paid a $0.455 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 3.32%. The ex-dividend date was Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

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.