Lebenthal Global Advisors LLC Increases Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Lebenthal Global Advisors LLC boosted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 7.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 3,894 shares of the semiconductor company’s stock after acquiring an additional 266 shares during the period. Lebenthal Global Advisors LLC’s holdings in Microchip Technology were worth $223,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC acquired a new stake in shares of Microchip Technology during the third quarter valued at about $29,000. Peterson Financial Group Inc. acquired a new stake in Microchip Technology during the 3rd quarter valued at approximately $34,000. Truvestments Capital LLC purchased a new position in shares of Microchip Technology during the 3rd quarter valued at approximately $34,000. Wolff Wiese Magana LLC grew its position in shares of Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after buying an additional 218 shares in the last quarter. Finally, Hobbs Group Advisors LLC increased its stake in shares of Microchip Technology by 390.6% in the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after buying an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on MCHP. StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, December 13th. Evercore ISI reiterated an “outperform” rating and issued a $95.00 price target (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Stifel Nicolaus lowered their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. Piper Sandler reduced their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $84.00.

Microchip Technology Price Performance

NASDAQ MCHP opened at $56.28 on Wednesday. The company has a 50-day moving average price of $60.12 and a two-hundred day moving average price of $72.08. Microchip Technology Incorporated has a 52 week low of $54.47 and a 52 week high of $100.57. The stock has a market cap of $30.22 billion, a price-to-earnings ratio of 39.36 and a beta of 1.52. 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 (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping 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 business’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.54 EPS. Analysts forecast that Microchip Technology Incorporated will post 1.31 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were paid a dividend of $0.455 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date was Friday, November 22nd. Microchip Technology’s payout ratio is currently 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.