Boomfish Wealth Group LLC Grows Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Boomfish Wealth Group LLC increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 36.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,863 shares of the semiconductor company’s stock after purchasing an additional 10,311 shares during the period. Boomfish Wealth Group LLC’s holdings in Microchip Technology were worth $2,229,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MCHP. Prospera Private Wealth LLC purchased a new position in shares of Microchip Technology in the 3rd quarter valued at $29,000. Peterson Financial Group Inc. purchased a new position in shares of Microchip Technology during the third quarter worth about $34,000. Truvestments Capital LLC acquired a new stake in shares of Microchip Technology during the third quarter worth about $34,000. Wolff Wiese Magana LLC increased 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 purchasing an additional 218 shares in the last quarter. Finally, Hobbs Group Advisors LLC lifted its holdings in shares of Microchip Technology by 390.6% in the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 500 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Trading Down 1.6 %

NASDAQ:MCHP opened at $55.16 on Friday. The company has a market capitalization of $29.62 billion, a PE ratio of 38.57 and a beta of 1.52. Microchip Technology Incorporated has a 52-week low of $54.18 and a 52-week high of $100.57. The stock has a fifty day simple moving average of $59.77 and a 200-day simple moving average of $71.72. 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) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.54 EPS. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.31 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a $0.455 dividend. The ex-dividend date was Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 3.30%. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

Analysts Set New Price Targets

Several research firms have commented on MCHP. Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a research report on Wednesday, November 6th. Mizuho cut their target price on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. 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 reduced their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. Finally, TD Cowen lowered their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock 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. According to MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average price target of $84.00.

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.