Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Rovin Capital UT ADV

Rovin Capital UT ADV grew its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 47.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,160 shares of the semiconductor company’s stock after buying an additional 2,303 shares during the quarter. Rovin Capital UT ADV’s holdings in Microchip Technology were worth $411,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Godsey & Gibb Inc. raised its position in Microchip Technology by 2.8% during the fourth quarter. Godsey & Gibb Inc. now owns 257,334 shares of the semiconductor company’s stock worth $14,758,000 after acquiring an additional 6,953 shares during the last quarter. Park Avenue Securities LLC increased its stake in shares of Microchip Technology by 31.7% during the 4th quarter. Park Avenue Securities LLC now owns 62,418 shares of the semiconductor company’s stock worth $3,580,000 after purchasing an additional 15,041 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Microchip Technology by 9,901.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after purchasing an additional 2,829,082 shares during the last quarter. Pallas Capital Advisors LLC purchased a new stake in Microchip Technology in the 4th quarter valued at approximately $5,917,000. Finally, Elmwood Wealth Management Inc. lifted its stake in Microchip Technology by 1.5% in the 4th quarter. Elmwood Wealth Management Inc. now owns 20,558 shares of the semiconductor company’s stock valued at $1,179,000 after buying an additional 300 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Price Performance

MCHP opened at $57.10 on Thursday. Microchip Technology Incorporated has a 52-week low of $54.47 and a 52-week high of $100.57. The company has a 50 day moving average of $62.10 and a two-hundred day moving average of $74.32. The company has a market cap of $30.66 billion, a P/E ratio of 39.93 and a beta of 1.52. 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 announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating 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 firm’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.54 EPS. On average, analysts expect that Microchip Technology Incorporated will post 1.32 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date was Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 127.27%.

Analyst Ratings Changes

A number of research firms have recently weighed in on MCHP. Citigroup cut their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. TD Cowen cut 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 note on Wednesday, November 6th. KeyCorp decreased their price target on shares of Microchip Technology from $90.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday. StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, December 13th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $90.00 price objective on shares of Microchip Technology 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 given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $86.05.

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.