Park Avenue Securities LLC Acquires 15,041 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Park Avenue Securities LLC increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 31.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 62,418 shares of the semiconductor company’s stock after acquiring an additional 15,041 shares during the quarter. Park Avenue Securities LLC’s holdings in Microchip Technology were worth $3,580,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in MCHP. Corundum Group Inc. boosted its holdings in shares of Microchip Technology by 3.4% during the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after acquiring an additional 143 shares during the period. Financial Advocates Investment Management lifted its holdings in Microchip Technology by 1.5% during the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after purchasing an additional 158 shares during the last quarter. Bruce G. Allen Investments LLC lifted its holdings in Microchip Technology by 11.4% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company’s stock worth $127,000 after purchasing an additional 162 shares during the last quarter. Metis Global Partners LLC boosted its stake in Microchip Technology by 1.0% in the 3rd quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock valued at $1,378,000 after purchasing an additional 172 shares during the period. Finally, Americana Partners LLC grew its holdings in Microchip Technology by 5.5% in the 3rd quarter. Americana Partners LLC now owns 3,441 shares of the semiconductor company’s stock valued at $276,000 after buying an additional 179 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on MCHP. The Goldman Sachs Group decreased their target price on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Mizuho reduced their target price on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. KeyCorp dropped their price target on Microchip Technology from $90.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday. Evercore ISI reiterated an “outperform” rating and set a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Finally, StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a report on Friday, December 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.05.

Microchip Technology Stock Performance

Microchip Technology stock opened at $56.19 on Friday. The business has a 50 day moving average of $61.77 and a 200-day moving average of $74.20. The company has a market capitalization of $30.17 billion, a P/E ratio of 39.29 and a beta of 1.52. Microchip Technology Incorporated has a 1 year low of $54.47 and a 1 year high of $100.57. 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 (NASDAQ:MCHP) last released 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. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the firm earned $1.54 earnings per share. The company’s revenue for the quarter was down 48.4% on a year-over-year basis. On average, equities research analysts predict 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 given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date was Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is 127.27%.

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.