Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Brooklyn Investment Group

Brooklyn Investment Group decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 28.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,361 shares of the semiconductor company’s stock after selling 923 shares during the period. Brooklyn Investment Group’s holdings in Microchip Technology were worth $135,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Pallas Capital Advisors LLC purchased a new position in Microchip Technology in the fourth quarter valued at $5,917,000. Quadrature Capital Ltd acquired a new stake in Microchip Technology in the 3rd quarter valued at about $3,312,000. Benjamin Edwards Inc. boosted its stake in shares of Microchip Technology by 5,185.4% in the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock valued at $755,000 after buying an additional 9,230 shares during the period. Empowered Funds LLC grew its position in shares of Microchip Technology by 25.7% during the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after buying an additional 19,663 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Microchip Technology by 9,901.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after buying an additional 2,829,082 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, December 13th. TD Cowen lowered 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. Citigroup cut their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Finally, Evercore ISI reissued an “outperform” rating and set a $95.00 target price (down previously from $101.00) on shares of Microchip Technology 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 thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus price target of $85.00.

Microchip Technology Trading Up 3.2 %

NASDAQ MCHP opened at $57.97 on Friday. The firm’s fifty day moving average is $61.11 and its two-hundred day moving average is $73.71. Microchip Technology Incorporated has a one year low of $54.47 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The firm has a market cap of $31.13 billion, a PE ratio of 40.54 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm 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 earned $1.54 EPS. The firm’s revenue was down 48.4% compared to the same quarter last year. Analysts expect that Microchip Technology Incorporated will post 1.32 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.14%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

About Microchip Technology

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.