Published on January 25th, 2023 📆 | 7611 Views ⚑0
Ieq Capital LLC Grows Position in Microchip Technology Incorporated (NASDAQ:MCHP)
Ieq Capital LLC increased its position in Microchip Technology Incorporated (NASDAQ:MCHP - Get Rating) by 82.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 20,527 shares of the semiconductor company's stock after purchasing an additional 9,264 shares during the quarter. Ieq Capital LLC's holdings in Microchip Technology were worth $1,253,000 as of its most recent filing with the Securities & Exchange Commission.
→ Is This The End of Capitalism? (From Porter & Company)
A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Householder Group Estate & Retirement Specialist LLC bought a new position in Microchip Technology during the 3rd quarter valued at approximately $25,000. MV Capital Management Inc. increased its position in Microchip Technology by 157.1% during the 3rd quarter. MV Capital Management Inc. now owns 432 shares of the semiconductor company's stock valued at $26,000 after buying an additional 264 shares in the last quarter. Glassman Wealth Services increased its position in Microchip Technology by 54.5% during the 2nd quarter. Glassman Wealth Services now owns 516 shares of the semiconductor company's stock valued at $30,000 after buying an additional 182 shares in the last quarter. CX Institutional bought a new position in Microchip Technology during the 2nd quarter valued at approximately $32,000. Finally, Covestor Ltd increased its position in Microchip Technology by 48.2% during the 1st quarter. Covestor Ltd now owns 569 shares of the semiconductor company's stock valued at $43,000 after buying an additional 185 shares in the last quarter. Hedge funds and other institutional investors own 89.85% of the company's stock.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on MCHP. The Goldman Sachs Group raised their price objective on Microchip Technology from $67.00 to $76.00 and gave the company a "neutral" rating in a research report on Monday, November 7th. Citigroup lifted their target price on Microchip Technology from $62.00 to $74.00 and gave the stock a "neutral" rating in a report on Wednesday, January 18th. StockNews.com assumed coverage on Microchip Technology in a report on Wednesday, October 12th. They issued a "buy" rating for the company. Mizuho reduced their target price on Microchip Technology from $75.00 to $72.00 and set a "neutral" rating for the company in a report on Friday, November 4th. Finally, Piper Sandler reduced their target price on Microchip Technology from $100.00 to $80.00 and set an "overweight" rating for the company in a report on Friday, November 4th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $84.10.
Insider Transactions at Microchip Technology
In other news, Director Karlton D. Johnson sold 927 shares of Microchip Technology stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $64.54, for a total value of $59,828.58. Following the sale, the director now directly owns 1,369 shares of the company's stock, valued at $88,355.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.00% of the company's stock.
Microchip Technology Price Performance
NASDAQ MCHP opened at $75.72 on Wednesday. The company has a market capitalization of $41.65 billion, a PE ratio of 23.16, a price-to-earnings-growth ratio of 0.83 and a beta of 1.59. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.65 and a current ratio of 1.05. The business's fifty day moving average is $73.75 and its 200 day moving average is $68.41. Microchip Technology Incorporated has a fifty-two week low of $54.33 and a fifty-two week high of $80.50.
Microchip Technology (NASDAQ:MCHP - Get Rating) last released its earnings results on Thursday, November 3rd. The semiconductor company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.02. The company had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $2.06 billion. Microchip Technology had a return on equity of 47.90% and a net margin of 24.14%. Sell-side analysts predict that Microchip Technology Incorporated will post 5.66 earnings per share for the current year.
Microchip Technology Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, December 6th. Stockholders of record on Tuesday, November 22nd were issued a $0.328 dividend. This represents a $1.31 annualized dividend and a dividend yield of 1.73%. This is a boost from Microchip Technology's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Monday, November 21st. Microchip Technology's payout ratio is 40.06%.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells 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 microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to email@example.com.
Before you consider Microchip Technology, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Microchip Technology wasn't on the list.
While Microchip Technology currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.