Princeton Capital Management LLC Purchases 786 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Princeton Capital Management LLC boosted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,518 shares of the semiconductor company’s stock after buying an additional 786 shares during the period. Microchip Technology makes up approximately 0.7% of Princeton Capital Management LLC’s investment portfolio, making the stock its 26th largest position. Princeton Capital Management LLC’s holdings in Microchip Technology were worth $2,290,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology in the 3rd quarter valued at $34,000. Pathway Financial Advisers LLC acquired a new stake in Microchip Technology in the first quarter valued at about $39,000. Versant Capital Management Inc grew its position in Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 317 shares during the last quarter. Wolff Wiese Magana LLC lifted its holdings in shares of Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 218 shares during the last quarter. Finally, TruNorth Capital Management LLC acquired a new stake in shares of Microchip Technology in the 2nd quarter valued at approximately $55,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Trading Up 3.8 %

Shares of MCHP stock opened at $65.25 on Tuesday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a fifty-two week low of $62.63 and a fifty-two week high of $100.57. The stock has a 50 day simple moving average of $75.45 and a two-hundred day simple moving average of $83.86. The company has a market cap of $35.04 billion, a P/E ratio of 45.63 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last released 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 quarter in the previous year, the company posted $1.54 earnings per share. The company’s quarterly revenue was down 48.4% on a year-over-year basis. Research analysts forecast that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $0.455 per share. The ex-dividend date is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.79%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is 127.27%.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 6.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on MCHP shares. Jefferies Financial Group dropped their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Evercore ISI reissued an “outperform” rating and set a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. JPMorgan Chase & Co. lowered their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. Finally, StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Company 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.